Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-14
FINANCIAL NEWS
Features Of the Days Dealings in Al
the loadina otoeIse

the Leading oteetse
New York. Nov. 1a.-stock prices
see sawed UP and down in today's
sna rlSt. rejecting in general the cover
ing s;md selling operations Of short in
icrssts. who appeared to be in COM
pIcte control. Final prices were gem
orally below those of Saturday. but
tjie strength Of the resistance encoun.
Tfed at todays lower levels Indicated
The, the decline had about run its
course. at least temporarily.
There was no outside news to &C.
count for the further depression. but
bcar'sl sentiment has developed on the
possibility OF unfavorable tax lcgisla-
ton by tho next Congress and the APP
parent inability of bull operators to
attract an outside following.
some stocks were depressed for spe.
Ella tc"sons. Marine preferred, which
hroLc more than four points. was sold
Iecly on speculative belief that the
administration would not be able to put
over rs snip subsidy program and that
the Immediate outlook for the shipping
trade ives none too promising.
Gtsciblc steel dropped nearly three
PORTS on publication Of the annual re-
port. which showed deficit of nearly
a soO,o after payment .N dividends
f"r the year ended August 81 last. 9th
- Stee Is were weak in sympathy, Va.
nahum welding IL. Bethlehem and
Midvalc losing about a point each and
ccding fractionally.
General Asphalt common and pre-
fnrrcd established new low records for
th@ ,csr on net losses Of slightly more
ut They recovered somewhat In later
dealings. Houston fell to as. also q new
lNw. and then rallied to 50. a net loss
of ~" points. Pan-American B drop
ped more than two points and the A
WIS OF one. while Mexican Petroleum,
which has ccascd to be much of a fac
tor IN the market because Of the small
amount of stock outstanding. also
dropped a point.
chnnges in rail shares were mixed
hut mostly downward. Jersey Central
dropped three points on announcement
az officials that no immediate distribu.
tiou of the profits Of its coal proper
tics vas contemplated. Losses Of
point or more also took place in Erie
second preferred. Pere Marquette.
.ires' Northern preferred. Nickel
hudson. but Reading. Chicago & North
western made slight gains, while
Western Pacific was pushed UP over
Nv" points. Canadian Pacific failed to
ular quarterly dividend Of % per cent.
Welding fractionally below Saturdays
close
Some outstanding weak spots were
erll Manning 4 smelling preferred.
LigSett 4: Myers. Montana Power.
Nash Motors, National Biscuit. Loril-
lara Tobacco. and Goodrich preferred,
,La losses ranging from 2asto 10 points.
Woolworth was strong. gaining hve
ppaIfts.
:. Total sales were 1.O14.0o0 shares.
Call money opened and held at 5 per
caut. throughout the day. Business in
The time money market was confined
mostly to renewals which were ar
ranged At per cent. The bulk of the
commercial paper is moving at ~ per
cent
An improved tone was noted in the
fareign exchange market The Italian
ratio moved I? from 4.46 to 40 in re-
Spouse to tho accumulation by govern
improved political conditions in that
country. Importers and banks were
hcayy buyers Of sterling. the demand
rata touching s447s. new high on
tho tnoN cnicnt.
Hnavy liquidation OF foreign bonds.
much ~ IT on the part OF investors
who have become alarmed over the
Turkish situation and the failure OF
reaeit en agreement. caused wide
sprtad break in the prices of those Sc.
"uritins in today's market. Most OF
tho French and Belgian issues. includ-
the new ~cr Sm SsSs or s s year. S.
iTaGuc 1As were the hardest hit,
dropping four points: while the com
rnnlon czccho- Sloyakian SIS yielded y:
lvdns ss .. while the French 7is and
Ns IIelgian Is and SIS. Seine Is. Bor-
oetpx ss. Paris-Lyons- Mediterranean
- belgian Cs and scissors 6s were
or more 20 also pS %"re registered s p BY chle
ss-of 1916. Brazil ~. Queensland 6s
and state of San Paulo IS: British
bonds. particularly United Kingdoms
rvs report that the market is develop
ing an overloaded condition and that
'"Iuparatively little new buying power
rs coming into the market. Large
invcs tcd in bonds earlier in the year.
aro being Withdrawn to meet the de-
m,nd for increased commercial credit.
Weakness of the foreign securities
Tho market. Losses OF one to-. two
points were quite common IN the list OF
railroad MORTGAGES among the more
prominent being Toledo. st. Louis y
S"riSern az adjus'@ sr''9 81 COLORADO
southern a.s. Denver & Rio Grande
consolidated Is. Eric general As and
convertible Is, scries 4. Norfolk q
consoiidatcd ss. Northern Pacific Is.
Frisco adjustment 6s and income 6s.
Cattle copper SIS and Is broke two
and n points respectively in response
H. the weakness of copper stocks. Re-
uiistic steel IS also dropped two points
~hile declines OF one TO ! points were
noted IN Wilson convertible 6s Marine
a. Producers & Refners' S. Good
msh Ss of leAi. Manati Sugar 7Ss. Gu
III can" So and American Smelling IS.
Local fractions also slipped to low
~ ground. Third Avenue rcfunding -
and adjustment IS losing two points
each
United states government securities
VIZ ldcd with the rcst. tho losses rang
ing from six - - cents on *lo0. Inc
new ana fourth AIS were the largest
lusErs
Total sales, par valfc. were $14.-
500 600
SIX new offerings. totalling less
thau $40 Onn 900, were put out today.
~" largest being an issue Of 100000
hrst lion and rcfunding mortgages
prr cent. c0-year bonds OF the Tidewa,
icr Power Co. offered at 90 to yield
So per cent.