Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-20
FINANCIAL NEWS W
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

Liberty bonds, decline Of German
marks to three cents a hundred,
new low record. and a highly con-
fused movement of stock prices, the
main trend Of which was downward,
were the outstanding developments
in today's financial markets.
In the stock market there was
continuation of the recent conflict
ing currents. A number of stocks,
such as Corn Products, American
Can, Manhattan Shirt and Burns
Brothers B. were pushed up for
sizeable gains, while others. like
Pacific Oil, Republic Steel, Dawson
Chemical and Studebaker, were I'M
der heavy pressure.
Rail shares offered more stubborn
resistance to selling pressure tran
any other standard group. but even
in those issues, the final prices gen
orally showed fractional recessions
from yesterdays closing quotations.
The third quarter deficit of nearly
10000 reported by the Republic Iron
e. Steel Company, continued to have
depressing effect on steel shares,
Republic dropping Is; Bethlehem
3, 2 Is, Crucible 1 ga, Nanadum
| IL; Replogle and Lacka wanna,
one each, and L. S. Steel. SIS.
Equipments also were hard hit, loss
es Of l to ? IA points taking place
in American and Baldwin Locomo-
tives, American Car, Pullman and
Railway Steel Spring.
Oil shares again furnished the
pyrotechnics of the session. Mexican
Petroleum fluctuated within a radius
of 10 points and closed at a slight
fractional loss. while Standard Oil
Of New Jersey, dropped IL points
below last nights close. Weakness in
Pacific Oil was accompanied by IN
confirmed rumors of possible cut
in or remission of the dividend,
which was expected to precede the
announcement of new financing to
provide funds to carry out an ex-
tenslve drilling program. Standard
Oil of California, which is supposed
to be interested in Pacific Oil. sold
off nearly points. Other oils, with
the exception of Royal Dutch which
improved l is points, showed losses
ranging from small fractions to
nearly ? IL points.
Corn Products, which has been
mentioned in connection with re-
ports of possible stock divide nd
distribution. was one of the most
active of the specialties. making a
net gain of SIS points. The an
nouncement of the president Of the
company that stock dividend had
never been discussed and would not
be considered at the December
meeting Of the board caused a tenn
porary break, but did not bring much
stock into the market. Manhattan
Shirt was whirled up nearly points,
American Can improved in eXpecta-
ton of resumptation of dividends
and the strength in Burns Brothers
3. was predicted on reports Of in
creased business and a renewal Of
reports concerning merger nego:ia-
tons with Consumers Coal Company.
of Chicago. Recent weakness of
Dawson Chemical was attributed to
speculative disappointment concern
ing the practical results of the silica
gel process.
Total sales were 1896, 900 shares.
Call money opened at 5 per cent
and eased off to IL in the second
hour, holding at that figure unit, the
close. There was less activity in
time money but plenty of funds were
available at 5 per cent for three to
SIX months maturities. The COM
mercial paper market was slightly
nrn1cr
Demand sterling dropped abruptly
on announcement of the resignation
of Llyod George but it's net loss on
Tie day was only about l IL cents.
French checks and the other Allied
remittances were higher, despite the
further break in marks to three
cents hundred.
Heavy buying of liberty 5 1-os.
which We're carried to 1O3.0o, q new
high record for all time. in the face
of decidedly reactionary trend in
the domestic and foreign securities
lists, was the outstanding feature in
todays bond dealings. The buying
Of 1-2s, an entirely tax exempt is
sue, apparently was on the part of
large interests.
Other L. S. government issues
We're higher in early dealings, but
showed irregular changes at the
close. The third 4 las showed net
gain of 16 cents and the fourth las
and uncalled victory 4 "a, six each,
while the second tours sold off 20
cents and the other issues from two
to six points.
The sharpest break in foreign
bonds came in the Prague Z 1-2s
which sold off 2 IL points, while
losses of l to l IL took place in
Mexican government 5s. Paris, Lyons
and Mediterranean Gs, Cuba Republic
~ of 1949, and Brazil IS.
In the rail group, losses Of a point
or more We're quite common, among
the more prominent being Atlantic
Coast Line first As. Buffalo. Roches-
ter and Pitsburg 1-os. Kansas City
Southern refundinS SIS, Canadian
Pacific debenture IS. Central Pacific
guaranteed as, Atkinson general As
aid adjustment is stamped, Seaboard
AIR Line consolidated 6s and adj
Justment SIS, Texas & Pacific firsts,
Baltimore & Ohio convertible 12s
and katy first As. The few out
standing exceptions to the downward
trend were New York Central de-
hcnture Gs, New Orleans. Texas and
Mexico 5s, and Manhattan ELEVATED
Is. up l to l IL points.
Some of the weak spots in the
domestic list were Cuba Cane IS,