Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-22
FINANCIAL NEWS
Features 81 the Days Dealings in All
the Leading Stocks

the Leading Stocks
New York, Sept el.-The sharp re-
action In todays stock market was
mainly due TO further REIMBURSEMENT OK
n weakened technical position.
Indications that speculative inter-
rsts had discounted all the bullish de-
velopmtnt in sight and were not as
posed to add TO their commitments on
the long side. combined win tne MARI IN
ing up OF the call money rate 20 the
highest figure In seven months. induced
active selling for both accounts. Elk
trome reactions. which ran from one TO
nearly five. points, exceeded thosc OF
WAS used AS an excuse Tor generai
shake out of prices.
Early prices were generally higher.
bu; bear traders b. gan picking out
weak spots. such rs United states Rup-
Der common and preferred. Marine pre-
fcrrcd and some OF the public utllty
shares and hammerlng them down one
or more points Their success led them
to extend their activities in other a.
rec,ions. Rock Island being particu-
larly vulnerable in tho carly afternoon
In extremely heavy selling. l. >. Rup,
bcr's drop 10 a new low accompanied
reports in speculative circles mat
much Of tho liquidation was for the
recount Of the American international
Corporation. shares 81 which aiso
yielded u not loss Of Il on the day;
Except for Reading. unlon fa acne
npcakc {: ohio. New York central ana
Great Northern preferred. trading in
rails was comparatively hsht ara mos
recessions were OF Il fractional nature.
With pcnnsylN ania selling not lar
from par uncontirfncd reports were CIR
,uIntrd that "A $50, oO0. 900 issue OF new
t,uck would be offered to stock holders
before the md Of the year.
standard ON of New Jersey was the
only outstanding exception to the gen
eral downward trade. being pushcd up
for n net gain Of a points IN response
TO reports of capital feadJus'nen''
which were later denied by !hc coi''-
many and further increases IN prices
~ kerosene. Associated OH also reg
istcrod a net gain of "a. but most o,
the other oils wer" r"actiohaI!. ar
Ia point drop in Mexican ietroieun'
beinc attributed in part to the an
rounccment Of an increase OF more
thsn four cents a barrel in the Scpteh-
or production tax of the Mexican gov
srnmcnt. ~ ,-o
un ono 70 three points on report
showing that August had been the pest
month in the companEs history. ~ MT
I'd Railway investment shares aoEanc,
I'd In sympathy Gulf states Steei
continued its rise despite official de-
niel of reports of possible merger
with tho Iron Products Co.. copper
shares were again active, but lHe!
we're unable to hold their early gains
although less sharply
sales Appropriated 100000 shares.
Raising Of the call money rate 10
4 per cent. from the opening nsuIe -,
Al was attributed chiefly TO me neaNS
demands Of import houses seeking 10
got goods out of bond in order 70 OBJ
tain tho benefit of lower tarlH dutIes'
Time money rates hardnncu olt. W.
.nitc a light demand The commerciai
nnnor market was feature by the vlr-
tual disappearance of the per cent.
rate. ,,x..
Foreign exchange rates cased sl'ght-
", demand sterling bills dropping
! snonding recessions taking place in the
other Allied continental rates.
Heavy institutional buying or bonGs
Unmarried firm tone TO TO-DAY carry
dealings. but some irregulariity oe,
>eloped later as result Oh the marked
recession in stock prices.
Mexican government bonds were ac-
tive on reports that the MeNical s I'll.
ate soon Would ratify the Mexican debt
agreement and that sufhcient 1unns
for the first interest payment alrea"E
were on deposit here. Early gains
! ranged from one to three points pu'
these we're cut IN half later. Euro
, mean bonds also tended upward at inc
cpening. but Swiss SIS were the only
: ones TO register net gain or as much
as a point 80
one 10 ID points being recorded by
Market street Railway SIS. Lacledc Gas
SIS, Duauesne Light AS and southern
+ Bcll Telephone IS. Wilson convertible
g. moved up two points to new high
and Distiucrs Securities 5s. winch
; jumped more than five points yester-
day. moved up another six today. re-
focting further progress in the reor-
ranization plans. lnvincible OIL rs
and Colorado Industrial SIS were heavy.
Trading in rail shares was compara-
lively light. gains of point or more
being made by Baltimore 4 OHIO hs.
ST. Paul general AS and Kansas Clty
southern S. while desclines OF approx
imately the same amount took place IN
Colorado g. Saithcrn refunding AIS.
Texas 4 Pacific first and New haven
IS.
Liberty prices were generally roac-
tionary. Total sales, par value. were
sl2.s3l 600.
Reports from Chicago indicated that
tho sl5, 700 600 debenture issue of the
Cudahy Packing Go. was oversub-
scrihed Tho province of Ontario -
expected to float n S25.00no00 loan in
this market early next month.