Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-08-30
*@ FINANCIAL NEWS
NEW YORK MARKET
features Of the Days Dealings in All
the Leading Stocks

xew York, Aug. 29.-Favorable in
..rnretation of current news develop
. .sants impaired buoyant tone to the
.",Hrk market today, active issues re-
s,'ar;ng Mondays losses and advanc-
10 70 higher ground on gains ranging
from one TO six points.
PRESIDENT Harding's assurance that
- immediate resumption Of coal and
nn.,,road was contemplated, although
..u.hority for such action was desired
o. case Of great emergency. combined
.ri,h reports of increased car loadings
snd chicago dispatches which indicat-
- the Railroad Labor Boards refusal
.. ~ rake the serious called living
wsge" the basis for fixing the new
sole Of maintenance men, caused a
m"re active demand for railroad
Mares. which advanced from one TO
more than three points. Chicago &
Northwestern closed the day with
~ Nv gain of .. and Canadian Pacific
with 81, while gains of II points or
,,nre took place in Reading. Union Pa
rfc Great Northern preferred. At
;antic Coast Line, Lehigh Valley. Nor
csgo & Alton issues were reactionary.
Public utilities displayed marked
,rnrovement. new high records for the
ysar beng established in this group
Nv BROOKLYN Edison. North American,
Western Union, American Telephone
nd
steel shares also participated extern
,iyejv In the upward movement, L. :.
steel common making up its quarterly
d,idend Of II per cent. on very heavy
Saalings. Further confidence in the fu-
.rre Of the steel industry was indicat-
"a bv the advance in wages announced
~ the Colorado Fuel & Iron Co In
,,denondent steels as a group follow
~ The course set by the premier is
Sncculative issues. like Mexican Pc
.roieun. Baldwin and Studebakcr. also
rsincd substantially. partly in re-
snnnse 10 short covering operations.
Tbe tobacco group exhibited marked
s,renpth and coppers rose on the high
Or nriccs quoted for the metal.
strength of American Tobacco,
which rose to new high. was attrib-
med 10 the siabilization of retail
nriccs which followed the abandon
that company.
Spec.ai stocks which registered new
tjgh prices for the year included
American Ice. National Lead and Re-
ToraI sales approximated 100000
shares.
Tho money market adhered to it's
movements Of the previous day. open
ing al 81 per cent. but advancing to
per cent. in the latter part of the ses
SION
leading foreign exchanges showed
further steadin"ss on the higher range
for those remittanccs quoted by Lon
DON Sterling was steady despite
heavy offerings Of commercial bills.
French francs We're substantially
above the previous days close and the
German mark rallied sharply.
Influenced largely by the better tone
Of the stock list and foreign exchange
rates. rodays bond market rallied
hrishly from Yesterdays acute depres-
sion. International issues showing pro-
nGunccd strength.
French municipals rose % to almost
Your points over the low levels Of Mon
dav with active buying of the Bor-
deaux. Lyons and Marseillos group.
French US rose II points, Framerican
r. 2, and Belgian SIS one point. Among
Other foreign issues Havana Electric
IS We're prominent for thetir advance
of II points.
Domestic ndustrials and utilities
6s and AS which advanced II to two
points in sympathy with the increas ed
price Of that company'S stock.
Rails were Irregular Norfolk &,
Western convertible 6s. st. Louis <
Southwestern consolidated Is and Sea-
board Air Line consolidated 6s gain
ing me to two points. while Chicago
~ Alton Is and 3bs lost 80 to four
points, which reactions in Atchison adj
1usiment IS stamped Denver q Rio
Grande cons olidated As. Northern Pa
cifr Is and Colorado & southern 4as.
Ihertys were inclined to ease in
early dealings, but rallied later With
tho Improvement in the general list.
Total sales. par value. We're ST.
$50. 0An
A banking syndicate offered at par
and accrued interest S1.50o.G 600 Z! gold
bonds Of the Rosemary Company, these
finding ready sale.