Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-09-21
NEW YORK MARKET
aura. Of the Days Dealings in All
''' the Leading Stocks


War York. Sept. 20.-Professional
s"n,ators for the decline regained
sps.rnl of today's stock market,
"sinr about another sharp recess
S sn' in prices after strong open
VI owing to the Jewish religious
~saIiday trading was lighter than
| usual
ealing pressure was concentrated
me steel, equipment and motor
n..rs and a few specialties. Amer
wool broke more than five
lo..s 10 u is on the circulation
nnconfirmed rumors that current
m,r;nes were poor. the outlook for
GAG business unsatisfactory and a
Aanction in the 81 dividend likely.
~ oils showed evidence of better
mart. losses in the active issues
s,;nr held to a point or so. Fur
w. adjustment in crude prices
, Isre announced during the day.
while Wall Street seemed to agree
4 -,s secretary Mellon that the bust
vass situation was economically
lusnrd and the vanking and credit
s;,rstion was good, some concern
~ss expressed over his statement ex-
s.sss,ng the opinion that rail rates
= farm products should be revised
snunward. This was reflected in
tho Incubation of the rail shares,
ssrticularly the northwestern car
rssrs which would be the most vi
.aIlv affected by such a change. The
4 sranrers all closed at their lowest
/ nrces Of the day, the net losses run
hing from small fractions to nearly
. noints. Previously. the rails had
onered stubborn resistance to SELL
ing pressure.
Heavy offerings of the steel shares
annarently were predicated on scat
tered reports of cuts in steel prices
BY independent companies and fur
ther evidence of lessened production
in both raw and finished products.
L I. S. Steel common broke below 81
for a new low on the movement.
closing at 81 Is for a net loss of
L SIS. Heaviness of this issue I'M
i doubtedly discouraged bullish opera
tons in other quarters. The indie
pendent steels also registered losses
/. Of point or so.
!, Rubbers also were inclined to give
away on reports of additional tire
/ price cuts. L. S. Rubber closed at
l 81, off !, but kelly-Springfeld snap
| ped back to q for a slight fractional
( gain on the day. after having sold
| as low as 70 SIS. Heaviness of the
motor issues was associated with re-
ports that manufacturers will lave
to contend next year with an unusu-
ally large number of second hand
cars that are being pressed for sale.
+ The meeting of Cosden Oil Com
pany directors scheduled for today
was postponed until Friday. The
latest gossip is that the annual rate
. will be cut from 81 to 81, but no
continuation of this could be OBJ
tanned from authoritative sources.
!, Sugar shares continued to respond
to higher commodity prices, the
gains running as high as j points.
Resumption of dividends by the Gu
|. ban-Amerlcan Company led to re-
ports that similar action was being
contemplated in the near future by
the Punta Allegro and Manati Com
panic, but these also lacked verifi-
cation.
Money for stock market purposes
! was again in plentiful supply, the
!, call rate opening at 4 IA, but drop
ping TO II before the close. Time !
money also softened, the relatively !
hlgh rates here attracting interior
lunds. The ruling rate for the long
/ ef maturities continued at 5 IL per !
cent out some thirty day loans were
arranged 1nu-
6 l9Sh H1G are now estimated at $1,4OO,-
p WloOO, shinkage of $4,000. 900 in |
,ne last month and 100000, 900 be-
'0% inc nigh figure of the year.
Eorelsn exchanges were higher in |
; ,sI. . to the more favorable DO.
...cal develops in Europe. Demand |
s saeEralns was up nearly half a cent at |
s.o4 ana German marks Jumped |
. lion. GU iiii-
EASIER money rates. which may be
oaiy temporary, helped to strength /
I tooays bond market but the
: opleao between bid and asked prices
o.iltlnued rather wide in a number
" popular issues.
J.. french bonds imrrovcd moo crate !
=, ~ response to the better tone of |
~. leparauons news and this also |
NV ,,u beneficial effect on the cop
." COMPANY liens on the theory that /
vii, n,etllement of the Ruhr problem !,
f S,.i revive h"is'5 export demand !,
e ~, .oppe". [. s. Government bonds
,, nonuea TO fnctuato within mar
ana lrreruln~ limits.
Guoaa Republic ) 1-o@ which |!
. nee, neen under pressure 'o+n'- as
mn sui 81 tho nro-rating IF $4,000
wort, ~" worth of nnso'd bonds rmone
,oon of the offe~inr syndicate.
m.coVered moro than \ noin+ an al.
,bo - INA, mat satisfactory revision Of
ts,. ,srafa bill had been mode and
r r,n. Ns nassa re was H'-olv. No~icor
eO p err'ment Is broke . ID to 70 10
w. aIsoad mortca rce were r,,ved
M hne and Lake r~ie corsolido+-
po,,s Gained nenrlv . points while !
nav. ,Sand refrrdir~ &c touched !
s,s ~" and Rock T~'ond Arkon-
,,;, .hd louisiana 4 10 dronrod q
po n'' Ruhher ona ri, cor,n,,v
c,r. ""e aTain rr1n~ nreee,,~o he-
AuSe OF unsettled .~odo conditions
New York Money Market