Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-03

Features Of the Oay's Dealings in All
the leadnn StoekS

the Leading Stocks
New York. Nov. e.-subs,an,jal re-
covery from the recent reaction ex-
tending over n period Of nearly three
~ eehs took place in todays stock mar.
bet prices throughout the list being
pa VI, IN SPIRITED fashion with the at
tive issues showing gains Of one to
Blk points.
rhc downward course Of prices had
been In the nature Of q correction Of
from speculative exccsscs incidental to
the declaration of stock dividends and
rurnors OF the same. Indications that
the reaction had been ovcrdonc, lust
seen in the manner in which stocks re-
bounded today, buying embracing A
broad list ard being particularly &C.
live in industrial shares which had
borne the brunt Of the short selling.
short covering furnished the impetus
Tor the early advance but as the main
body OF stocks swung upward there
were indications of new buying by in.
' vcs,ment interests: founded on the
ton. This was reflected in record car
holdings. increased automobile produce
ton IN october over the previous
month better retail business as mir
chain stores and further talk of extra
dividend disbursements. Good absorb
non took place throughout the list
dcspite a rather heavy volume of real
behalf Of bankrupt brogerake house.
~ IS diihcult TO pick out any one
group as being the most buoyant, but
some Of the largest gains were record
60 IN ne on: equipment. public utility
buying in the equipment group was
stimulated by announcement Of addi-
llonai new and heavy orders for rails,
t ,rsr amd Locomotives locomotives Baldwin and
Pullman. General Electric, and Rail.
way Steel Spring being pushed up three
70 nearly six points. Declaration Of an
. is per ere cent: stock dividend by Ameri-
three point net gain in that stock.
Public Service of New Jersey led
me advance In public utilities. gaining
"a points. buying of this stock accom-
TO IS in the. dividend rate. Other
strong spots in this group were Con.
solidated Gas, Brooklyn Edison, Pa
s slnon Cas- and 4 Columbia ia Gas, Western
press. all up two to Ave points.
Mexican Petroleum was the ont
standing. issue in the oil division. gain
ing nearly six points. Other advances
e. T ss p Sefssy y, G Sae Asphstd
Standard Oil Of cai III; he'ni It; ana
Belief that the October earnings
stt"ee.lcits VIII make much better
showing than those for September in
iiuenced the buying of railroad shares,
the rally in which was led by Reading,
when registered a two-point gain.
Other shares which recorded advances
Union Pacific, New York Central, Lack
awanna. Louisville & Nashville. Rock
Island and Chicago & Northwestern.
. Steel shares were not as buoyant as
some q the other standard groups.
but both United States Steel common
and Bethlehem improved II points.
while Republic, Vanadium and Cruel
Die did slightly better. Reports of an
were responsible in part for gains Of a
slpint or more in American Smelling
Utah and Chile. National Lead jumped
NJ points on announcement of an in
crease in the price of that product.
: Cali money held firm at per cent.
Time money and commercial paper
rates were unchanged.
~ Sterling was steady, but continental
eSciiangc rates were weak. German
murES dropping to a new low record
under two cents a hundred.
.t. Ho"rlEn government securities and
*pccnl;.tive railroad mortgages led n
broad and active bond dealings Large
blocks OF bonds were reported taken
out oI the market by big financial in
tercsts.
Strength of foreign bonds was rather
surprising in view Of the weakness of
foreign exchange. Belgian 7As and IS
advanced u and two points respective
~ While e, gains d1s, of one on to u we're re-
anese As and French SIS. French nlu
nicipal issues improved fractionally.
There were two notable exceptions to
the upward trend. Berne SIS and Copen
hagen 0as. which dropped two and one
in the railroad list the biggest bulge
took place IN Cleveland. Cincinnati,
moved up H. and Series sw ee1 pons
San Antonio g. Arkansas Pass As also
rallied two points. In the long list of
3,n mort which were pushed up
ohio eoh TO Yes ITS s wsse rd at ts
trail consolidated As and debenture 6s,
Frisco adjustment Cs.. income Gs and
prior lien as. New Haven 6s. Union !
dated Gs. 500" As, Katy" As. 6s and
adjustment 5s, and Chesapeake & Ohio
gereral AS.
Industrial liens were not as active !
as the rail or foreign issues although
advances of point or more were
Scrlcd by United States Smelling &
Refining Gs. Cerro de Pasco SIS and
chile Copper IS. Traction issues were
y c Taf51ng oots E Eapd
american Edison 6s u. and American
telcnhonc convertible Gs II.
The largest gain in the United States
government list was made by tho first
4's. which jumped so cents on 500. |
Other advances ranged from two to %
eents
Total sales, par value, were s14.215,-
The only offering of note today was
an issue of sl.100.000 Empire Gas g.
Electric Co. general and rcfunding 6 (,