Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-02
FINANCIAL NEWS w
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks f

New York. Nov 1.--Prices in to-
days stock market continued to de-
cline. but there were indica lions that
the current reaction was hearing an
end. ~ -H
Buying on slio belief that the liaui-
lation had run It's course Impaired
strength 10 number or shares at the
opening. but spectators for the de-
lean OH shares. which again Unsettled
the list.
The raid against stcels was based On
the comparatively small earnings Of
her. which tutallcd only s7,727,72i as
against Sl1.324.059 the month before.
hat bull interests pointed out that the
decrease could be explained b. the
month. that freight car shortages and
ombargoos had held up. shipments nj
the mills and that price advances to
cuuntcrba lance the September wage
increase ala not become effective until
october i.
I. $. steel common crumbled to
1888. 4 new low on the movement, but
later rallied point for q net loss OF
]: waa down more than three points at
one time but recovered ali but one
Cruciblc, Lackawsnna, Republic and
Vanadum also made good reeoveries
after carly manifestations OF weak.
noss.
Essumption OF dividends by the Ma.
tunal Enhmelling & stamping Co had
u beneficial effect on that stock, which
Soa nr,nrr mere than than 81 points: Other
passing. Of the 1000. 900 mark in week.
ly car londings and the declaration Of
y 80 per cent. stock dividend with
per cent. extra in cash besides the
regular per cent. quarterly dividende
on the common stock OF the Standard
Mexican Petroleum. only $4,000
shares of which are now reported to
he outstanding in the hands Of the
public was again subjected to profess
sonal pressure. suffering n net loss
q. two points. while Pan-American u
after having dipped to .ss closed at Sc
b New Jersey again displayed marked
strength. climbing five points. and 4
better tone also was noted in Standard
Oil CT California and Pacific Oil.
Anle ri"an Can WIS one of the strong
features. gaining s., points as a result
of brisk rally in tho final hour. May
department. stores, which gained 81
POINTS Yesterday in expectation of an
extra dividend disbursement. added .2
more today.
Acute weakness Of Pierce Arrow pre-
fcrrod had an unsettling effect on 9TH
or motor shares in early dealings but
EsHa bs and power eveloped in stuae
those. stocks one and two points re-
spectively above last nights final fig
uros. Fisher Body, which recently en-
ioycd q sensational advance. slumpcd
noarly four points today.
Heavy professional pressure against
equipments forced the liquidation of
some speculative accounts and carried
those stocks down several points. but
they recovered most of their losses be-
fore the close. American and Baldwin
Locomotives showing only small frac-
tional declines on the day. Trading in
rails was sluggish hut Louisville &
& vi al. ~; n. rNa1n
ware & Hudson and Frisco preferred
were quite weak.
Total sales were 1.126000 shares.
Cal! mona% opened at 5 per cen. and
thcn Jumped to 6. where it closed. The
time money and commercial paper mar
kets were quiet with no change in
1atcc.
Trading in foreign exchange was
observed rhroad. Sterling held steady
around 4.tJ1 and the continental rates
wc"c firm.
Bond prices were irregular at the
saggcd later when buyers were unable
10 absorb the large amount Of offer
,ngs cmanating from large institutions.
Weakness Of foreign issues and heavy
thc features.
IN the foreign group declines of a
nolnt or moro were registered by
Swiss SIS; zurich S.: Lyons IS; Cuba
SIS and Sessions Gs. Anton Jurgen 6s
and Bcrns SIS moved against the cur
rent. climbing II points each.
Buyers Of domestic bonds seemed in
clined to favor short term issues and
we'll secured callablc bonds. pending
moro definite indication of the ulti-
mate market trend.
Eric convertible az. series r, broke
o. while losses of one 10 two points
were sustained by Erie general 4s end
ihe A and y series Of the convertib le
4s. Frisco income 6s s1omped two
points to a new low on tho movement
and Iowa Central Is cancelled their re-
cent two-polnt gain. There were
fow exceptions. notably New Heven CO.
Wabash firsts and st. Paul rcfunding
AS. all OF which moved up a point or
more.
Declines of n point in the industrial
list were noted in Bethlehem Steel re-
funding IS. General Electric IS. Mag
Nh Copper IS. Ajax Rubber SIS and
American Writing Psncr 6s. fractions
also were heavy, particularly BROOKLYN
Rapid Transit certificate IS, which
dropped two points.
L. s. government securities moved
the main trcnd wps downward. the
second Ais sustaining the largest net
icsS--10 cents on 500.
Total sales. par value, were $l4,-
Thcrc were few. small offerings to-
day. the largest being q $4,000 600 issue
OF 1a-NCar Z rer cont sinking fund
gold bonds Of Rails Rovce of America,
offered at 9S to yiold 1.20 per cent