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

New York, Oct e-Speculators for
the decline continued in control of
today's stock market, the general list
displaying a reactionary tone not
withstanding further evidence of
good support for a number of the
rail and industrial shares.
News developments again were
largely ignored as market factors,
although the cut in crude prices by
the California petroleum company
was regarded as contributory cause
to the renewed heaviness Of some of
the oil shares. Wall Street appeared
to be Indifferent to the increasing
expressions Of confidence In fall and
winter business by bankers and In
dustrial leaders.
REPORTS that Germany had express
ed to the Belgian government here
desire to renew a discussion of repa-
rations and that the SHINES group
had asked for authority to continue
negotiations with the occupation Of
ficials were regarded as hopeful fac
tors but they failed to stem the
downward tide of Germany's rapidly
depreciating currency which touched
a new low record at cents a hun
bred million.
Heaviness of the railroad shares
was generally ascribed to the failure
of operators on the long side to at
tract public following by the recent
advance of that group: Reading was
one of the features of that group.
touching 70 rs in further reflection
of the progress being made with the
segregation plan but easing later to
70 IA for a slight fractional gain on
the day. Southern Railway also i'm
eli o in pncnnnGp
optimistic outlook contained in the
annual report of President Fairfax
Harrison.
United States Steel. Baldwin,
Studebaker and American Can. gen
orally referred to as pivotal stocks.
closed irregularlY within small
fraction of yesterdays final figures.
Baldwin had a few sinking spells
which carried it down TO ia l. but
good support was forthcoming on all
dips and it rallied to l16 IA. up IL.
American Wooden which has been
sold freely on the theory that the
81 dividend was in danger, also found
good support around 40 and closed
nearly q point higher.
Reports that buyers of copper
metal we've unwilling to pay more
than 3 cents n pound brought some
fresh selling into the copper shares,
Utah dropping n point and the losses
in the other shares being held TO
fractions. The Western Electric IS
reported to have placed an order for
from $1,000, 600 to 10000 pounds at
13c during theday.
Estimates Of the reduction in un-
filed orders of the L. s. Steel Cor
poration published today ranged
from 100000 to 100000 tons. L. 5.
t4ln Cp1
81 Is although it lad touched Sc L.
earlier in the daY.
Call money opepeH at "a per cent
but softcned to - before the close.
The time money market continues
quiet with short term loans arranged
at / A and the longer dates at Il.
Commercial paper is active at IA
per cent for prime names
Strength Of French and Belgian
francs, which jumped 10 and 81
points. respectively, to COG IA and
SIT IL cents, featured the foreign
exchange market. The demand ster-
Ing casod slightly to s4.55 5-1s.
Bond prices tended to firmness with
marked falling off in the activity of
railroad mortgages, which have been
unusually strong recently. The
volume of transactions dropped on
and some of the more speculative
Industrial liens fell off slightly.
Increased demand for French
bonds. particularly the government
: rs and SIS reflected the confidence
fnlt by investors in the ability of
Hnco SHINES to control the German
situation in the Ruhr. Neither or
these issues. however. displayed more
than moderate strength in fairly large
trading.
Numerous railroad mortgages de-
clined fractionallY traders asserting
il reflected scarcity of buyers rather
than any selling pressure against the
issues a few mortgages continued 10
point upward. Refusal of buyers TO
pay current copper prices Influenced
some selling of copper liens, Cerro
de Pasco declining more than
points. Generally industrial issues
were relatively firm.
Active United States government
bonds found n better market. practl-
cally all of the Liberty issues moving
upward.
The bond offerings aggresating
more than s2o.O00.o0o. were sold
readily during the day and bankers
reported sales to investors as pro-
crossing rapidly.