Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-04
FINANCIAL NEWS M /
- NEW YORK MARKET
Features Of tho Days Dealings in All
the Leading Stocks

New York. Oct. 3.-Heavy buying
for the short account which ap-
parently has become overcrowded,
brought about vigorous upturn in
prices in today's stock market, the
first million share day since Septem-
TENDER 10. The rally. which was gen.
orally construed as correction of
weakened technical condition, was
conducted without relation to news
developments. Several of the large
commission houses reported that the
buying came largely from profess
sional sources, So-called public par
ticipation of negligible character.
The upward movement started in
the railroad shares. buying of which
was influenced by the August earn
ings statements now being published.
Particular attention was paid to big
four" which added 1-2 points to its
6 1-2 point gain yesterday, touching
1o4, a new high for the year, on re-
ports of its purchase by New York
Central interests.
Baltimore and Ohio and Chesa-
peake and Ohio, which are reported
to be earning about $40 share, each
were run up another point or so, as
were Wabash preferred A, New York
Central, Northern Pacific. Union Pa
Erie first preferred and several 9TH
ers. Reading was pushed up SIS.
Baldwin. in which the short inter
est is supposed to be unusually large,
made the best showing among the
so-called pivotal stocks. closing five
five points higher at 120 after hav-
ing sold slightly above that flgure.
Studebaker. which with other motors
has been under pressure recently IN
speculative expectation OF more IN
tense speculation and price cutting
in the automotive industry next year,
was not far behind, climbing 3-S
points to 90 -. United States Steel
crossed 50 for a net gain of nearly
points and American Can closed
points higher at 90 SIS.
The weekly steel trade reviews re-
port a further slight contraction IN
output of both pig iron and steel.
Since March there has been a
shrinkage of 1,9SS,669 tons in the UNI
filled orders of the United States
Steel Corporation. September opera
tons of the corporation are reported
to be at 81 per cent OF steel m2kinS
capacity and if the $1,000 ton daily
BOOKINGS represented in the first
three weeks were continued through
the month the reduction in unified
orders is expected to be consider
ably below the $4,000 ton decrease
of August.
Today's market was not without its
weak spots. Jones Brothers Tea
broke below 80 to a new low for the
year on unofficial reports that the
years earnings will be considerably
below the SO or S12 a shore reported
a few weeks ago. National Enamel
ing also had a temporary sinking
hat l.
lied later to A. "a, up "a on the
dav. The only other conspicuous
weak spots were ]. /. Case and Van
Raaltc Silk, off 9 Il and "a points,
respectively, the turnover in each be-
ing small.
Money rates were somewhat easier.
Funds on call opened at per cent,
decreased to / II. and thence to 4.
Some 80 and GO day time money was
quoted as low as ) Ia per cent but
the bulk of time funds moved at Il.
The commercial paper market was
steady.
Demand sterling held steady
around s4.54 3-S but the continental
rates were reactionary. French
francs dropped II points to 5,a1
cents and German marks sank to
new low at ID of a cent million
While United States government is
sues. with the exception of the tax
exempt 3 LIS which improved, con-
tinued to be offered freely. bond
traders noted a slightly better de-
mand for the general run of railroad
mortgages and industrial liens in to-
days trading on the New York STOCK
Exchange. Outside dealers reported
also a fair sale of over the counter
bonds.
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