Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-03-13
FINANCIAL NEWS


siblc for the materially reduced vol
| tine of business.
Chief interest of the financial COM
munity ccntcred in the money market
| bankers demanding 81 per cent. for
the loans on all maturitics. the high
est asking since November. 1920 The
higher rate for call money. which
opened at per cent. and then advance
ed to 81. was due to the reduced sup
ply offerad by banks which are accum-
/ ulating funds to finance income tax
payments later in the week.
American Locomotive was one of the
| days features. touching 1879. the high
est price in all time. and then react
ing to 1876. where is was up on the
day. Other equipments improved in
| sympathy. Baldwin closing at lao, up
/, after having touched 141s. and Lima
advancing u on reports of an early
increase in the common dividend
Heavy buying of Cuban raw sugar
by French and British interests reviv-
cd interest in the sugar group. Manti
closing 81 points. South Porto Rican
an-Amcrican and Cuba Cane pre-
fcrred to 2 points. Announcement of
a 10 per cent. increase in tire prices
effective March Is by the u. S. Rubber
into that group. L. S. Rubber touching
61' Kelly Springfield So. and Fisk 14s.
The sensational rise in Market Street
| Railway issues were predicatcd on the
! was about to be reached between bank
ers and the city of San Francisco for
the sale of the company's properties
The net gain OF the preferred. prior
preferred and second preferred ranged
from to points with tho extreme
gains several points above those fig
ures.
California Petroleum and Standar d
Oil of California. each about a point
| featured the irregular movement in
oil Pot - = pjS q l.
though Lackawanne. Delaware & Hud-
son. and New Orleans. Texas e. Mexico
made moderate gains.
Sterling and franc bills We're in sup
ply, probably because of the more un-
! favorable news from occupied Ger
many. and those rates receded slightly.
but trading in the other foreign ex-
| changes was quiet. Demand sterling
sold just above $40 in the late after
noon and the French francs around
SOC cents.
The reactionary trend Of prices in
todav's bond market was Influenced in
part by higher money rates and the
disturbing news from the Ruhr' which
bonds. Indcncndent strength was
shown. however. by number Of liens
particularly tic Market Street Railway
issues. which moved up in sympathy
with the stock prices: Wilson Packing
convert iblc 6s. which jumped "a points.
| and United Drug SIS and Southern Bell
Telephone IS, up l and points, re-
spcctively.
Except for declines of / to 1. points
in Copenhagen sas. Swedish 6s and
Paris-Lyons- Mediterranean 6s. the
losses in the foreign group We're held
to fractions. L. S. government first
AS advanced cents on 800. but the
other active government issues showed
losses of 2 to cents.
Railroad mortgages moved within
narrow limits. Northern Pacific issues
moving to slightly higher ground,
| while st. Paul. Great Northern and
Chesapeake & Ohio obligation were
| relatively backward. In the industrial
( list moderate recessions were noted in
the Goodyear Rubber and Independent
Steel Vompany issues.
Total sales. par values, were So
$4,000.