Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-17
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Nov. 16.-Sharp reac-
tions in foreign exchanges and prices
of foreign securities as a result Of
the Franco-British controversy as to
the responsibility for the present
European economic situation en-
couraged professional operators for
the decline in today's stock .market,
but the recognized leaders offered
good resistance to pressure and net
losses In active issues averaged less
than one point.
Many popular issues succeeded in
moving against the general down.
ward trend. Dawson Chemical was
pushed up five points on reports of
the company having signed q con-
tract with vacuum oil for the use of
the silica gel refining process, but
1t forfeited all but points, on SUBJ
sequent profit taking, closing at g.
Maxwell Motors A which Jumped
Z IL points Wednesday and dropped
back "a yesterday, moved up :, Id
again today on rumors of a special
dividend distribution for that stock.
baldwin which was one of the
strong spots yesterday. resumed it's
upward movement today, closing IS
OF a point higher at 1T IA after
having sold nearly = points lower.
American Locomotive moved up
more than point, buying of these
issues being attributed to the re-
Gently announced intention of rail-
road executives to spend huge sums
on equipment next year.
Losses in l.. S. Steel and Stude-
baker were held to fractions but
American Can dropped | IL L..
>. Cast Iron Pipe dropped more than
points despite the resumption Of
dividends at today's meeting ana
losses of or more points also were
recorded by American Car, Ameri-
can Ice, Loose Wiles Biscuit. Postum
Cereal, Pacific Gas, Willys- Overland
preferred and a few others.
Railroad shares lost ground with
fndustrial5 despite the fact that the
weekly car loadings have exceed ;
the million mark for the 10Th C ,.
secutive week.
demand sterling broke more thar
- cents to $40 Is. the lowest in
~ months. and French francs drop
ped IL points to $40 IL cents. the
lowest they ever have sold here.
Italian. Spanish and Dutch curren-
cles also sagged to new lows for the
year. the recessions ranging from
six to 50 points.
Call money held at 4 81 percent
a't day. The time money and com
mcrclal paper rates were UNCHANGED
at . to D IA percent.
A free Offering of European bonds
winch declined from l 10 more than
- points featured today's bond trad
ing on the New York stock ex-
chahse. While traders said they
saw no evidence OF excited Iiau1da-
" II 10
the oIerincs were IN fair volume
and found buyers unwilling to maxi
purchases except at sharp conces-
SionS
Selling in the foreign group was
lhhuenced. traders said. by Premier
i'aldWln's warning to France that n
preak IN the allies seemed imminent
ana Followed drop in English and
continental exchanges to new low
levels, the francs being especially
heaVy and touching a new minimum
price for all time.
me French and Belgian govern
mental and the former municipals
showed the largest declines. but the
smaller recessions registered hy thn
Nctherland Gs Mexican rs and orr
entail development Us carried the lat
Ter bonds TO new lows for the wear.
'tn'n government lbs dropped
points and tho SIS. : Is. while BEL
gan rs fell off > and the Z IS - 5S
Losses anon" the French munich
pals ranged from ! TO = 4 points.
fleaNIness in the foreign division
naturally unsettled the general list
and while there We're individual in.
stances of moderate gains in the
railroad and domestic Industrial
groups. recessions predominated.
Some of the L. S. Government
bonds sold lower. notably the first
and fourth Liberty 4 Ids and the
Treasury 4 1-4s. the other three ac-
tive issues closing unchanged. Sew
eral new offerings of railroad and
industrial securities were sold read
~, the largest issue beinrs the
southern Pacific Comranv S25. 100
600 five to IL year ; percent. EQUIP
ment trust certificates which were
subscribed within few minutes aft
er the books were opened.
Subscription books were onened
also late today for, four issues of
state of North Carolina highway ard
institutional bonds. a~gregating S15
6E9WW and bearing coupons of IL
and 4 il percent. The bonds were
sold at prices yielding from $50 to
400 percent
Fnf., I. L