Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-15
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

the Leading Stocks
New York. Sept. 14.-Txtensive in
vestment buying Of high grade rail,
road shares. many or whlch showeo
outstanding development in today $
stock market session.
Despite Wall Streets professed in
difference to labor disturbances. the
strength of these issues was gencr-
ally ascribed to the reaching OF par
tiaI strike settlement between strik-
ing shopmen and individual railroads
Opening prices were generally hrm
but reaction set IN. especially IN the
industrial group, following sharp
preferred. which dropped nearly ii
points before buying support set In
The subseauent rapid recovery.
loss Ms.ch indicated p1e n That The decline was Of
professional origin. Liquidation OF
1000 shares by small insurance conn
panies accelerated the reaction. which
unsettled the entire list.
Buying of Atchison by outside in
terests turned the course Of the mar
ket upward again, this stock touching
1854. new high price for the year
New highs for the year also were
leans, Texas & Mexico at -. and Rock
Island at so. Union Pacific, Southern
Pacific. Canadian Pacifis and New
York Central also made marked pro-
gress.
United States steel common gained
nearly a point on announcement IF All
increase Of So ton in the pric" of
rails, and some of the independent
stcels. notably Bethlehem IL, and Re-
public. did even better.
Some excellent gains We're again
recorded by domestic oils lately assoc
ciated with merger rumorS. despits
Co. of New Jersey that it was not ne
gotiating for any of the companies
mentioned in that connection. Cosden
climbed = points. Houston X. and
Texas Gulf sulphur ! :. Mexican Pc
troloum see-sawed during most of tho
session, closing at a slight fractional
gain.
Columbia Gas & Electric with "a
gain of five points to new high. led
the advance in public utilities other
strong points in which were North
American, American Water Works 6
per cent. preferred. Peoples Gas and
Pacific Gas & Electric. the advances
ranging from one to nearly four points.
Tobaccos were weak. American Car
broke three points but the other equip-
ments held firm a recent high levels.
Total sales were approximately l.
100. 900 shares.
Withdrawal OF s46.5OO. 900 for GOV
eminent account from local banks
caused a moderate furry in money
rates. Call loans opened at 4. rose to
- at midday and TO in the latter
till closing. Time funds We're IN
changed from recent quotations and
mercantile paper was bought by local
and interior banks at prevailing rates.
tirmcr tone prevailed in foreign
exchange rates. offerings Of grain and
cotton bills against export shipments
being materially reduced. Both sterl-
ing and francs opened weak, but recov
cred substantially later. Weakness
also was apparent in some of the
American
Confused price movements took place
in the bond market local fractions and
number of railroad mortgages NOV
ing into higher ground while Mexican
government and French government
and municipal bonds showed Substan-
tial receSsiOns. Liberties fell back
considerably at the start but regained
part of their losses.
Responding to the rise in stock |
prices Atchison convertible As of 1860
advanced nearly three points. and To-
ledo, st. Louis 4 Western As were up
two. Kansas City Southern IS. Nor |
folk & Western convertible 6S and Chi |
cago. Burlington X Quincy refunding
IS all gained a point or more while |
Chicago 4 Alton So slipped back
point.
q. and the As Il, while losses of II
point took place in French government !
IT'S. Lyons 6s. Marseilles 6s, and |
Paris Lyons Mediterranean 6s. Can |
aua % OF 49, toucneu par.
The three per cent. issues of the ,
BROOKLYN Rapid Transit 60. climber
X to 234 points. and PETERBOROUGH IS !
and Third Avenue adjustment % fol-
lowed in their wake. In the industrial |
list Remington Arms Gs moved up
point and Computing Tabulatirg Re- |
cording 6s touched a new high. Morris /!
& Co. AS and Cerro dc Pasco SIS fell !
back about a point.
Total sales, par value, were s15,-
431.0h0. |
S25. 600. 900 issue of 20-year sinking |
fund ; per cent. gold bonds of the |
Sinclair Pipe Line Co.. which We're OF |
fered at IS and interest to yield $40 |
per cent. Word came from Chicago |
that the recent $50,000,000 offering OF |
10-year notes of Swift & Co. had been |
four times oversubscribed, and the |
books were closed at noon today for |
the undistrbuted balance Of the $10.- |
5000 issue of the Eastern Cuba Su- |
gar Corporation. Speyer &, GO. an
nounced that the s43.000000 issue of !
corporate stock of the City of New |
York. which it bought several months |
ago, had all been sold.