Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-27
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

the Leading Stocks
New York, Oct. 26.-Speculators for
the decline succeeded in forcing an,
other material recession of quoted
values in today's stock market, being
itided in their operations by higher
rates, further liquidation on the part
of disappointed traders and small IN
vestors. another drop in U. 5. govern
fective public support. 1t was the
zenith consecutive day of reaction.
Industrial stocks. in which there had
been heavy. speculation during 'te last
road shares, which have keen holding
up we'll in the face of heavy selling
pressure in other parts of the list. also
participated in today''s reaction, Read,
ing, Lackawanna and Rock Island all
dropping more than three points.
Mexican Petroleum was one of the
outstanding weak spots, dropping more
than points on a comparatively small
dropped 4 points, partly in response to
cut of II cents a gallon for gasoline
and Standard Oil of California and
Pan-America A reacted 3 points each.
Houston Oil opened higher, but soon
yielded with the others.
American Locomotive, in which a
brief rally was staged yesterday after
noon, lost more than 5 points today,
while baldwin, WHICH has been heavy
all week. dropped IL, General Electric
dropped AZ points on sales of less than
! 900 shares and American Car sold off
Reports Of improved. conditions in
the steel industry We're disrc.ardcd by
the steel stocks, which continued their
downward course. U. S. Steel common
slumpcd Il TO 1851; Bethlehem i was
of II; Crucihle p and Gulf States
alton declared its regular quarterly
dividends of II per cent on the COM
mon and II per cent on the per cent
cumulative preferred, but again failed
to pay them out of its earnings. al
though President E. G. Grace declared
that tho earnings for the third quarter
were much better than for the first
and second.
Speculative disappointment over the
failure Of the directors Of the Consold-
ated Gas Company to make an extra
distribution at this time, found express
sion in the heavy, offering of that
having cnjoyed several days Of strength
in the bear" movement. Other con-
ssnicucus weak spots were Kelsey
Maxwell Motors A, Otis Elevator Pc
oria and Eastern. Postum Cereal and
Republic Stccl. all off 3 to 8! points.
Total sales were 1.1lG,000 shares.
and advanced succcssivclv to 4, 5. IS
end 6. whore it closed. Withdrawal Of
$11 cocoon in government deposits and
the calling of loans by local and in
terror banks were responsible for the
higher rate. Time money was in brisk
demand. loans for 60 days being made
at ~ per cont with the longer MATURE
ties demanding 5.
-, French ,Relgian and Italian ex-
the YEAR but rallied later on short
covering of contracts. Demand stnrl-
ing held steady between $444 and
S4.4i1. French checks opened at 6.S4
the low Of tlln day. hut climbed to
Il before IL, frr r-1
clan francs and Italian lire w@e SIS
and 3.93 cents respectively
Heavy liquidation of Y. S. Govern
mont bonds BY large institutions. pre-
for commercial credit resulted in an
other sharp reaction in prices in to-
days market. Tho new as which had
boon three times over subscribed at
par, Slumpcd IS cents on S100 to 99.3S
Other government AS per cent is
sues, all of which had sold at par or
better less than month ago. were
quoted at discounts of approximately
touched 103o2 last week. sold today at
10000. an overnight dror Of so cents
The 4 series showed losses at one
time Of 2G TO 4f cents.
Thcre was moro diversified selling in
tho. foreign list; tho sharnest break
which solo Of = points. Lyons Is re-
ccdcd and losses of point cach
We're noted in Queensland IS. Rio de
.1anciro IS. Seine Is. Copenhagen 51s
Brazil SIS, scissors Is and Cuba Rail
road 5s.
The railroad list was again under
market pressure, New York Wcstches-
ter and Boston IFS yielding y and
Norfolk & Western convertible GS drop
ping points. Elsewhere declines of
l to IL were registered by st. Paul
convertible lis and the As of 1925. Erie
convertible As. series a. ana +. New
Haven Gs, Scahoard Air Line conSolid-
atcd Gs, Terminal Railway Association
Of st. Louis rounding As. Great North
crn AS New York Central dchonture
Gs and Illinois Central recundnc IS.
Pennsylvania Consolidated 4IG wore
pushed UP Is, canccllNg yesterdays
loss.
A two point drop in Ccrro dc Pasco
SIS was the outstanding feature in the
industrial list. other weak spots in
which were Chill" Copper IS and IS
Marine 6S, and Atlantic Fruit IS all
down / to II points. Bethlehem Steel
rcfundin" IS moved up a point. Pub
lie utility issues weakened in sTmpa-
thy with the decline in stocks, losses
of point or more occurring in Hud-
son Gnad Manhattan income rs, Brook
Ign Rapid Transit IS. and the certi-
fiCate Is. Intcrborough Rapid Tranit IS
end Southern Bell Telephone 80. Total
sales. par value. were $1G,t06, 600.
There were no large offerings of i'm