Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-07
FINANCIAL NEWS W
NEW YORK MARKET
features Of the Days Dealings in All
the Leading Stocks


.oiIing. induced by the belief that
sesction was due on technical grounds,
caused rather general recession in
rrices in today's stock market. losses
Of one to nearly three points being
suite numerous.
srhers was little outside news that
s.a a direct market bearing, although
nnhIication OF an article in an organ
~ the standard Oil Co. Of New Jersey.
Indicating huge investment losses of
Mexico. caused active selling Of Mex
icsn oil shares. which were forced
down large fractions to four points.
Average prices in the market have
shown an increase for nine successive
weeks II is sort OF tradition in
Wall street that no speculative move
ment can proceed far in either direc-
,ion without a temporary interruption
and professional interests apparently
SeIt that the time was propitious to
call a halt to the steady upward trend
The selling proceeded In an orderly
manner and most offerings were easily
absorbed. -
radius OF only four points today. clos
ing at a net loss OF II. but dealings
Inc parent Pan American company
were forced down one to two points
while standard OILS Of California and
New Jersey and most of the domestic
EnOWed similar lOSSek.
Weakness Of shipping shares prob
ably was accentuated by the recent
cut in passenger rates. Marine pre-
ferred dropping u. American Interna-
tional n and Atlantic Gulf u. Equip
meut srares slumped perceptibly after
dropping back IL below last nights
clees American Locomotive 2. and
pullman. after breaking through to
new high. rscedsd a small fraction be-
low Tuesdays closing price.
Railroad shares failed to respond to
The more favorable overnight news.
showing increased car loadings and a
steady Increase in the number OF new
anon workers engaged to replace.
Losses of point or more were reg
is,ered by Union Pacific, Atlantic
Coast Line. Canadian Pacific. Illinois
Central. Great Northern preferred. Le-
hieh Valley, Missouri Pacific preferred
and New York Central
sreels also were reactionary despite
reports of increased production in
week. trade reviews. United States
steel common sold off over a point,
with slightly small losses in Cruciblc.
Republic. Midvalc and Bethlehem r.
Guf steel reacted more than three
points.
slightly on announcement Of resump-
ton OF dividend payments. Other
strong spots were American Car 4
Foundry, Chicago Pneumatic Tool and
Consolidated Gas. all at gains of
point or more.
Total sales were $4,000 shares
Call money opened and renewed at
u per cent. hut eased off TO in the
nrst hour and held at that figure until
the close Time money and CONNER
cial paper rates continued firm.
Foreign exchanges were irregular
Demand sterling declined fractionGily
on large offering OF commercial bills.
French francs rallied in response to
the better London rates. but eased Off
slightly az III" close. German marks
improved slightly. sresumably on pub
llchti0n Of reports autlining the plan
81 Hugo SHINES. German financial and
Industrial baron. for the restoration
~ French devastated territory with
German goods The weekly statement
o. the Reichsbank showed an increase
in circulation Of $4,000. 00ooh0 mar.,s,
tar largest increase To date.
Hond prices held fairly steady in to-
days stock market despite the reac-
itonary movement Of stocks. heavy in
s'ttI'ional buying accounting for the
s'oader tone.
French bonds we're quite active. gov
errmnntal and municipal issues adj
vancing substantial fractions TO IL
points bat forfeiting n good part OF
their gains later on renewed weakness
~ Parts exchange. Bordeaux 6s held
W we'll. however. Mexican As and IS
NcrH heavy. each declining point.
reports of heavily decreased oil pro
ducticu which in turn means decreas-
81 re- enues. and disappointment over
some Of the features of the Mexican
dcbt agreement. were held responsible
tur their weakness.
Speculative railroad mortgages were
irrogu,r but high grade liens showed
4 hctt"r tendency. New York Central
b. wore heavily bought at prices above
80 and there was n good demand for
Colorado 4 Southern refunding AIS,
Illinois central refunding 40. South
orn Railway development Gas. Penn
syltana sold IS and Northern Pacific
refurdng IS all OF which were i'm
proved Seaboard adjustment and
consolidated IS. Frisco incomes 1s and
some Of the Erie issues slipped back
biz
strength Of sugar bonds featured the
irdustrial group. In the public utility
division American Telephone 6s and
United Fuel Gas 6s were reactionary,
willie Brooklyn Union Gas Is moved
W TWO points. Liberty issues held
steady
Total sales. par value. were $12.ss1,-
Two large stats issues were offered
today namely. $1,000, 900 Of Missouri
" per cent. road bonds sold to yield
40 per cent, and Sl.S00,000 Of North
Carolina 4, per cent. highway bonds
offered 10 Weld 40 per cent.
syndicate headed by the Bankers
Trust CO. today was awarded an is
and ssooO00 per cent. bonds Of tho
state Of Oregon. The bid was 100 1921.
Which was said TO he one Of the high
es' made for state or nluNicipal Of