Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-31

EM
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. Oct. 30.-Renewal Oh
| heavy bear attacks. which failed to en-
counter any effective buying resistance
resulted in another sharp reaction IN
| todays stock market. losses i'll actlTe
and popular issues ranging from 10
| points.
with the business and industrial sit
| uation showing continued improve
! ment traders could only account Tor
/ the recent downward movement by de-
! scribing it as correction Of weak
| ened technical condition. which was
! brought about by speculative excuses
] of the recent upward swing: Witn
| brokers loans estimated as hi.h as
| $4,000. 60S,000. it is believed in some
! quarters that bankers may have forced
! some Of the liquidation By calling
| loans.
All records for the largest number
| of individual stocks delt in on the New
| York Stock Exchange for single d@N
were broken Mondav when the tape
! rcc' rded the sale or 41o different issues
in the five hour session: The former
! was ass. made last April.
| Today's opening was Irregular, few
! stocks deriving strength from the mi
tial Al point gain in Gulf states steel
! al of which was later cancelled the
/ stock closing a a small fractional loss.
| Shipping shares We're the. first target
! of the short interests both Marine
preferred and American International
corporation being depressed 70 new low
records for the year on speculative
fears that the next somi-annual divl-
dcnd Of the former might b passed.
Tobacco stocks We're then attacked
on announcement of another cut IN
cigarette prices. Licgett & Myers drop
ping Is points; Lorillard Tobacco 103:
| American Tobacco ~; Tobacco Prod
ucts Il; the preferred .; and Rey-
! nolds Tobacco u.
Oil shares also proved vulnerable to
selling pressure, Mexican Petroleum
! being forced do1, 81 points with loss
cs Of ! TO nearly 4 points being regis
cfc. Houston & Costlen New Jersey,
! which registered a loss Of more
than ST o00,o00 on the quoted value
of its outstanding stock since its high
Of the Year, 2Joi. was one Of the few
exceptions scoring a not gain Of
points at 20St.
Encouraged bv tho success attained
in their raids against The industrial
shares. short sellers turned their at
, tcntion to rails with surprising results.
| st Paul common and preferred were
tho hardest hit, declining 3! and -
points, respectively. Other substantial
losses We're recorded by. Reading, off
q; Atchison -; up y: Northern Paci
tic 81, Canadian Pacific / !; Pore Mar
uucttc. q: 1.ehigh Valley >. ami New
York Central u. Selling of rails WIS
influenced, no dc;int. by tho poor show
ing made in The latest September earn
ngS settlement.
Speculative disA ppointment over the
course Of c0ppoT' prices, which have
/ itlitu SlibItlN IPIO" IL cents Z lNulu,
apparentlN was, responsible for The
heavy selling Of coppcrs lespite the
fact that they have been tagging far
behind the rest Of the ljst il recent
upward swings. AnnCondas drop be
low So touched off a number Of stop
! loss orders, which were disposed of in
bunch Of 46tV shares al 4Sl, tho
! stock showing z net loSS Of nearly :
and Mother Lode also lost ground.
Total sales We're 1.1t6.000 shares.
Cal money opened at ncr cont. hut
casod off to !. whore it closed. Time
bankers were demanding 5 per cent 70"
the longer maturitios. n few loans be-
ing arranScd at that figure. The com
mcrclal razor ma'Net was quiet with
Foreign exchange rates were weak
at the opening. but improved later on
comparatively hcavy bidding for bills
in THIS center. Sterling held steady
prices turned docidedly heavy in to-
DAYS marl-ot in sympathy with tho
decline n stocks, Traction issues and
most of the L. ). government 4is Dc
vclopcd moderate strength. but Csc
who're in The list declines Of l to
points werc quite common
broke IL e pd fq2s m ios Seine eTY y zrS s.
S. end Swiss SIS. foil back to i.
Hcavinoss in this list had little effect,
however. on the now $j.0nn.000 Offering
of tho Republic Of Columbia. which
Scissors skies moved against the cur
rent, gaining l point.
st. Paul liens were offered freely.
dropping 2 points each. and the con
vcrtihle IS. H. Eric mortgages also
dumped badly. the general IS dropping
? points, consolidated IS, u. and con
vcrtible As. series D. point Mime
1 4