Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-27
FINANCIAL NEWS
NEW YORK MARKET
Features Of The Day,s Dealings In All
the Leading Stocks

New York. Nov. Is Stock prices
continued their upward movement
today despite intermittent profit TAX
ing and bear selling In most sections
on the list. Buying OF investment
railroad shares on the strength OF
current earnings and q resumption OF
pool operations in several specialties
in anticipation Of record holiday
trade were the days features.
u. s. Steel, Baldwin, American
Can and Studebaker, generally REQ
ognized as the pivotal shares, all
touched new highs on the current
upswing although the early gains
were materially reduced or cancelled
before the close. New high records
for the year were established by
Schultz at los 7-S. Tobacco Products
"a IA, Congoleum at 1874 3.S, u. s.
Cast Iron Pipe at 81 1-2, New York
Central at 1O4 1-2 and National Sup
ply at 10, prices of all but the last
named being shaded before the close.
Considerable significance was at
tached by operators on the long side
of the market to the fact that bank
clearance outside OF New York for
the week ending November II, the
latest figures available. we're $242.-
OOO,OOO over the previous week and
the highest since October 70 whereas
ten year average of clearanceS dur
ing this period shows a decrease of
Oh per cent to have been a normal
change.
Sugar shares were heavily bought
on reports that present consumption
was reaching record figures and that
preliminary estimates of next years
production showed little change
from this year. Oil issues were help
ed by the report of a reduction in the
crude output of Powell Field in
central Texas, which began to mount
about the time that California pro-
ductlon reached its peak.
Dawson Chemical was again the
most spectacular individual feature.
closing IA points higher at IS 7-S
after having sold slightly above that
figure. The stock touched So in the
sensational decline last Thursday.
Maxwell Motors A which has been
fiuctuating rather wildly as result
or rumors or merger with Stude-
baker, broke. more than five points
to 81 3-4 in the early trading and
then rallied to % 1-S, where it was
off nearly = points on the day. Dr.
rectors of the Studebaker Corpora
ton are expected to meet here to-
morrow when some difinite announ-
cement probably will be made.
Steel shares were benefited by
the optimistic forecastSof Chairman
Topping of Republic Steel, who de-
clared that the volume of business
for this season of the year was better
than expected, and that he could see
no reason Will there should not be
normal business next year. Moderate
strength also developed in the nier.
chandising, tire and electrical issues.
Call money opened at 4 ga per
cent but advanced to five Just before
close. Time money and commercial
paper rates were UNCHANGED with
business quiet.
"A sharp rally of more than 2 cents
in demand sterling to above S4.3S Q
featured the foreign exchange mar
ket. Substantial gains also took
place in the Scandinavian exchanges
with the other continental currencies
improving moderately.
While investment bankers seemed
agreed that the absorption by the
public of the many large offerfnss of
new bonds recently was progressing
slowly. price movements in the bond
trading on the New York Stock exr
change indicates firm tone. To-
days market. however. was slightly
less active than recently.
mortgages were in demand and een-