Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-03

NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

e'S 1Sau'IlA oSoCkS
New York, Dec. 2-(By The Asso-
c1ated Press)-Stock prices contin-
ued their rise to higher ground in
todaJs moderately active trading.
With favorable trade developments
reported from several industries,
constructive operations assumed a.
broad range. Popular industrials
ranked uppermost in the advance all
though the strength of rail shares
was well sustained.
The jump in wheat prices to new
hlgn levels for the season coupled
with the firmness of the other COM
modify prices, provided a good foun-
dation for the bidding up of securi-
ties. These factors outweighed the
feellng of uneaSiness over the con-
tlnued firmness of money rates and
reports that both the Bank of Eng
land and the Federal Reserve Bank
or New York might advance their re-
discount rates tomorrow.
Tho rising tendency of oil prices
linked with a decline in the daily
output of crude oil to the lowest
level since last April again attracted
speculative attention to the perto-
leum shares. Marland developed out
standing strength, mounting to a new
top price for the year, while STAN
dard Oil of New Jersey, Pacific, Pan
American. Phillips, Atlantic refining
and Indian refining issues joined in
the upturn.
Merchandising issues We'd with the
OILS in an attempt to capture buying
favor. Indications of record holiday
sales coming on top of increase in
November earnings promoted a wide
demand for the mail order. chain ana
department store stocks Gimbel
Brothers advanced more than five
points and Woolworth, Montgomery
Ward and Sears Roebuck sold one to
four points higher during the day al
though some of the gains were sur
rendered before the close. Specula-
tive interest also was revived in the
baking shares with gains of Q rs to
8 points registered by General Bak-
Ing, Loose Wiles Biscuit and Ward
Baking A.
Favorable merger and dividend
developments arrested waning inter-
est in the motor group, turning the
trend of prices upward. WHY'S
Overland preferred spurted UP to q
new high level at 100 rs in response
to the liquidation of 20 "a percent,
accumulated dividends on this issue.
Chandler advanced 3-S on the pub
Ilcat1on of a tentative plan for a
merger of this company with the
Cleveland Automobile Company, in
volving an exchange of a series of
shares for those of new heading
company.
Chrysler, General Motors. Mack
Trucks resumed theid advance with
gains of / to points, while the ac-
ceSSory stocks such as Stewart
Warner and Stromberg Carburetor
kept pace with the rise.
Price movements in the railroad
group lacked uniformity, with most
of the buying interest converging on
the Southern and Southwestern car
riers. Southern Railway established
new peak price at III, closing
half point below the top for net
gain of more than point Nash
Vile, Chattanooga, st. Louis and
Missouri preferred were strong
Coast Line closed lower after an
early display of strength.
Among the isolated weak spots
was United States Industrial Alco-
hol which was hammered down 1-2
points. Selling pressure was based
on reports of a falling off in business
due to competition of alcohol substi-
tuteS and an expansion in the coun-
try's output of industrial alcohol.
Another sharp break in French
francs to $40 cents within points
of the 1925 low reflected uneasiness
over proposals for currency imitation
in France and drastic measures to
correct the governments financial
position.
Demand sterling was fractionally
higher around $4.S4 IA and other
European currencies were firm.
Call money rated at per cent all
day and time money rates were I'M
changed at rs to 5 per cent.
Commercial paper continued firm.
The maintenance of firm money
rates and the customary mid-week
uncertainty over the local redis-
count rate situation dulled the edge
of bond trading today and price flug-
tuations were held within extremely
narrow limits. Trading activity was
sharply curtailed.
Interest Jagged in the railroad
group today and speculative indus
trial liens usurped the place which
the carrier issues have recently held
in the favor of the buying public.
Most of the changes in the rail list
represented downward revision
forced by realizing sales. Fractional
losses were recorded by Norfolk and
Western convertible 6s, Chesapeake
and Ohio convertible 5s, Burlington
refunding 5s, Denver and Rio
Grande Western 5s, and Pere Mar
quette refunding 5s.
Oil bonds succeeded the rails as
the leading strong spots. The rise in
Petroleum stocks brought a sympa-
thetic response from the convertible
liens such as Sicily 6 lbs. Pam
American 6s and Sinclair 6s, which
moved up one to two points. Inter-
national Paper 5s. and American
Writing Paper issues were in de-
mand.
Movements of foreign obligations
were conflicting. French bonds wa
vered again as new financial mea-
sures. some of them calling for cur
rency imitation, were outlined at
Paris. The current weakness of Po-
lands exchange also brought another
two point reaction in Polish Fights.
Belgian bonds, however, were
strengthened by reports of progress
in loan negotiations.
Public offering will be made to-
morrow of sol 900, 900 bond issue for
the province of Ontario through an