Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-19
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. Sept. 18.-Bear traders
taxing advantage Of the markets top
heaVy condition and of the critical sit
Iation in the Near East, which had in
duccd heavy selling in todays Paris
I ana London exchanges. launched a sue
, cesstul attack on stock prices in the
iocal market. the declines of. active is
sues ranging from one to six points.
lhc seIIing movement gained impetus
| by extensive liquidation of weakened
speculative accounts of outside inter-
EST. but was checked toward the close
by short covering.
Unloading by bull pools resulted in
Inc largest losses being sustained by
stocks which they had taken in hand
railroad shares proved much steadier
IMAM the industrials. the declines in
that group ranging from one to three
points. Central Railroad of New Jer-
sey. however. dropped nearly IA points
on Z turnover of only 300 shares, no
SPECIAL reason being apparent for such
a violent setback.
There were a few exceptions to the
general downward trend. Loews, Inc.
improving fractionally on reports that
| the company had piwcd out it's bank
loans and that its theatres were now
on paying basis: and Texas Fulf
nigh on unconfrmed reports of an
carly resumption of dividends. In
Vincible Oil shares were active in re-
sponSe to reports that the Standard Oil
GO. OF Louisiana had acquired an in
torest in that company, and some i'm
proVement was noted in zinc shares
selling of Studebaker, which was
down 81 and some of the motor acces-
sorry shares was Influenced by the an
nounccment of drastic cut in motor
car prices by the WHY'S Overland Co.
and the closing of the Ford plants. L..
>. steel common sold off l SIS points,
Whl!c losses OF ono to nearly four
POINTS took place place in Bethlehem A, Re
awanna improved fractonally on an
nouncement that it's stockholders had
| approved the merger with the Bethle-
hem Steel Co.
place in American Car & Foundry,
American Water Works per cent.
preferred. Kresge. Railway Steel
sprint. Twin City Rapid Transit and
"A few others.
Total sales were 1.2Ss.oOO shares.
eau money opened at per cent. but
fell back to 30 in the third hour where
IT held until closing The time money
ana commercial paper markets were
quiet with no change in rates.
Foreign exchanges were noticeably
weak at the opening. due to extensive
selling abroad but they stiffened con-
sidcrably later. Demand sterling was
of about cent from Saturdays price
ana the declines in continental rates
ranged from two to IL points. Ger
man marks were firmer IN response to
cable dispatches indicating that salts
factory arrangements had been made
for furnishing security for the Getman
treasury bills given Belgium.
The seriousness of the Near East
situation was reflected in todayS bond
market, substantial losses being reg
istered ny foreign securities. specula-
tive railroad mort cages and a few in
dustrial liens Liberty issues moved
with an irregular trend. variations
ranging from two to II points either
way.
In the foreign list. recessions of one
to II points took place in French 74s,
Belgian 7.s and SIS. Mexican As. Jap
ancse As, United Kingdom SIS of 1929
and 1881. scissors 6s. Seine IS, Czecho-
slo , SIS ard Prague 7ash Cuba
Second grade liens suffered most in
the railroad list. losses of two points
and over taking place in Seaboard
Consolidated 6s. st. Paul convertible
as. while st, Paul rcfundng AS.
Frisco adjustment 6s. income 6s and
prior lien As. Seaboard refundng As
New Haven 6s and Chicago & Great
Western As dropped back one to Ii
points. Norfolk & Western convertible
6s foil ~ points.
Southern Bell Telephone IS. Wilson
convertible 6s. American Water Works
IS and Il. Il. r. certificate Is led the
reaction in the industrial and public
utility divisions.
Total sales. par value, were s12,eO4,-
GOO.
The new offerings today exceeded
10000 900. The principal ones We're
an issue of s3,15o000 per cent. equip
ment trust certificates of the New
York Chicago e. st. Louis Railroad.
which were disposed of privately on a
: per cent. basis; S2,560,000 of Sea-
board Air Line 81 per cent. equipment
trusts, s25O0.000 of Lincoln Joint
Stock Land Bank bonds. offered at
101 3-4 to yield between 4.60 and 500
per cent: and 81 100000 issues Of the
Land Bank of the state Of New York.
and City Of Fort Worth, Texas, 5 per
cent. bonds.