Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-15
FINANCIAL NEWS
NEW YORK MARKET
Features OF the Days Dealings in All
tho LEADING Stoeks

New YORK, Nov. 14.-Speculators for
the decline forced recessions of one
70 nearl.' five points in a majority Of
Inc Inc active issues in today's stock mar
on the part of discouraged holders of
long stock and the closing out of the
accounts or a large brokerage house
ernoon.
The average price of both rails and
INDUSTRIAL. in today's market was APP
proximately equal to the bottom Of the
June break which marked the first Sc
mcnt which began In AuSust 1871. Tor
The industrials and a few weeks earlier
ior the rails Slightly more than one
third OF the maximum bull advance
As in the. case Of yesterday, there
was virtually nothing in the days
news to account for the acute weak.
ness OF prices. The election results,
tion, the Turkish crisis. failure Of the
Berlin reparations conference, the
weakness. Of foreign bonds and the
calling Of loans by some of the large
in the development of bearish senti-
ments All recent efforts of bull opeY-
ators to rally the list have been futile
because of their inability to get the
small investor back into the market.
L. $. Steel. which established new
nigh for the year at Lila, about a
month ago. and came within a point Of
mat hgure last week, dropped as low
as lo2s today. later rallying to 1893,
or II points below last nights close.
Cruciblc continued to yield in rcfcc-
tion of speculative disappointment
over the annua! report. which Showed
deficit of approximately S6.500.0oQ.
today's net loss being So cents. Mid
vale dropped nearly three points and
Lackawanna yielded Il. but the losses
in Bethlehem and Republic were held
within fractional limits.
The sharp nnc-polnt break in North
American. nearly all of which came
IN the first half hour, was constructed
as speculative disappointment over the
form in which another distribution of
treasury assets is likely to be made to
shareholders, one report stating th-,t
another stock issue was in prospect.
Consolidated Gas and Columbia Gas
broke more than four points each for
the same reason.
Low priced rails were subjected to
heavy selling pressure on the thory
that their market condition had become
apprc ciably weakened by the recent re-
action. Erie issues were particularly
hard hit. the common getting down to
l0a and closing at II. a not loss of ].
points. and the second preferred yield
ms 1e on the day. Western Maryland
second prcfcrrc fell back nearly three
two points were sustained by Western
Pacific. Rock Island. St. Paul common
md preferred. Chicago Great Western
preferred and Missouri Pacific common
and preferred. Dividend paying rails
offered better resistance in the early
part of the session but later they re
acted with the rest. New York Central
dropping two points. Reading II.
Northern Pacific 80. Atlantic Coast
Line five. Lackawanna four and Atchi-
son j..
Mexican Petroleum. once the stormy
petrol Of the market. dropped eight
points on a turnover of less than 1900
shares. Houston Oil continued in free
supply. dropping nearly four points.
while Standard Oil of New Jersey. Cal
ifornia Petroleum and the Pan-Ameri-
can issues we're off ono to two points.
General Asphalt climbed point.
Some of the additional weak spots
were American Express American
ma Jersey Central Dupont, Kresge.
Sears Rocbuck and United Drug. the
declines running from four to 20
points. Fisher Body was the out
standing strong point, gaining seven
points.
Total sales were $4,000 shares.
Call money opened and held at per
cent. throughout the day. Time money
continued at ) per cent. with renewals
comprising most of the business. Lit
tie new commercial paper is coming
into the market, the bulk OF prime
names commanding Al per cent.
While fluctuations marked the for
cign exchange market, early strength
being followed by a period of acute
weakness. particularly in continental
rates. Demand sterling ruled just un-
der s4.47. while French francs after
touching G.SJ dropped back to GIGS.