Daily Kennebec journal., 1922-09-12
FINANCIAL NEWS
NEW YORK MARKET
Fsaturss Of the Days Dealings in All
The Leading Stocks

reasures OF the Days Dealings in All
ths Leading Stocks
New York. Sept. 11-Extensive
buying Of steels and equipments,
several Of which were pushed up to
new high records and pool opera
tions in specialties, which resulted in
a number of substantial gains feat
ured today's session OF the stock
market. Profit taking in other parts
OF the list. combined with specula-
tive selling in Studebaker. Chandler
and some of the foreign oils, gave the
market spotty appearance at times.
United States steel common was
one of the individual features. touch
ing 1O7. its highest level since 1920
This was attributed, in part, to the
monthly tonnage report issued Satur-
day afternoon which showed an in
crease of approximately 174.00O tons
in untitled orders. or nearly 125,OOO
more than conservative estimate had
forecasted. However, the increase
was rue in part to inability to make
deliveries owing to the rail conges-
ton and coal shortage.
American Steel founderies, which
jumped up 3 5-S points, was the out
standing stock in the equipment
group. in which several new high
motive, Baldwin, Railway Steel
Spring. and Pullman, all sold at the
years best prices, the net gains rang
ing from fractions to 3 IA points.
Food shares also were pushed up
in spirited fashion, Austin Nichols
was heavily traded in, closing at
net gain of 2 IL points. National
Biscuit was up 1 and Beechnut, after
an early display of strength, eased off
small fraction below Saturdays
close on realizing sales.
Railroad shares were a bit unset
tied at the beginning of the session,
but good buying support set in to-
wards the close and some substantial
gains were made, especially by the
dividend paving group. Union Pa
cific broke through to a new high,
| presumably in response to reports
of a possible distribution of some of
it's treasury securities and Atchison
duplicated its previous high of 1O5.
New York Central. Rock Island.
Northern Pacific, Missouri Pacific
preferred and 800" common and
preferred also made good progress.
Independent steels followed the
lead of L. S. common. Bethlehem B,
Republic and Gulf States each ad-
vancing a point or more.
| Mexican oils were inclined to
heaviness during most of the session.
but they recovered we'll toward the
close, Mexican Petroleum and the
Mexican Seaboard issues each max
ing small fractional gains. General
Asphalt, common and preferred,
were heavy throughout. declining ap-
proximately half and three points re-
spectively.
Total sales were 100000 shares.
Call money opened at 4 per cent.
but hardened to II in the final
hour. There was little time money
offered, and virtually no change in
rates. The commercial paper mar
ket also was quiet.
! Foreign exchange rates were re-
dictionary in sympathy with the Lon
don rates, which, in turn, were in
fluenced by the military develop
ments in the Near East. Demand
sterling and the continental rates all
showed recessions, the German mark
falling below seven cents a hundred.
Renewed activity in liberty bonds,
virtually all of which showed firm
er tone, was the outstanding develop
ment in today's bond market, prices
In which were mainly higher.
Secretary Melons announcement
that the government would soon bor-
row around S2OO,OOOOOO at 3-4 per
cent. interest caused an active inquiry
for the liberty issues, the fourth 4
1-4s of which touched 101 but react
ed later to 1OO.s4, a net gain of IS
points
In the railroad group, new high
records were established by Cana
dian Pacific debentures. Frisco ad-
iustment skies, Hudson and Manhat-
tan refunding 5s, and Katy" adjust
ment 5s and 6s. Gains. of 1 to z
points also were registered by Sea-
board Stamped SKIES, Minneapolis
and St. Louis refunding As and Con-
solidated 5s, and San Antonio and
Arkansas Pass fours. Sharp reac-
tions took place, however, in Chica-
go and Great Western 4s and Atchi-
son adjustment As stamped.
There was fairly good inquiry for
public utilities, advances of to Il
points being noted in Toledo Traction
Us. Brooklyn Rapid Transit Is and
Portland Railway light and power
7 lbs. Brooklyn Union Gas Is fol-
lowed a contrary course, dropping
nearly , points. Chile Copper con-
vertble skies, which moved to a new
high level. was the only noteworthy
strong spot in the industrial list.
Foreign bonds were generally firm,
gains of point being scored by
Brazil SIS and Prague lbs, with
considerable activity in the Dutch
East Indies issues. Lyons skies fell
back a point.
Total sales (par value) were $14,-
100000.
The Offering of SCI 100000 Kansas
City Power & Light Company 80
year 5s. offered at 90 to yield 5.47
per cent. was reported over sub
scribed by the syndicate managers.
The only important financing today
was an Offering of S35O0,OOO. pre-