Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-03
FINANCIAL NEWS
NEW, YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

New York. Feb 2-Encouragement
| by several constructive developments
including further brisk recovery in
! foreign exchange and foreign bonds
and higher prices for steel products,
| mid-continent crude oil and sugar,
spectators for the advance had little
difficulty in bidding up prices in to-
days stock market.
The demand embraced virtually all
| sections of the list, but was most eff
| fective in t he stdels, equipments, oil,
sugars and food specialties. Railroad
shares also made marked progress, but
| the gains were less extensive than
| those in the industrial group. There
| were few isolated weak spots, not
ably Allis-Chalmers preferred. 800"
| preferred. Virginia Carolina Chemical
| and Brooklyn Union Gas, the last
named yielding on realizing sales by
! recent buyers.
U. S. Steel touched 1859. Crucible,
Gulf States and Republic Steels moved
! up one to II points and Bethlehem b
improved fractionally. Buying of this
group was stimulated by the announce
| ment of higher prices for tubes and
| the prediction of additional increases
| by Ebert H. Gary. chairman of the u.
$. Steel Corporation, who explained
a better showing for the last quarter
| of 1922 was due to the recent wage
| increase which added $4,000,000 to the
monthly payroll; and to the fact that
| priced business placed in the early
| months of last year.
Baldwin was one Of the most active
of the standard industrials. closing at
| 1889 for a net gain of II points. Other
equipments improved in sympathy,
General Electric touching new top for
the year at 1904. and then reacting to
1881 on profit taking. Squeezing of
the recent short interest in Fisher Body
was reflected in a jump in that stock
of 12i to 1G5.
! Oils were heavily bought. some of
| the leaders being PanAmerican A and
b. California Petroleum. Phillips Pc
troleum and Royal Dutch, all up II to
81 points. American Beet Sugar. up
81. led the advance in those shares.
| Some of the other individual strong
| spots included Associated Dry Goods,
Chicago 4 Eastern Illinois Railroad,
cd Retail Stores. all UP wo to three
| points.
Call money held at Al per cent.
| throughout the day. The time money
rates. brokers bidding AZ and bankers
demanding AZ. Interior institutions
are the best buyers Of commercial pa
per. for which there is a broadened
| demand, the bulk of the prime names
| going at AZ per cent.
Foreign exchanges We're strong. De-
| mand sold around 4.67 French francs
| gained 80 points to ga cents, and Bel
| glan francs were up sc points to J.47
| cents German marks were quoted at
| .O0275 cents as against the recent low
of .0020 cents. Scandinavian cx-
changes We're inclined to heaviness,
| the Danish crown dropping to the low
est level of the year in response to the
disturbed banking situation in that
| country.
All classes of bonds registered sub
stantial gains in today's market, for
eign securities leading the advance in
response to further marked improve
| ment in exchange rates and more hope
full news from abroad.
French 11S and IS closed at 90d and
93i respectively, as against their rec
ord lows of 50 and Ssh made only a few
days ago. Other issues in that group
which moved up Il points or more on
the day included Bordeaux 6s, Mar
settles 6sa nd Lyons 6s. Seine Is. Bel
gian 7as. pariS-Lyons Mediterranean
Is and cZccho- SloVakian IS. the last
| named closing at SCI as against their
recent low Of 40.
More than score of active railroad
higher, some of the leaders being
Union Pacific As. Denaware d Hudson
refunding 4s. Illinois Central refund
ing As. Virginia Railway IS and Central
Poetic As. Northern Pacific refunding
IS and Atchison adjustment As.
stamped. were heavy.
Sugar company liens made the best
showing in the industrial group. Punta
Allegro IS moving up two points and
Eastern Cuba lis II. Other gains in
that group were limited to point or
less.
Liberty SIS dropped 10 cents on 500.
but the other active l. ;. government
Total sales, par value. were Sl1,oaS,-