Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-10-16
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stoekss

New York: Oct. 15--(By the AS
sociated Press for the
rise continued to run riot in today's
stock market, upwards of fifty is
sues breaking through to new high
levels for the year on totals sales in
excess OF two and one half million
shares.
With the exception of one day last
fall, it was the largest single days
volume of business since December
Il, 1916, when total transactions ex-
ceeded 100000 shares following the
leak" on President Wilson's peace
note to Germany. Net gains in the
active issues ranged from one to
fourteen points.
Brokers generally were inclined to
attribute the advance to speculative
expectations Of lower taxes follow
ing the announcement that Secretary
Mellon proposed to suggest a 20 per-
cent maximum surtax at the hear
ings on the new tax bill which be-
gins in Washington next Monday.
Bullish enthusiasm also was STIR
red by reports of hardening steel
prices and increasing mill operations
lation rumors affecting several of
the large Industrial companies. Con-
tinuation of high call money rates
which caused much of the recent
selling, and cautionary advices of
some of the conservative commission
houses were apparently disregarded
although the market did sell off
| somewhat toward the close on profit
taking.
Commission houses reported a
marked expansion in public partici-
patton, buying orders pouring into
the market from all sections of the
, country. The sudden revival of ac-
tivity and strength in United States
Steel common, which touched new
high on the current movement at
1875 1-2, did much to stimulate the
demand for other standard indus
trials. One block of $4,000 shares
| of steel changed hands at 125. repre-
senting a single transaction of ST.
| 100000. Motors took on a new lease
of life under the leadership of Gen.
eral Motors, which. scared seven
points to new high record at IFS
! in apparent anticipation of a large
cash dividend at the next meeting OF
the board of directors. 1t was fol-
lowed into new high ground by
Studebaker, Dodge Brothers A and
preferred, Chysler preferred. Yellow
| Truck preferred, Gabriel Snubber,
and Fisher Body. United Cigar
Stores, which is expected in some
quarters to do some melon cutting,
| led another advance in tobaccos by
| touching a new top at 80 IL. Cen
| eral Cigar and American Sumatra
Tobacco preferred also reached new
| high grounds
Armour B which was admitted to
trading today after having been
dealt with on the curb market,
| changed hands in large volume,
| touching a new top at 20 in antlcl-
| patton of an early Inauguration OF
dividends on So annual basis.
Mercantile shares continued to
soar, Kinney scoring an extreme ad
vance of over IL points at $50. and
then slipping back to--and being
followed into new high territory by
Gimbel Brothers, r. H. Macy, Ma
tional Cloak and Suit. Arnold Con-
stable and Weber and Heilbroner.
ferrous metals also gave
good demonstration OF group,
! strength, new peak prices being re-
corded by Cerro de Pasco Federai
Mining and Smelling preferred, IN
ternational Nickel and Howe Sound.
PUBIC OtCA IoA "AAN
the leadership of Columbia Gas.
Standard Gas and Electric and North
American.
Call money renewed at IL per-
cent and then advanced to IL.
Time money and commercial paper
rates were unchanged. Foreign
exchanges fiuctuated within rather
| narrow and irregular limits. Demand
sterling held firm at 81. SO ga. de.
spite the announcement. of additional
gold shipments. But French francs
eased to around 4.46 IL cents. Ital-
ian lire rallied about points TO
about 3.9S cents. Danish krone
Jumped over 10 points to 24.S2 cents.
but Norwegian kroner sold about SIX
points lower at about 20.25 cents. !.
With speculative interest ABSORBED
almost entirely by stock tradlng, the
bond market market time. Price
fluctuations were narrow and irregu-
lar. with the. foreign list supplying
the only. developments of interest.
Announcement Of Germany's ad-
hesion to the security pact drafted al
the Locarno conference stimulated
heavy buying of the German obliga-
tions listed on the stock exchange.
The governments rs rose almost a
point on a heavy turnover and the
rentenbank Is also responded with
brisk gain. Reports that American
bankers were considering $170,OO0,-
600 of. new financing for German
cities and industrials contributed 10
L 1r,r,