Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-29
FINANCIAL. NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

tne Leading SHOCKS
Mex York. Sept. 2s.-Speculative OPP
orators renewed their attack on prices
in today's stock market, being assisted
by the liquidation of some weakened
speculative accounts of individuals
and few pools.
The declines. however, were not as
extensive as those of yesterday and
some extensive covering in the final
hour brought prices of a few leaders
above yesterdays closing quotations.
rc.s I'M in suroPsan fna at,s
ton. as reflected in the further weak
ness of foreign exchange, and the MAX
ing up of call money to per cent,
aided the bear faction. However evil
dence that the current reaction was in
fuenced more by technical oonsidera-
tons than by developments abroad,
was apparent by the fact that rumors
Of clash between the British and
Turkish troops. which We're circulated
through the financial district in the
late afternoon, failed to check the rally
then in progress. There were indica-
tions that large interests were accumu-
lating some of the high grade stocks
on the down grade.
The Principal declines today took
place in stocks which had been the sub
ject of extensive pool operations. but
the market generally offered more
stubborn resistance to selling pres
sure, Indicating good support just be-
meath the current levels. |. 5. Steel
common successfully withstood the at
tack of short interests. buying support
being attracted by reports of unusually
heavy orders being received in the last
few days. Republic Steel was under
heavy pressure. dropping more than
two points on circulation of unfaVor-
able reports indicating the breakup of
the proposed Republic Midya e-Inland
merger. Crucible Steel fiuctuated with
a range of three points, but closed
fractionally higher.
oh
of the variations were less than A point
either way. There was a fair demand
for the st. Paul issues upon pubiica-
ton of the August earnings statement
showing gain of nearly S100h0p in
net income over August. 1921, but the
net gains of both the common and the
preferred issues were only fractional.
New York Central sold off point on
a comparatively small turnover but
elsewhere the changes were unimpor-
tant.
Equipments came back strong after
an early display of weakness III some
Locomotives advanced one to two
points and Baldwin was up nearly
half. With the exception of Mexican
Petroleum, which was off on III"
day. most of the oil shares held steady
or moved to higher ground. Standard
Oils of Ca lifornia and New Jersey i'm
proved fractionally and Pierce Oil pre-
ferred was pushed up five points.
In the specially list, Coca Cola was
quite active, registering a net gain of
more than point. Du Ponc Powder
moved up five points and National Bis
cult Il. Weakness of American Tohac
co WAS attributed in part to losses suS-
tanned by tho company in Asia Minor
! as n result of the Smyrna fire and mil
itary developments in that area.
Total sales were approximately L.
OoO.Oon shares.
Can money opened and renewed at
~ per cent. but jumped to ) during the
| noon hour holding at that figure until
the close. The time money market
was quiet with virtually no change in
rates. hut increasing activity was not
ed in the commercial paper market.
, demand sterling bills broke under
$439 today. the decline being attrib-
utcd to the heavy buying of dollars in
London and the disposition of buyers
on this side to await developments in
the Near East hcfor" making any On
tcnsive purchases. French exchange
was quiet and there wcro few impor-
tant fluctuations in the other European
J rates.
Weakness of French and Belgian is
sues. which sank to the lowest levels
in several weeks in response to weak
! ened exchange rates and increasing
| tension over the Near East situation.
, was the cut standing development in
todav's bond market the main trend
| of which was downward.
! French rs and SIS and Belgian SIS de-
! declined less than point but losses of
| to II took place in scissors 6s, Bor-
! doaux 6s, Marscillcs 6s and Belgian
/ 7is. Brazil IS and Mexican IS moved
| upward, each gaining a point.
| A three point break in Chicago 4
| Northwcster general - Of 1887 was
| the noteworthy Development in the rail
list, which developed several weak
| spots. St Paul general AS and Sea-
! board Air Line consolidated SIS each
! dropped two points, and Chicago &
! Groatwcstcrn As =. Losses of l to IL
were scored by Rock Island rofundng
! As. PENNSYLVANIA consolidated Is,
, southern Railway general as. Chicago
| & Alton 3!s Eric general IS and few
! others.
| pressure yielding more than p points.
| InvincibIe Oil SIS fell back II and
! losses of approximately point were
| noted in Republic steel IS. Wilson con-
ycrtibc Is. and Goodyear IS of 1?4l.
Total sales, par value, were Sl6,-
! 49,, 600.