Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-11

NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

New York, Dec. 10.-Waves Of
short selling and profit taking swept
over today's stock market, giving 1t
general reactionary appearance
most of the day, but they failed to
halt bullish demonstrations in a num-
Der of low priced oils and specialties,
which showed independent strength.
Much of the days selling Is believed
to have been inspired by the belief
that the technical position of the
market warranted at least moder-
ate reaction after six weeks of al
most steadily rising prices.
Publication of the tonnage state
ment of the United States Steel Cor
poration, which showed another re-
duction of 100000 to $1,000 tons
higher. The stock closed 1-8 higher
at "a ga. Independent shares show
ed mixed fractional changes. The
statements of some of the smaller
companies have shown marked i'm
provement of late, Penn Seaboard re-
porting an increase of Is per cent in
forward business in the last few
weeks compared with October, with
all plants now in operation. SloSS
Sheffield jumped more than 3 points
on reports of high current earnings.
New records were established dur
ing the day by General Electric,
which crossed 200 but fell back to
1877, up ga on the day; by Corn
Products at 40 and by Savage Arms,
Reynolds Tobacco B, and Lorillard
Tobacco. the top prices in each case
being shaded before the close. Gen
eral Electric sold at it's highest price
in nearly 20 years.
Some of the northwestern railroad
shares had another sinking spell on
selling attributed to a reduction in
freight rates on grain. Chicago and
Northwestern duplicated it's previous
low of the year at So 1-2, but it rail-
lied later to So 3-8, off l ga. Great
Northern preferred showed a similar
net loss on the day. Rock Island z
per cent preferred dropped 1 1-2 and
Union Pacific /. Eastern Rails, as a
rule, closed fractionally lower.
Strength and activity of Marland,
Cosden and Phillips Petroleum re-
vived reports of a possible merger Of
those companies, Marland showing q
net gain of nearly 2 points on the
day at 35 77S after having sold as
high as 81 "a. Some of the other
strong spots were Davis Chemical,
Union Bag and Paper, Hayes Wheel
U. $. Hoffman Machinery, Pierce Oil
preferred. Mathieson Alkali. Famous
Players preferred. Kinney and Com
pany, and Chandler Motors, all I'D 1
to points.
Call money rates were somewhat
fir1ner, opening at ga, advancing to
and thence to IA. Time money
and commercial paper markets were
nrm with business quiet, the rates
being 8 to 5 IA per cent.
The foreign exchange market was
Olllpf with tho
showing firm tone. Demand ster-
ling ruled Slightly higher around
S4.36 IA and French francs around
5.34 cetns. Other changes were
largely nominal.
1radlng in bonds today was some
what less in volume than recently
out prices generally continued firm,
Whlle there was no great change
IN the price of active United States
government, one house specializing in
the Liberties, stated that it executed
several unusually large buying or
ders for these issues. The bonds re-
coroed improvements ranging from
l-32 to -32 of a point.
Both the high grade Investment
ana more speculative railroad liens
found buyers at moderately higher
prices, although there was evidence
or considerable selling among the
mlddle western carriers, notably
Louisville and Nashville, Missouri
Pacific. Texas and Pacific. and
Southern Railway.
frlce movements in the industrial
and public utility groups generally
was dictated by corresponding stock
movements. with few net changes of
any Importance.
Mexican bonds fell lower on con-
tinued reports of revolutionary sue
cess IN some of the Mexican states
me 5s declining TO SIS points and
the as to 1 -.
Bankers heard that an Offering will
DE made tomorrow or the next dav
OF si3'OoO,O00 Pure Oil Company one
10 three year notes on IL per
cent basis. There were reports also
or capital readjustments, involving
either stock dividends or stock of
lerlnss by the Jordan Motor Car
Company and the Hupmobile Com
pany.
Total bond sales par value So
$4,000. F''