Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-17
FINANCIAL NEWS
NW
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks


| up Of industrial shares. including U.
| S. Steel common, which was carried
to new high at Ill IL. at the open
ing of today's stock market induced
recent buyers to take profits with the
result that marked irregularity took
place in later trading. Rail shares.
which did not participate extensively
in the rather sharp advance last
week, came to life today and some
material gains we're registered.
| Traders, who have been bidding up
stocks in expectation of stock divi-
dends received a setback today when
Ebert H. Gary. chairman Of the U.
| S. Steel corporation. and e. J. Corn
ish, president Il the National Lead
Company, both denied that any dis
tribution was contemplated by their
concerns which have been among
those prominently mentioned in cur
rent rumors.
| Much of the selling in today's mar
!
last weeks advance had been too
rapid. When the market opened to-
day. the spread between industrial
and railroad share averages was
about as large as at any time this
year. and professional interests were
of the opinion that a readjustment
was necessary. There was some diff
| ference of opinion, however, as to
whether the advance in rails was in
reflection of better business condi-
tons or merely a manoevre to cover
the profit taking in industrial shares.
New York Central crossed par
again today. but later fell back to
SO SIS. as compared with SO at Sat-
urday's close. The advance of near
ly ? points in Lehigh Valley was ac-
companied by rumors of an increase
in the dividend rate. Other strong
spots in the rail group were Allan
tic Coast Line, Reading, New Haven,
New York. Ontario & Western.
Nickel Plate" second preferred and
Delaware & Hudson, the guns rang
ing from ga to points.
More than 100000 shares Of U. S.
Steel common changed hands during
the day. the closing price, however.
representing a net gain of only IA of
a point. Some of the buying I'M
doubtedly was based on the theory
that the report of the corporations
business for the third quarter will be
more favorable than generally ex-
pected. Other stcels were irregular.
Republic dropping l Il points. and
Bethlehem B, half, while Crucible
improved slightly.
Equipments were hard hit by to-
days selling. Baldwin dropped . IA,
American Locomotive rs and Gen
cral Electric IA, the net gain in
these stocks last week ranged from
, to points. Studebaker also
yielded to pressure, falling back three
points.
Violent fluctuations took place in
tho high priced oil shares Mexican
Petroleum moved within a radius of
nearly points, closing at net gain
of IA, While Standard Oil of New
Jersey, which had touched 21S IL,
fell back 215 IL. or IA point be-
low Saturdays final rate
National Biscuit again stood out in
the specially list with a gain of 4
points. Other strong spots were
Manhattan Shirt. up / IA: Reynolds
Tobacco, UP Is; National Enamel
ling up l SIS; Continental Can, UP
Il and Brooklyn Rapid Transit up
2 is.
Call money opened at IL per
l,,t % I1.o, .,,,- 49,
close as a result of heavy with
drawals in connection with mid
month payments. Bankers are hold
ing out for per cent for longer ma
turtles for time paper with "a Of
fered by borrowers. Commercial
paper is quiet and fairly firm.
Foreign exchanges were weak,
particularly the French and Italian
rates. Abandonment of the con-
sortium found expression in the
sharp drop in Greek exchange, drach-
mas falling to 2.44. Canadian dol
lars were still at a premium in this
market.
Pronounced weakness in the old
liberty IL per cent bonds, all of
which declined Sc to "a cents on
nent in today's bond market Two
reasons We're assigned for this. one
that investors We're selling old bonds
TO purchase the newer and longer
term securities and the other that it
represented liquidation on the part Of
banks and large institutions to meet
tie demand for increased commercial
credit
Secretary Melons announcement
that out OF the total subscriptions OF
more than $3.50, 900 for the new
lefunding loan, the sum of S1,40O,-
100000 represented cash subscrip-
tons, came as big and welcome sur
Prise to bond dealers, who had pre-
dicte1 that a large portion OF the
subscriptions would represent the ey-
Grange of maturing victories and
other short term obligations. Bond
( lHrices, however. did not rally on the
news, bat moved with an irregular
! trend.
The principal development in con-
nection with foreign securities was
the announcement that the $4,000, 900
slA per cent Norwegian loan. offered
today at par, had been over sub
scribed. Except for a drop OF IL
points in Danish municipal SIS, series
! 3. the changes in the foreign bonds
listed on the exchange were compar-
ntively unimportant.
Railroad lines pursued an cratic
course, gains of to / IL points
were registered by B. & o. As, Sea-
! board Airline consolidated skies.