Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-15
FINANCIAL NEWS w
NEW YORK MARKET
FEATURES Of the Days Dealings in All
the Leading Stocks

the Leading Stocko
New York. Dec. 14.-Confiicting
,rice movements took place in to-
DAVIS stock market industrials
swingirg upward in vigorous fashion
until checked by the usual weekend
reaiizing movement just before the
close, while railroad shares contin-
rad to fall back on q renewal of
eastern carriers. Total sales, which
seain exceeded one and one quarter
,niIIion shares, testified to increased
public participation.
Large buying orders were placed In
Yhe market at the opening as a re-
sult of the favorable showing made
IN the November foreign trade state
ment and the growing speculative
heltef that the further reduction in
crude oil output coincident with an
increase on certain Texan and
pennsylvania grades, foreshadowed
a definite turn for the better in .ile
oil industry.
Oils moved to higher ground in
active trading under the leadership
of such issues as Pan American A
and B, produc ers and refiners, Co.'S
den. Marland, Houston and Pacific,
an of which closed q point or more
higher on the day. although early
gains were not entirely maintained.
Sugars were heavily Lought in the
early dealings but they, too. fell back
in the heavy realizing movement of
the afternoon.
The so-called pivotal shares-U. s.
Steel, Baldwin, American Can and
Studebaker-also became active at
higher prices but with the exception
of American Can. which closed early
a point higher, but forfeited all Of
their gains and closed either I'M
changed or fractionally lower.
The chief individual feature was
United Cigar Stores which Jumped
IS points to 205 and then slipped
back to 200. u. S. Cast Iron Pipe
Jumped more than four points to IS,
new 1928 top, and then eased to
So L. Some of the other strong
spots were Corn Products, U. S. Alco-
hol, Republic Steel, Hayes Wheel,
American Water Works and Hartman
Corpo<on. Considerable interest
was aroused by the activity of
American Telephone, which touched
1913 ga and closed at 1877 SIS for IL
new gain of nearly a point.
WHY'S Overland preferred. one of
the recent strong spots dropped back
2 SIS to IS 1-Sffi Du Pont dropped
IA and Jones Brothers Tea closed
2 points lower after establishing a
new low record for the year.
The deadlock over the chairman
ship of the Senate Interstate Com
merce committee and the drop in car
loadings for the week ending Deem
Der l, which was explained, however,
by the Thanksgiving holiday, were
regarded as contributing factors to
the heaviness of the rail shares.
Northern Pacific and Union Pacific
dropped about a point while most
of the other northwestern and num-
Der of eastern issues yielded frac-
tionally.
Call money opened at 4 IA per
cent but dropped to d IL before the
close. Trading in the time money
market was again quiet with short
term loans arranged at five and the
longer maturities at Ia. The
commercial paper market was mod
erately active with the best names
commanding 4 "a per cent.
Principal foreign exchange rates
were slightly reactionary. Unedsiness
ovel the British political situation
caused further drop of half cent
in the rate on demand sterling,
which was quoted around S1.3G "a
while French francs eascd about 2
points-to $50 cents.
Bond prices generally slipped
slightly lower in active trading to-
day. One of the most interesting
fixtures of the days trading con-
ceihed the Chinese railway 5 las,
on which semi annually interest is to
he paid tomorrow. The bonds ha, e
~en reactionary for severa, days
die to some speculative uncertainty
over the payment Of this interest.
uider the terms of the loan. which
was placed in + ance, England, Ger
the bonds to he deposited fifteen days
pilol to the due date. 1t wns not
however, until noon today that
lanEers recei ed q cable frop; ! on
don that the money, amounting to
Sbcut 100000, had been deposited
The bonds whIcI touched a new low
Tor the year yestc1 day bounded up
ward, closing 1-2 points higher.
trading was quite active in the
industrial group and some of the
fluctuations covered a wide range.
Zero de Pasco IS, for instance, ran
up more than point but closed
l ID points mellow yesterdays final
ngure. American Telephone and
telegraph convertible 6 LIS adj
vanced l IL 10 Il new Mgi. for the
year.
Net changes Ill the railroad group
were not large, although the bonds
moved in large vp'u:,e.
Active U. s. Government bonds
held steady.
Total bond sales, par value, So