Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-26
FINANCIAL. NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

successful attack against industrial
stocks in today's market, causing
losses Of one to four points among
q number of active issues. Railroad
shares offered more stubborn resis-
lance, a number of eastern carriers
mounting to higher ground under the
influence of a brisk demand for
Reading and Pennsylvania, each at
new top prices for the year.
Weakness of foreign exchange,
temporary abandonment Of pool OPP
erations exhaustion of recent buying
power attracted into the market by
declaration of stock dividends and
rumors of the same and the touching
off of stop, loss orders all contributed
to the bearish sentiment. Fears that
the extent of the recent decline
might develop an oversold condition
apparently prompted some short
covering just before the close.
The most constructive market fac
tor of the day was the resumption of
the six per cent dividend on the
common stock of the Pennsylvania
Railroad, recognized as barometrc
of railroad and trade conditions. In
j
touched 40 IL. the highest price in
four years. Further accumulation of
reading, based, in part, on eXpecta-
ton Of an extra distribution from
&C ntral railroad of New Jersey, sent
that stock up, to 81 Is. a new top.
but it dropped later to Sc SIS, up l
IS above Yesterdays close. Buying
of New York Central, which crossed
PAR, accompanied rumors Of an in
creased divided and the purchase by
that road of western Maryland, the
common and preferred of which
moved up / and > IS points, rospec-
lively. Mixed changes prevailed
among the other rail shares, Attain
tic Coast Line cropping l ga points.
Reports that the American Loco
motive Company was planning q
partial distribution Of its surplus Of
more than $25.000,000 were held
partly responsible for the rapid rise
Of that stock in the final hour, the
closing price, 1870, being 15.S points
above Yesterdays close and 4 SIS
above the low Of the day. Baldwin,
however. was heavy. closing at 4 net
loss Of il points.
The sharp break in Dawson Chem
zeal, which touched 80 IL, now low
for the year, and closed at 81, down
four points, was attributed to the
DISRUPTION of a pool organized TO eX
plot the speculative possibilities Of
the silica eel process r. that COM
pany Profession pressure against
the motor shares was concentrated
L. u irlo -1ll 1
points on unContiYmed rumors that
no extra dividend was likely at the
next meeting.
strength Of consolidated Gas,
which touched IA ana closed 1T a.
rs, up l IS. revived reports that
the company was contemplating
splitting up of its shares to be fol-
lowed By an increase IN dividend.
Krcsge, which slumpcd five points
yesterday, closed six higher today,
ana Manhattan shirt broke through
Ia another high il reflection Of high
CT earnings. Houston III was push
cd up more than points.
Steel shares continued their down
ward course despite the optimistic
tone Of the weekly trade reviews. T..
to 1oG ~; Republic yielding | 81;
Nanadium, l Il and Crucio!e !.
Mexican Petroleum receded one point
on comparatively light dealings.
Total sales were $4,000 shares.
CAL money opened at i IL per
cent. and held at that figure until
lust before the close when it adj
vanced to L.. There was an in
crease in the demand for time money
Tor three and six months at i IL
per cent, but bankers were stlll de-
handing five. moderate amount OF
business being placed at that figure.
Commercial paper rates held firm.
The feature OF the foreign eN-
change market was the further de-
probation of French francs to I.o-
cents, each. another new low record
for the year. Selling OF francs was
predicted on q huge government
deficit and the possibility Of de-
fault in reparations payments be
cause Of the serious German eco
nolnic crisis. Cable advice3 reported
British buying of dollars with
French money. 4 heavy Offering of
cotton and grain bills kept the rate
for demand sterling around Sill in
this market. German marks sold
arounde II cents a hundred.
Selling of the new US. govern
mcnt Il II per cent bonds at T.96,
four cents under par was the fea-
ture of today's active and broad
bond market, the main tendency in
which was again downward. The
decline in the 4 ia per cent issue
was surprise, inasmuch as the re-
cent par Offering was more than
three times ovcr-subscribed.
Liberty > LIS were unchanged but
all the other government issues lost
ground. The first As, which have not
been traded III in some time, yielded
so cents on 500 and the Ia series
were down 10 to 30 cents.
Weakness in foreign bonds was
particularly acute in Anton Jurgens
SIS, off IL and the French Munich
pals the six per cent issues Of I.y-
ons. Bordeaux and scissors yielding
| IA points each. Dominican Re
public is also dropped more than a
point.
Railroad mortgages gave ground
easily, losses of l to 81 points TAX
ing place in Norfolk & Western con-
vertible Is, Pennsylvania Consoli-
dated 4 1-2s Chicago Railway 5s
KATY" firsts, Frisco adjustment six
es and Southern Railway general As,
( Wabash firStS fractions also were