Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-09-28
M FINANCIAL NEWS w
NEW YORK MARKET
e...ures Of the 0ay's Dealings in All
the Leading Stoeks

New York. Sept. Embarked ir-
n,larity characterized today'S
lex market with closing prices
sS.snerally showing little change on
the day.
FAILURE Of operators on the long
Ia of the market to follow up the
Socovery started just before the close
,'sosterday by Baltimore and Ohio's
.enstructiye dividend action led to
renewal Of bear pressure after q
srovant opening. Spectators for
w. decline succeeded in uncovering
ssaveral weak spots such as Jones
nrothers Tea, which broke more
tnsn nine points to 35 1-2, new
,a~ for the year, but the usual lead
srs offered good resistance and pri-
sss turned upward again in the late
dealings.
Gable reports indicating serious
uTerences between Bavaria and the
German Reich were generally regar-
"a as a disturbing factor and un.
Soubtedly were responsible for the
DICTIONARY trend in foreign ex-
sSange. Demand sterling dropped
more than half a cent to around
W55 French francs slipped back
five points " o.Ic SSh.S, 0hu ~ Aio,h
marks were off II points at IS cents
q hundred million. -
baltimore and Ohio was again the
most active stock on the board,
yearly $4,000 shares changing hands
during the day. The stock touched
81 and then eased off to o6 3-S.
where it was up 1 IL on the day.
The preferred advanced l Ia to So
and IA. Most of the other rails i'm
noryed fractionally, the car loadings
for the week ending Sept. 10 again
eyceeding the million mark. despite
tha suspension Of hard coal mining
in that period.
tobacco shares. inducing rather eX-
tensive short covering and resulting
In some sharp gains in that group.
Gains of two or more points were
recorded by Tobacco Products A and
and American Tobacco. Lorill-
ard jumped 4 "a.
Some of the other strong points in
the industrial division were Ameri-
can Beet Sugar, Beechnut Packing.
Eastman Kodak. Inland Steel, New
YORK Dock and Foundation Comp
any. all up l IL to IL points.
Union Pacific went through a
sinking spell, getting down to III
and is after having sold 2 points
higher but swapping back to Us II
for a slight fractional loss on the
day.
Houses which make a practice of
loaning stocks to cover short COM
mitments reported a heavy demand
for all classes.
Call money opened at 5 IL per-
cent but eased Off to before the
close. Time money rates were un-
changed with more business being
done at the 5 IL percent rate for
the longer maturities. Brokers con-
tnue to bid ) IA for all dates. Only
a moderate amount of new CONNER
cial paper is coming into the mar
ket the ruling rate being IA per-
cent.
The bond market was unusually
Quiet with small recessions predom-
mating.
Foreign issues eased along with
the desline in foreign exchanges.
Active L. S. government bonds also
moved alightIy lower.
Railroad mortgages were rela-
lively steady. although a few issues
recorded declines of as much as q
point, notably Western Maryland As,
Frisco As, series A, and Chicago
Railway SIS. Third Avenue ad-
justment SIS receded 1 ga.
Industrial liens moved irregularly
with the copper and sugar company
liens showing slight gains. Steel
Company bonds generally fell off
fractionally. Commonwealth Pow
er 6s declined /.