Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-05
NEW, YORK MARKET
Features of the Days Dealings In All
the Leading Stocks

New York, Oct. 4.-stock prices
today lost part of the gains regis
tered in yesterdays brisk rally. In
termittent profit-taking tended to
nullify the effect of further short
covering in the leading stocks but,
with few exceptions, the net losses
in active issues We're held to frac-
tons.
There was a fair accumulation of
over night buying orders. the execu-
ton of which gave the market a
strong tone at the start. Specula-
tors for the advance. however,
showed little disposition to follow
up their temporary advantage, with
the result that realizing sales came
into the market in large volume
and were augmented in some OF the
speculative industrials by the offer
ings of bear traders. Thereafter,
the usual leaders bobbed UP and
down with good support shown lust
below the high figures Of yesterday.
Oil shares held relatively firm by
the announcement of a further re-
duction in crude oil production for
the week ending September 30. The
pan-AmoriCan issues were bid up a
point or so but they yielded with
the rest of the list in later trading.
Standard oil issues derived some
strength from the uncontirmed re-
port that Standard Oil of New York
would soon be transferred from the
curb to the Big Board"
Special strength cropped out in
the public utilities Brooklyn Union
Gas closing d. points higher, Brook
lyn Edison |. and Consolidated Gas.
Columbia Gas, Peoples Gas and
Philadelphia Company improving
fractiOnalIy.
There We're several conspicuous
strong spots in the industrial list,
mostly among the ordinarily mac
tive issues. Gains of to Z points
were registered by Dawson Chemi-
cal. National Lead. Bayuk Brothers.
Kresgc, Liggett Myers. Mathieson
Alkah, Reynolds Tobacco preferred,
Sears Roebuck preferred and Sim
monds Company.
Rails offered better resistance to
selling pressure than the industrials
Jersey Central, which jumped ten
points above its previous sale, was
one of the features. New York
Central crossed 1O2 but dropped
Plate advanced l IA but Big -Four"
gain yesterday on an official denial
that the stock was being acquired
by the New York Central Railroad.
/. s. Cast Iron Pipe touched
new high for the year at SO 81 on
unofficial reports that current earn
lngs were running at $14 a share and
that full dividends would be re-
sumed on the preferred this year.
Call money held at IL percent
all day. y good demand exists for
the time money at S II percent and
some 40 and TO day maturities are
being arranged at this figure. but
the bankers are holding out for L.
percent for the longer dates. The
commercial paper market was
steady, the bulk of the prime names
commanding IA percent.
Demand sterling advanced a cent
TO $Aoo L. but the remittanceS of
the continental allies showed unim-
portant changes, French francs be-
ing quoted around 5.S7 cents, the
Belgian francs around 4.94 cents and
Italian lire at 4.46 IL cents.
Despite a slight decrease in the
volume of transactions as compared
with yesterday. bond traders pro-
fcs%cd to note a distinctly better de-
mand in today's trading, particularly
Tor railroad mortgages, both specu-
lativc and investment issues.
There was a notable increase in
the new bond offerings, the largest
being the New York Central Lines
Sl1"30,00O equipment trust certiff-
Gates, and all of the offerings met
with a hearty response. Consider
able interest was aroused by the
speech of Count Appony, former
prime minister of Hungary at the
state Chamber of Commerce, on the
recent Austrian loan.
Active L. S. Government bonds |
continued in supply with the excep- |
ton of the tax exempt lbs. which !
improved. and the fourth Liberties, |
which held steady. Two large F!
blocks of Treasury 4 las were
thrown on the market, dragging that |
issue down more than half a point. |
Foreign issues continued irregular |
as did also industrial liens. Net |
changes, however, in both groups, |
were small.
Approximately 151 100000 dollars
In interest will be payable by the |
United States government on the |
fourth Liberty IA percent bonds |
Of 192@-'S and the Treasury Ids |
of 19i1-52, on October Il. according |
to announcement today by the fed |
eral reserve bank of New York. OF |
this amount it is estimated that SIT
100000 will go to coupon holders in |
this district.