Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-25
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

e'S .SSSh'S SsSSNS
New York, Oct. 24.-Deprecia.ion
OF German and Allied continental
exchange rates to the lowest prices
of the year. further recessions in
bond prices, an irregular movement
in stocks with a better tone at the
close, lower prices for wheat ard
higher prices for cotton were the
outstanding developments in today's
financial markets
Published reports of a statement
attributed to Chancellor Wirth con-
corning the possibility Of German
bankruptcy precip!tated the drop in
foreign exchanges. French francs
falling to 7.06 cents, as against par
of 1913, Belgian francs dropping 10
$40 cents, and italian lire to ACE
cents. German marks approached
nearer the vanishing point, being
quoted at Is cents a hundred.
Sterling yielded with the rest but
principally in response to a heavier
Offering of grain and cotton bills
The main effect of the German tn
ancial crisis IN the stock market was
d lCSSGiilA4- VI az Nv n.y. A.tIt " - q
continuation of forced liquidation
and some short selling, Hit storks
generally showed better resistance to
pressure than they did Yesterday.
The volume of buying support i the
lower levels apparently Influenced
the extensive short covering which
contributed substantially to the up
ward movement towards the close.
The action of Mexican Petroleum
stock in the face of new offer of
exchange for Pan American was sur
prising to a number of traders. The
first sale was 1000 shares at 235 up
5. and the best price of the year,
and the Pan American a and b.
issues improved more than two points
each in sympathy. the basis III ~
change being generally better tran
was expected. After this initial els
play of strength, however. Mexican
Petroleum turned weak. dropping to
229 and closing at 229 1-2. or frac-
tionally below last nights close.
Both the Pan American issucs. now
ever closed at gains of approXim~ >ely
a point. Odd lot dealers sent out
word that they would not take any
further selling orders in Mexican
Petroleum unless a delivery of stock
could be made. but the short interest
in the stock is not believed to DC very
large.
Further accumulation Of reading
sent the price to 81 IL, up 81 and
a new top for the year, but the otter
railroad shares didn't do much Nor
folk & Western. which had been
bought freely in expectation Of an
extra dividend disbursement. dropped
nearly 1 IL points, The September
report of the Union Pacific railroad.
the first of the big systems to he
made public, showed Il decrease in
gross earnings of s2220.000 unGc"
Septemlst.. 1@21, which WIS partly
cxplainable by the lower freight
rates this year. September gross.
however, was $l,G00,O0o above that
Of August. Union Pacific common and
preferred We're fractionalIy below
yesterdays final figures.
Reports Of improved retail business
found express on in the better prices
for merchandising shares. Manhattan
Shirt climbing two points, and Unit
ed Retail Stores !. Krosgc, however.
IVES under pressure, slipping back
five points.
Fractional advances on the day
were registered by such active shares
as Studehaker, United States steel
common, Baldwin, Consolidated Gas,
Continental Can. General Asphalt.
Sinclair and Chandler. Some Of the
individual weak spots were Pierce
Arrow preferred, Union Tank. Jer-
sey Central, Dawson Chemical Fam
Gus Players, LigGott 6, Myers, Worth
ineton Pump and Railway Steel
Spring.
Total sales were S52l00 shares.
Call money opened at IL per
eminent Withdrawals of So. 10000
from member banks OF the Federal
Reserve Bank in this district There
was plenty of demand for time
money for ) and + months at "a.
but all offerings were al Fer cent.
Commercial paper was firm.
The bond market turned decidedly
weak today in response to the fur
Their break in foreign exchange
which brought a food Of foreign Eel
curitics into the ma rket Prices
crumblcd throughout the list. nearly
two score active Issues showing
losses of l to , points.
Foreign bonds as Il group suffered