Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-22
Financial
NEW YORK MARKET
Features Of the Days Dealings in An
the Leading Stocks

~fO" Aoih, 1CCs <i.@(Dy lie AS
ISOLATED Press.) -Reactionary price
tendencies predominated in todays
stock market, which showed a.
marked falling Off in volume due to
the approach Of the Christmas holt
day. Heavy profit taking, usual at
this time of the year, was apparent
throughout the day, with some pro-
fessional selling probably inspired
by the marking UP of the call money
rate to six per cent.
Failures Of the directors Of the
Chrysler Corporation to take divi-
dend action at today's meeting pre-
cipitated heavy selling of that stock
which broke to 1873 3-4, closing with
a point Of the bottom. Other auto
motive issues held relatively steady
with the exception of Stewart War
ner, which fell over points on
profit-taking. Hudson closed frac-
tionally higher at 102 1-S after hav-
ing been bid up to 105 3-S early in
the session.
Rubbers were hard hit on selling
presumably Influenced by the recent
break in crude rubber prices. United
States Rubber common dropped
rallied to u 1-2 and Goodrich closed
about 2 points lower at 60 IA. Oils
failed to follow up the rally started
in the closing day of last week, Pan
American B. General Asphalt and
Pacific each closing about point.
Reports that the Interstate COM
rnerce Commission expects to hand
down it's decision in the Nickel Plate
merger case next month failed to
stimulate the demand for the rail
shares although Southern Railway
was bid UP to new high record for
all time at 120. Net declines of to
2 IL points were recorded by At
Gibson, Chicago and Eastern Illinois
preferred. Illinois Central, Pere
Marquette, Reading, Frisco common
and preferred and Seaboard Air
Line.
American Can close dfractionally
higher at 260 after having sold as
high as 263 SIS, but most of the
other standard industriaIs lost
ground. Baldwin reacted 1 ga to
13S and U. S. Steel common closed
ga lower at 1872 "a Weakness
cropped out in American Safety
eral Electric, National Cloak and
Suit, and U. S. Cast Iron Pipe, all
Of which showed net losses of 5 to
6 IL points.
Bullish operations were again
successfully conducted in a number
of specialties. Postum Cereal was
bid up points to new record top
at lis in further reflection of the re-
cent purchase of the Jell-O Com
pany, but lost nearly half of its gain
before the close. Fleischman, old
stock, scared oven ten points to
III IL on rumors of large contracts
for 1926. New 1925 peak prices also
were established by Art Loom COM
mon and preferred, Case Threshing
Machine, Jewel Tea preferred, Ma
thieson Alkali, Standard Milling and
Vivaudou.
Call money opened at 3 IL per
cent and then advanced to 8, the
highest rate since September 80, due
to the increased demand for funds
in connection with year-end re-
uuirements. Time money and COM
mercial paper rates were unchanged.
Commodity markets were re-
raCLlOndFy. LII Tic gram iidi hOS oAA
early advance, based on unfavorable
Argentine crop reports. was lost in
the afternoon. Cotton held relative
ly steady in view of the large gin
ming report.
A break of over 10 points in
French francs, based on unconfirmed
rumors that the new finance minis
ter, Doumer, would quit the French
cabinet, was the feature Of the ir-
regular foreign exchange market.
Demand sterling eased slightly to
s4.S4 11-16 and most of the other
European exchanges moved within
rather narrow limits.
The first manifestation of pre-hol-
iday influences and slightly tighter
money conditions restricted opera
tons in the bond market today and
prices drifted in irregular fashion.
Anticipative buying OF high grade
railroad issues for next years re-
investment demand, however. gave a
firm undertone to the market. de-