Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-23
FINANCIAL NEWS w
NEW YORK MARKET
features Of the Days Dealings. in All
the Leading Stocks

New York, Sept. 22.-Prlces IN To-
| - stock market moved with an ir-
rrsssuIar trend with the losses again
eATrading. which appropriated 1,100.-
oOn shares. war largely professional.
nnening prices were inclined to sag.
up"hahfv as the result of forced liqui-
IIatinn due to the unwillingness or in
Entity OF traders to meet overnight
margin calls.
.,o,cd Tho market rallied. but the hulise
pc ,Irablc to attract enough support
". carry PRICES forward and the mar
~, fcli back again, bear traders TAX
no advantage of reports, which later
!!l M ed to /" be erroneous, that the
l~,Ls had entered the neutral zone in
~ straits. Short covering by this
oicp,cnt added impetus TO the DISK
,allV in the final hour which carried
lla,cral popular shares above Thurs
dav's closing quotations.
Weakness in rails was attributed in
,, 10 selling orders of foreign ori-
IN. Tradlng was relatively light ana
-et hot changes were of fractional
lnTarartcr. southern Pacific was push
IN II and Rock Island, one of the
,rcaE features yesterday, closed at a
rain Of a point.
,,,d lis upward course, registering a
~ ..iu of 81 while Standard Oil of
,'.lifornia rose Il. Other changes in
INK OH group were unimportant. Mo-
TOR shares maze u soou ieeo.ci tio'Ii
wv e,r,y weakness. Studcbakcr improving
artjonaIly and Chandler gaining
r.arlv two points as A result or some
Intensive short covering.
chile Copper continued 70 snow re-
.ie,anre 10 selling pressure. gaining
frartionally on the day. Mixed changes
,,.,,ayaiIod in other coppers. Pullman
,,.ompanv failed to respond to the pre-
l;mjnarv decision of the Interstate
,.n nr' Commission UNFOLDING its
Sbanccs took place in other equip
~ american Radiator. was the individ-
al strong spot of the day, moving
'@,inst the downward trend to new
u.s. high at a net gain of more tnan
riy pnjnts. Gulf States Steel also
,,nyl,cd forward to now high ground
for tho movement registering a net
seasonal demand for funds caused a
erm,r tone in the money market: can
money opened and renewed az per
cent. the highest renewal rate since
run Is and then advanced to %. Wnere
II lo m",a n VIM brokers bid a. per cent
CIV, Inc shorter maturities, but the
banks showed disposition TO place
t%oorv that tho present hrmness IS
seasonal and not likely to last. a
,,od,r5tc amount Of new comhetci7i
,,an,r was received here. rates SNOW
iuL tirmcr tendency. .
Further weakness IN SteriinS Md"
attributed largely to the heavy oHer-
ne Of commercial bills against c%pora
e6Inmcnts. although uncasincss over
iha latest developments IN me Me-
Eastern situation was scn'lmchtat
actor Export purchases OF wh"at
oIso had a stimulating effect on Ca
madian Exchange. par bids being re-
ccjvod for Canadian dollars. I ON,
mental rates showed only hoii'iiiai
tl\ downward.
ncnrcssjon in tho prices of foreign
honds IN response to the weakened OK
change rates and strain over me -Scar
ra.tCrn situation was the outStandliS
development IN To-Day co'iI"i"'
aclilc bond market.
in.sce of one to nearly !! points
took place in Queensland rs, Japahcsc
ia French rs. Hclgian 1as and seine
=: while substantial fractional fcceS-
gtnns tool place in United hinsdol.
rIuf 1asI. Queensland IS. Dutch East
lndic, IS of 1861, Argentine IS ana 10
il. Janoiro IS. cuba government 42S
frll nearly four points.
Weakness in foreign Issues eX'Phu-
oil ,o tic domestic list. 81. Paul CON
,crtiblc is dropping and declinGs
OF point taking place In Mlnneapoil9
iie,mcnt 4s stained, Chesapeake &&
ONO convertible IS. Norfolk 4 West
crn convertible 6s. PcnnsylNania gem
oral r.. New Haven convertible rs, IN
NlnCihlc ON IS ana thiic opP'i
There were few exceptions TO me
downward trend. Distillcrs SECURITIES
j. pushed UP y points more. repre- ,ha
s,niing a gain of IA points during me
work and 50 above the year 5 loee:
Northern Ohio Traction & Light os
and Portland Railway Il Light 's each
wore w a point or more and some de-
,olo,mcnt was noted in Nassau tINc-
the As. chile Copper ts, Remln%toh
Arms is and Producers q Retincrs vs.
ihorty issues. were inclined TO
hca,ncss the fourth AS yielding 10
points. 90, 100
Total sales par value, were Sl3'A32'-
000
Tho nrincipal offerings today was an
issue of si.000.o Al per cont. bondS
of Detroit. which were SOLD 10 EleIn
a! pr cont Reports were current mere
that tho Northern PACING Was TO- 0on on, y,
between $t.000,0o0 and So.""o'u" -
por cent. equipment trust certihcates
under tho Philadclp hia plan.