Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-26
Il FINANCIAL NEWS !
NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocka

New York. Sept. 25.-The upward
movement IN prices was resumed in
.oaays stock market. but trading was
aiis. livery night and fluctuations gener-
any were within narrow limits.
A heavy accumulation of weekend
SSuylng orders. apparently resulting
rom the more hopeful DEVELOPMENTS
IN sias .de Near Eastern situation and
lions. impaired strong stone to open-
ing quotations. but when these were
disposed of the market lapscd into
ulllness. Short pressure against some
on one non-dlvidend paying rails and
speculative industrial favorites later
caused some irreGularity, but the gem
erai list held up well under the SELL
ing pressure.
Revived reports Of mergers and cap
ia! readjustment were partly responsi-
Oil shares.
Standard Oil Of New Jersey crossed
~ 70 new peak price for the year.
moved to new high ground Another
individual feature was Gulf States
steer, which was pushed to a new 1922
hlgh at "a on gain of nearly FIVE
points. but fell back to Oh t the close
The small floating supply of this stock
makes 1T susceptible to pool opera
tons.
Speculative selling of some Of the
cheaper abroad shares apparently was
reports for August coming out in the
next few days. The August figures are
expected to show the principal effect Of
inc coal and rail strikes. Rock Island
was the principal target of selling
pressure, showing net loss of one
point on turnover in excess Of 10000
shares. Baltimore & Ohio and st. Louis
y southwestern were also sold rather
sorbed.
The substantial advance in merchan-
ais,ns shares. particularly. Woolworth
and :. $. kresge. was attributed to
and possibility of further reports of
increased stock dividends. Woolworth
advanced 81 points on a small turn
over. while kresge touched $50, new
/ high for the year, but fell back later
to III. May Department Stores also
made an apprcciable gain.
st. Joseph Lead advanced II in re-
Spouse 10 higher prices for the metal.
Chemical shares, also played promi-
ncnt part in todays advance. Dawson
c csnF and a% %sd che ATefuturAI
North American made a good re-
Spouse to the better earnings report of
Baldwin and studebaker were sub
tected to attack by professional inter
! csts in the late afternoon trading,
/ each declining a point or more. Mexi-
can Petroleum. another speculative ia
]
me day on rumors of additional oil
taxes being imposed in Mexico. but
came back strong and closed a t net
gain of nearly point on reports show
ing August earnings at the rate of IS
q share.
Sales totalled 7o5.3Oo shares.
can money opened and renewed at
per cent. but eased off to ~ in the
carly afternoon and held at that figure
until the close. Time money was
quoted at a to "a. Most of the COM
m"rcial paper is quoted at a rate OF
A large offering Of commercial bills
+ caused slight recession in some OF
! the foreign exchange rates. but most
! Of the changes We're relatively small.
Demand sterling bills were quoted just
under $i.42 and French checks were
selling on 761 basis.
Prices in today's relatively dull bond
! market moved with an irregular trend.
moved to higher levels. but a number
OF the popular domestic liens show ed
declines of point or more.
Large traders in bonds apparently
policy pending announcement of the
terms of the governments refundin g
operations. which is expected shortly.
Belgian SIS rose to II and Czecho-
I Slovakian SIS I. while Swiss SIS eaualled
their high for the year and the French
issues improved fractiona lily Brazil
Is were down two points in sympathy
with the recession in the exchange
rate.
Chicago & Northwestern IS OF 1897
/ rose nearly three points and Frisco 6s
series 6 2. However. West Shore
Railroad 4s slipped back % and de-
| clines of l to u were registered by
/ Rock Island refunding As. Chicago &
/ Western Indiana As. Kansas City
southern IS and Missouri Pacific gem
1 eral As.
1 Springfield SIS, which moved
| up a point. were the outstanding eX-
/ ception to the rather reactionary ten
dency in the industrial list. Distillers
Securities IS. which enjoyed sensa-
| tonal advance last week. dropped 81
| today. and losses of point or more
: took place in General Electric IS,
/ Beth lehem Steel refunding 6s Donnar
| steel IS Cerro de Pasco SIS. Brooklyn
Union Gas IS, and Wilson Packing
convertible 6s
Liberties were quite irregular with
most of tho changes downward
Total sales. par value, were Sill
/ 04a. 900
Syndicate managers Of the So. 0oO.-
! GOO Federal Lr.rd Bank bond offerings.
which was put out today. reported
| that tho issue was quickly taken. The
books were closed before II o'clock.