Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-18
Financial
NEW YORK MARKET
Features Of the Days Dealings in Al
the leading Stocks

New York. Dec. II (By The AS
ISOLATED Press) A confused price
movement characterized today's
stock market. Short covering oper-
atoms brought about sharp rallies In
a number of industrials, particularly
in the motor group, while some OF
the recently strong spots in the rails
dropped back on profit taking. Total
sales fell just short of 1000 shares.
The recovery in the industrials was
Influenced by easier money rates, a
series of favorable dividend develop
ments including the long awaited
suit up of American Can, the ap-
parent absence Of any extensive
forced liquidation as a result of the
recent decline. and publication of re-
assuring statements on business con-
ditions.
Commodity markets were reaction
airy, wheat. cotton and sugar prices
all losing round. French francs re :
acted slightly.
American Can opened at 253. ad-
vanced to 256. and then broke to 252
on the traditional selling on the
good news. The stock later snap
ped back to 259. but sold off again to
2531s at the close. United States
Steel common closed u lower at
1331k and Crucible, whose directors
increased the dividend yesterday,
closed fractionally higher at 91M.
Motors recovered some of the
ground lost earlier in the week.
Chrysler rallied from q low of 1872 to
1898 and then eased to 1881 for n
net gain of 3A on the day. Hudson
and Mack Truck each showed net
gains Of about points at 1914 and
212ia respectively. Stewart Warner
scored an eXteeme gain of over four
points at 95k. new 1925 high. on
reports Of a substantial increase in
radio business in the last quarter OF
the year. General motors. Fisher
Body. Murray Body. Dupont. Nash.
Pierce Arrow preferred, Spice Manu-
featuring and Stromberg carburetor
closed to 5 points higher.
Trading In the railroad shares
showed marked contraction in vol
ume although PENNSYLVANIA, South
bash preferred A mounted to new
peak prices for the year. Good buy
ing also was noted in Iackawanna
and Chicago and eastern Illinois pre-
ferred Atchison, Baltimore and
Ohio, Chesapeake and Ohio, Rock
Island. Great Northern preferred and
Reading lost a point or so.
Specialties in which favorable
dividend or merger developments are
reported to be pending were bid up
in spirited fashion. New peak prices
were recorded by Burns Brothers A.
Columbia Carbon, Continental Insur-
ance, Mathieson Alkali, and Weber
and Heilbroner.
Bullish operations also were re-
sumed in number of oil shares,
Associated moving up over points
to a new top at 46b. Pacific Oil and
General Petroleum also advanced a
point on reports Of large current
earnings.
Call money renewed at ~ per
cent, holding at that figure all day.
Time money and commercial paper
rates were unchanged.
French francs turned heavy on a
subsistence of short covering by pro.
fessional spectators, demand biiis or
Paris dropping 81 points to 1881
cents. Demand sterling held firm at
's4.841a. Polish zloty broke rs points
to 1000 cents, and the other Euro
pean rates moved within narrow and
irregular limits.
Undiminished buying of investment
railroad liens buoyed up the bond
market today although price move
ments on the whole lacked uniform
ity. Easier money conditions, follow
ing the heavy mid-month turnover of
funds, provided the incentive for car
rying on constructive operations in
various sections of the list. The New
York Federal Reserve Banks redis-
count rate remained unchanged at 81
per cent.
Although the railroad shares failed
to repeat their impressive perform
ances of recent sessions, the demand