Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-20
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Sept. 1s.-Prices in to-
days stock market recovered sub
stantially from yesterdays severe set
nack: confirming the impression that
me decline was brought about by the
technical condition of the market
| rather than by any serious concern
over Near Eastern affairs, which mere
~ provided an excuse for the attack
| by bear interests.
Today's upturn was accomplished on
reduced volume of business, traders
hesitating to add extensively to their
present commitments, and likewise
showing no disposition to sell. pending
more definite developments abroad.
Railroad shares as group gave the
| most consistent exhibition of strength,
such representative shares as Union
Pacific and New York Central opening
at substantial gains and offering stub
Rock Island. New Orleans. Texas G.
Mexico. Illinois Central preferred,
Louisville & Nashville, and Canadian
Pacific also gave a good account Of
! themselves.
Stocks such as Mexican Petroleum,
| Baldwin. and Marine preferred. which
were subjected to the heaviest attacks
of short interests. made the best indi-
! leum, mavinS within radius of nearly
six points. closed at net gain of q,
| with slightly smaller gains being reg
| istered by the Pan-American issues.
| the Standard Oils of California and
New Jersey. Cosden was quite active
at steadily rising prices: the directors
announcing an increase from 623 cents
| to 81 in the quarterly dividend just
before the market closed
Metal shares were quite active, pool
operations being manifest in some Of
the popular issues, South American
! Pasco moved higher than some of the
| domestic issues. Butte & Superior
was pushed up more than two points
| and American Zinc nearly point in
| zinc industry An increase in foreign
orders was partly responsible for the
| more extensive demand for the metal
| issues.
steel was selling below parity with
Bethlehem issues under the merger
plans was held responsible for the
activity of that stock. which regis
tered a substantial fractional gain. L.
S. Steel common touched 104s for a net
gain Of Il, some of the buying being
based on reports Of increased prices
by the corporations subsidiaries.
Adams Express rose in rather spirit
| ed fashion in response to unconfirmed
reports that dividend resumption was
likely this fall. Burns Bros. A and =
stocks also We're active in possible ex-
pectation of increased earnings with
with a resumption of hard coal min
ing. Public utility shares were in
good demand. some of tho leaders. in
GLIDING Consolidated Gas. Northern
American. Peoples Gas and Laclede
Gas all at gains of point or more.
Total sales were $4,000 shares:
Government withdrawal of $4,000
900 in funds from banks in this dis
trict was believed to be responsible Tor
the increase in call money rates. which
opened at T. advanced to ~ shortly att
| or noon and to > On hour later, that
rate holding to tho close. Time money
rates were inclined to ease in rather
dull trading. The commercial paper
I market was quiet.
Substantial improvement was noted
in foreign exchange rates. local banks
directing most of the trading. Demand
sterling bills rose II cents to S442.
and advances of two to six points took
place in tho continental rates. Little
trading took place here in Greek ex-
change, but in London the drac
fell to 200 cents rs compared with inc
conSortium rate of 80.
More favorable developments in the
Near Fast situation and Improvement
in foreign exchange rates found renee,
ton in tho better tone of today's bond
market. Foreign bonds made good re-
coyerv from yesterdays hcaVinesS
gains of to / being recorded ny
, Queensland 6s. Lyons SIS; Mexican As
and IS. Seine IS and Cuoan I ha.,roso
first AS moved in contrary course
but the reccesions were nominal.
In the rail list. speculative mort
cages were tho most in demand. al
vanccs of point taking. place in -
Paul Ais, Scahoard Air Line consofl-
dated IS, and Chesapeake \ OHIO gen
oral AVS st Paul general As and Kan
sas City & Southern IS were sold at
rccesSions. -, 81, o.
The strength Of Jnvincihle Oil IS,
which were pushed up two points was
tho outstanding development in the
trading in industrial lines. Rcthlrh2m
stool rcfurding IS and BROOKLYN
Union Gas *; also made good gains.
American Water Works IS touched
now top but fell back later. :,
Belief that President Harding would
veto tho bonus bill and that the veto
would be sustained was reid RESPONSE
HE for tho Improvement in Liberties
tho gains. however. being of nomi-
nal nature. e,.oo,
0o0.
Tho principal offerings Of the, day
included a So, nao 900 issue of highway
Improvement 4 and a per cent. j., bonds 20
which were sold to weld from $50 TO
90 per cent. and a S1,30O.oo ISSUE OF
) per cent. first Texas Joint stock
Land Bank bonds offered at 1o2.ao to
Weld AS per cent. to 1882 and . per