Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-04-17

NEW YORK MARKET
Features Of the Days Dealings in Al
the Leading Stocks

New York, April 16-Stock prices
turned reactionary today on selling
inspired largely by the easing ten
dency Of the commodity markets al
though Independent strength was
shown by the Maxwell, Willys-Over
land. Nash Motor issues, all of which
attained new peak prices fog the
year. Trading was on a broader
scale, the days sales running in ex-
cess of 100000 shares.
Standard industrials worked up
ward during the early part of the
session, but turned heavy towards
the close when United States Cast
Iron Pipe broke nearly IA points to
1856, or IS points below the years
high. Selling of this issue followed
reports that dividends on the COM
mon stock would not be considered
before the June meeting and that
the current earnings were running
below those of last year, due to the
competition provided by French pipe
manufacturers.
United States Steel common touch
ed a new high on the movement at
III rs and then dropped back to
116 3-S for net loss. of more than
one point on the day. American Can
closed fractionally lower at 172 SIS
after having sold as high as ia.
Baldwin sagged from ia "a to 113
Is, off 1 IA.
Net losses of ] to IL points also
Refining, American Linseed prefer
red, Bethlehem Steel. Cuba Cane pre-
ferred, General Electric, General Pc
Ta% h,,c VIC =
neering, Jordan Motors, Moon Mo-
tors, Pacific Oil. Pan-American A
and B, Punta Allegro Sugar. Repub-
lie Steel, Savage Arms, Woolworth
and Wright Aeroplane.
Butte and Superior was hammered
down nearly four points to a new
low record at 10 ga in reflection OF
the sharp depletion of it's zinc ore re-
serve. Most of the coppers lost
ground in reflection of the establish
for the red metal at 10 3-8 cents a
pound. American Smelling closed 1
IA lower at "a, recessions in most
of the others being limited to frac-
tons. Magma improved fractionally
on the declaration Of a dividend of
75c, the first since January. 1919.
when fifty cents was paid.
Motor shares were under heavy
accumulation throughout the day.
transactions in the Maxwell and
WHY'S Overland issues combined
providing nearly one fifth Of the days
entire business. Maxwell "a" was
lifted to a new high record at 106
IA and then eased to 105. up l rs.
while the "B" scared six points to q
new peak at 70 SIS and then slipped
back to Il rs. WHY'S Overland
common and preferred attained new
tops at rs IA and "A, respectively.
Nash closed 5 points higher at S6l,
also a new maximum.
Oil shares were sold freely on re-
ports that the daily average of crude
oil OUTPUT increased over 62,0Q0 bar
rels in the week ended April II.
United States Realty scared six
points to a new high record at 1876 SIS
and Western Union touched new
ton at 129 ga. Independent strength
also was shown by Radio Corpora
tion. Virginia. Carolina Chemical
preferred: Southern Railway Texas
Gulf Sulphur, Famous Players and
Otis Elevator. .
Call money held steady at 3 IL
per cent. Time money and CONNER
c,al paper rates were unchanged.
The foreign exchanges held rela-
tiyelv firm. Demand sterling sold
around S4.7S ID and French francs
were again quoted above go cents.
Danish exchange advanced II points
to 1S.4O cents. japanese yen touch
ed another 1925 high at AZ -l6c
Renewed institutional buying of
Investment securities stiffened the
bond market and prices worked into
higher ground. The outstanding
strong spots were the U. 8. Govern
ment issues. several Of which estab-
.iished 1926 high records, the French
obligations and Virginia-Carolina
Chemical bonds.
indications that there would be no
capital levy under the new ministry
now in process of formation for
france contributed to the strength
of French bonds, which moved up ]
to . points. The advance of these
issues impaired a firmer tone to the