Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-28
FINANCIAL NEWS
Features Of the Days Dealings In All
the leadinn Stocks

New York, Sept. 27.-SpecuIative CD.
orators for the decline again assumed
ing another sharp break, in price.
Witch carried number Of stocks
down one TO three points below yez-
terdsys levels and In many cases To
The lowest figures OF tho month. Vir-
tually no fresh buying power was in
evidence and the only resistance was
scale buying, winch was easily over
come.
Passing of The 'oittsourg coal 4ivi-
dend. calling attention 20 the serious
market had ,acgely ignored befork: IN
creaslhS tcnst N oyer the situation IN
Tie Near East hca:iness of Liberty
i nds. and reports that lankers were
SION II brokers ioans. which had been
estiP,ated as high as $4,000, 600. 900
when the current reaction set in, all
contributed to the downward trend.
PlttsDufS Coal broke 10 points upon
receipt 81 information that the direc-
tors had passed the regular quarterly
dividend. which obviously was unex-
pocird in the financial district. The
stoc" hug been on per cent. basis
since 1918. Burns Brothers A and B
stocks. GA which dividends previous ly
had beend cleared despite virtual
shutdown for five months, reacted
more than n point each.
coal carrying rails also were in
Ils'i4Nt - ~ 'iN iISbufS ulNlueIu dc-
ton Lackawanna, which had-sold up
% 1864. dropping back to 1913, and
losses II one to nearly three points
taking place IN Chesapeake e. Ohio,
Reading. delaware 4 Hudson. Lehigh
Nalley, Central Of New Jersey. Nor
fox a Western and Pittsnutg g. West
virginia common and preferred. Poor
earn ngs statements for august also
Rad an uufavorablc effect on these is
sues Baltimore a Ohio showing a de-
80 nearly 81 UlII DUO in
enuc undcr that of August of last
year and Erie failing to meet its fixed
charges by nearly .$2,000,000. Union
PACING. Atchison. New York Central,
tFar point each despite the publica-
NON If figures showing further in
oreasos in loadings of revenue freight
,rl coal Ioadings at a new high mark
s.A.. the strike Logan.
i;"rs Ssat the report Of the Fed
era. i'tddc' Commission would lead to
. o.. Glrration OF the terms of the Re-
f1t e. Nidvaic-lnland steel merger
~frc held rarity RESPONSIBLE for the
dr,rpjug two points and Mdvale near
4. a point. while l.. s. Steel fell below
lu1 aGd thcn rallied an eighth for
net les Of Il for the day. Steel pro-
due'iDu Is reported to be about 20 per
or uI|Is are experiencing difficulty in
g.tiuE cdis 10 move their shipments.
- tLard oil OF New Jersey crossed
g.r tuddv to new high for the year
hut fcil back FIVE points later for a net
loss II u POINTS. Standard Oil Of Cal
foruia also established a new peak
pro" ~ l2lt but dropped back four
points before the close. Gulf States
Stct. wuich with the Standard Oil is
eucs has been exhibiting marked
strength throughout the reaction, sold
~ Pc points today Three of the most
prominent speculative favorites-Mex-
can Fetrolctm. Baldwin and Stude-
talDr- nil yielded two points or more.
~ ' sales were approximately 950,-
t' narcf.
y against cotton shipments were
fe1l l"rgelY responsible for the fur
war decline in sterling, demand bills
y.... nearly point to 4.40 1-1&
g.. '.aeutal rates Yielded only moder-
atr
o.' monov hold steadily at Al per
cer' 'rroughout tho session, there be-
.ur r'. - rlrId fCr funds in reac-
fst. g.. market. A fair amount of
hu~ ro5s as done in the time money
n.f oNci-thc-ycar maturities COM
E.t ..- O. l., / er cent.