Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-09-22

selves with uncovering isolated weak
|pots.
Some of the eastern rails and most
OF the .low-priced oils made good re-
covery from recent heavirless, the
strength Of these issues leading to
snort covering in other sections Of
the list in the late dealings. The
stronger tone Of the oil stocks was
gratifying 70 operators on the long
side In view of the additional cuts in
crude prices and the omission of the
Cosden dividend, which was not
oncially voted until after the market
closed. The action that the directors
would take was generally known,
however, earlier in the day.
Rumors of early dividend action by
the directors of the Baltimore and
Ohio Railroad led to good demand
Tor that stock which closed two
points higher at 81 and brought about
sympathetic strength in some OF the
other carrier issues. These stocks
also were helped by unofficial reports
that the Washington administration
favors a recasting of freight sched-
ules so that some rates will be re-
duced and others advanced rather
than merely reduction in the tariffs
on agricultural products.
intermittent heaviness of the steel
shares was based on reports of re-
duced mill operations but they
showed good recuperative power
towards the close. American Wooden
Dipped to rs IA. another new low
for the year. and then rallied to n SIS
on publication Of statement by
President Wood that no reduction in
the dividend was contemplated and
that try ~ rnla
shape.
Sugars continued to benefit by the
higher commodity prices, Cuba Cane
preferred and Punta Allegro each
gaining more than point. American
sugar refining lost nearly two points,
while American Beet Sugar advanced
l point. COppers held fairly steady
on speculative expectation that the
Japanese disaster and the settlement
of the separations question are likely
to bring an increased export demand
for the red metal.
Call money opened at per cent.
but stiffened to before the close
Time money was firm at IA to
) 1-2 per cent, depending upon ma
turity. Commercial paper is fairly
active with no change in rates.
The features of the foreign ex-
CnanSe market was I1e StTenStn OF
the allied continental exchanges.
French francs were run up II points
to 600 cents and Belgian francs
jumped 16 points to $40 cents. De-
mand sterling held fairly steady
around S454 IA German marks
dropped Is points to IS cents a hum
dred million.
Trading in today's bond market
was sluggish with no definite price
trend apparent. U. S. government
bonds gave the best exhibition of
small. French governmental and
municipal liens made further pro-
gross in the early pa OF the session
hut the municipals sold off later. Yons
6s lost a point on the dav and Mar
settles 6s and Bordeaux 6s each 1-2.
Prague Is gained a point while Bra
lillian Central Railway Is dropped
l 3-S on a small turnover.
Southern railway consolidated IS.
which jumped points were the
feature of the railroad group. Balti-
more and Ohio convertible 1-2s i'm
proved fractionally in sympathy with
higher stock prices. Erie prior lien
As New Haven As of 1857 and the
convertible IS each lost about point
on the day.
Sugar company bonds We're firm in
reflection of higher commodity and
stock prices. Oil and steel comnany
liens We're heavy. Cerro de Parco
Coppers 6s broke IL points and
Louisville Gas Electric 6s / Ia.