Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-14
FINANCIAL NEWS !.
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

Features Of the Days Dealings in All
the Leading Stocks
New York, Sept. 13.-Active short
selling of professional origin, combin-
ed with extensive profit taking. halted
the upward movement OF prices IN to-
days stock market. closing prices of a
number OF the recently active issues
declining one to three points below
yesterdays final figures. The selling
was orderly, however and there was
| good absorption of most offerings
There were a few outstanding excep-
lions to the reactionary tendency of
most issues. Atchison gaining Eearly
a point on reports of a possible in
crease in the dividend from to per
cent. or extra dividend distribution.
Cosden. the latest oil stock to be as
ISOLATED with merger rumors climbed
II points. Shares of the Hendee Man
ufacturing Co.. which manufacturers
motorcycles, enjoyed an advance of
nearly three points in response to pri-
vate reports Of increased earnings.
Bear raiders who attacked the Chi
cago & Great Western issues yesterday
transferred their activities to the Erie
stocks today. the common and second
preferred. however, yielding only frac.
preferred was forced down IL points.
Other rails were weak in sympathy.
particularly the low priced issues such
as New Haven. New York. Ontario &
Western, and st. Paul. Investment Is
sues like Union Pacific. Canadian Pa
Central also. shared in the recession,
some of the losses exceeding a point.
Mexican Petroleum was quite active
within a five-pont radius. registering
play. of strength. Standard Oils of
California and New Jersey. Houston,
Producers & Refiners, Pan-American
and General Asphalt all yielded sub
stantially. Copper and sugar shares
also continued under pressure through
out most of the session.
Weekly iron and steel trade re-
views indicating rapid recovery from
the recent depression in the Industry
because of the coal and rail strikes. in
duced active buying of United States
Steel common, which duplicated its
high of the year, but it slipped back
in final dealings on realizing sales.
Independent steels were irregular.
American and Baldwin Locomotives
and Railway Steel Spring each regis
tered new highs for the year in early
dealings but reacted sharply at the
close. Other equipments also were
weak Some of the public utilities
which moved into new high ground,
and American Water Workers 6 per
cent. preferred were able to hold
most Of their gains. Total sales were
100000 shares.
Call money opened and renewed at
4 per cent. but stiffened to Al at the
close. Further hardening is expected
tomorrow as the result of tonight's
announcement that the government
would withdraw $46,500. 600 from men,
Der banks Of the federal reserve sys-
demand from time money. but offer
ings were light. Commercial paper
was quiet.
Weakness of foreign exchange rates
in the London market was followed by
a rather sharp decline in local centers,
demand sterling bills falling nearly %
cents with corresponding reductions in
the continental rates. The market for
sterling was influenced by heavy offer
ings Of cotton bills. japanese ex-
change showed firmer tone.
Public offerings of new issues OK
ceeding ss0,000,000, which is larger
than any weeks total since early June
featured today's bond market at prices
which were in general firm, despite a
number of weak spots.
Railroad mortgages again were most
in demand. Atchison convertible As of
1860 responding quickly to the rise in
that roads stock by breaking through
to new high on net gain of %
points. The principal Frisco issues
also established new peak prices. as
did Chicago & Eastern Illinois SIS and
Southern Railway 6as. but the Erie
and Chicago & Alton issues were in
cllned to weakness. Chicago & Great
Western As recovered somewhat from
their pronounced heaviness of yester-
day and gains of point or more were
registered by st. Paul As of 1925. Cuba
Railroad IS and Kansas City Southern
5S.
The improved condition in the pack
ing industry was reflected in the
strength of Wilson convertible IS and
the Morris & Co. AIS, each of which
Jumped two points. General Electric
5s reacted more than point.
In the public utility division the
three Brooklyn Rapid Transit per
cent. issues mounted one to p points,
while the Third Avenue adjustment As
were marked up to new top price.
Mexican IS dropped point and
some of the French securities yielded
slightly in the foreign group. most
prices in which held firm despite the
pronounced weakness Of exchange
rates.
Total sales, par value, were s16,0O1.-
600.
The days largest offering. put out
by a joint Chicago and New York syn
dictate. was a S50,00O.0O0 issue of ~
year per cent. sinking fund gold
notes of Swift & Co. packers. which
were offered at 81 to yield $40 per
cent