Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-24
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days. Dealings In All
the. Leading Stocks

: New York, Nov. 23--Stock prices
moved irregularly higher in today's
market, which was featured by the
shifting of speculative interest from
the standard industriaIs to the spec
ialties. Good exhibitions OF group
strength were given, however, by the
sugars, oils and motto raccessories,
the buying Of which was influenced
by favorable trade news.
Speculative disappointment over
the failure Of the directors of the
crease the regular diviyend brought
a flood of selling orders into that
stock just before the close. 1t drop
ping from 73 to, 50 and then rallying
to II, where it was Off 2 points on
the day., Other rails yielded in SYM
pathy. t
Trading in Dawson Chemical.
which was the spectacular feature
yesterday, quoted down to con-
siderable extent, the stock closing
nearly points higher on a turnover
of less than $4,000 shares. Declara-
alto of an initial dividend OF IL
percent on the common stock of Iron
Products and the announcement that
the preferred stock is to be retired
resulted in net gain Of nearly 6
points in the common.
Another increase in the prices Of
refined sugar was reflected in the
demand at rising prices for the
sugar shares, Cuban dominican pre-
ferred gaining 2 points and American
Beet and Manati about L. each.
Buying of Cuban American also was
Influenced by unconfirmed. reports Of
a resumption of dividends next year.
Considerable profit taking took
place in u. S. Steel. Baldwin, Stude-
baker and American Can but all Of
ferings were readily absorbed, clos
ing prices showing little or no change
on the day. Tire stocks were firm
on reports Of large contracts from
automobile companies, Kelly-Spring-
field and U. S. Rubber first. preferred
closing Ia and 2 1-2 points high
err, respectively.
Maxwell Motors A, which has been
heavily bought in expectation of a
special dividend distribution, adj
vanceds3 IA more points. Bosch
Magnetic, Stewart Warner and
Stromberg Carburetor also showed
marked improvement. Reports Of
big contracts also Influenced the buy
ing of the electrical shares, General
Electric. showing net gain of 2
points at the close.
AO 4 CuC1 al 4SCSCANC x0dAh 9tdtC~
ment showing an increase of more
than $50,000.000 in cash reserves was
regarded in some quarters as bull
ish factor on the theory that 1t
presaged easy money and increased
buying of securities by bankers with
their surplus funds.
Foreign exchange held relatively
steady. Demand sterling was quoted
around s4.37 and French francs were
quoted at 5.S7 cents. Danish ex-
change showed marked improvement.
Call money opened at "a percent
and again softened to 1-2. Time
money was in good supply but the
demand was comparatively light.
there being no change in rates.
Commercial paper was fairly active
with prime names moving at and
IA percent.
Trading in railroad bonds in to-
days market continued more active
but price changes were small and
the trend Irregular. The reassuring
statement issued by the Mexican
government to the effect that the
government would pay in. full the in
staIlment due by January l on it's
foreign debt influenced an unusually
large amount of trading in Mexican
issues. The IS at one time were 8
pOiito hASACA oii SiAN 0A1J oho NiOoS0
. 1-2 above yesterdays final figure.
The four percent bonds also were
stronger.
Individual influences directed the
course of trading in the railroad
mortgages. Some of the new roads,
notably New Haven and st. Paul.
improved, while announcement of
new financing by the big Four"
caused some selling of that roads
6 percent, series A, issue.
Brokers reported that buying OF
public utility liens was benefited by
publication of figures showing fewer
defaults had been made in utility
company bonds during the past
year. Some of the sugar. copper and
steel company liens recorded slight
improvement while number of mis-
cellaneous industrial bonds fell
lower.
European bonds receded slightly
on the somewhat heavier exchange
rates. Losses were small and the
volume of transactions below the
recent average. Most of the United
States government bonds were
bought at slightly advanced quota.
lions.
Announcement was made that the
federal intermediate credit banks
had sold an additional S10,000,000 of
4 IL percent six months debentures.