Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-07
FINANCIAL NEWS
NEW YORK, MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Dec. 6.-Stock sprices
turned upward in today.s active
market in reflection OF Wall Streets
approval of President Coolidge's
message. Spectators for the de-
cline, acting on the theory that the
market already had discounted the
favorable features, threw large
blocks of stocks into the market in
the early afternoon. but all offerings
were we'll absorbed. although the
high prices of/thet day were shaded
in many instances.
Railroad shares were again heay-
lily bought on President Coolidge's
recommendations concerning rail-
riers showing the best gains. New
high records for the year were es-
tablished by Erie common and first
preferred. Southern Railway. Wa
bash common and first and second
preferred, New York Central, Bal
timore and Ohio and Seaboard Air
Line preferred.
Standard Industrials showed little
change on the day, u. s. Steel COM
mon, Baldwin, American Can and
Studebaker actually showing light
recessions. HeaViness of the steel
shares was attributed to reports
that the subsidiary plants of the
United States Steel Corporation were
operating at only so percent of ca
pacity as against 81 percent, a week
ago, and that the tonnage statement
for November will show another re-
duction of about $4,000 tons in I'M
filled orders.
One of the features of the mar
ket was the running in of a short
interest in Chandler Motors, which
jumped from 80 to 81 and closed
at net gain of nearly Z points
above last nights close at 81 IL.
The bullish demonstration in the
stock was said to have been staged
by prominent Wall Street opera
tor.
Several strong spots developed in
the specially list, new top prices
for the year being recorded by To-
bacco Products common and the A
stock. Schultz Stores. American Ra-
diator. National Supply, kresge,
Computing. Tabulating and Record
ing, Armour of Delaware preferred
and Pacific Coast first preferred. The
net gains ranged from small frac-
tons to nearly points.
Mack Truck climbed 3 IA more
points and the Maxwell Motor is
sues recovered part of the ground
lost yesterday. Some of the other
outstanding shares were Corn Pro-
ducts. Kelsey Wheel and Woolwortn,
all up to ) points. American Tele-
graph and Cable. and L. S. Cast iron
Pipe were again heavy.
Call money opened at IL per-
cent but advanced to five before the
close. The time money market ives
slightly more active with the bulk
of the business still being done on
five percent basis. Out of town
banks are the principal takers of
commercial paper. the ruling rate
belng five percent.
Slight recessions took place in the
foreign exchange market Demand
sterling was quoted around S4.3S 10.
on "a OF a cent. and French francs
sold around 5.42 cents. Trading
was rather quiet and there was a
disposition to await the result of
the election.
After opening firm bond prices
improved to an even greater extent.
Following publication of President
Coolidge's message to congress, in
today's trading on the New York
Stock Exchange.
Railroad mortgages again were
the more active with moderate gains
covering a considerable portion of
the list. fractions also were in de-
mand. Market Street Railway Is
touching new high on the present
movement. probably rejecting the
improved outlook as regards nego-
flations for the sale of the property
to the city of San Francisco.
Buying of public utility liens was
quite impressive and influenced a
moderate move higher in a wide
assortment of these bonds. There
was less activity in the industrial
group. but numerous liens of do
nestle corporations pointed upward,
particularly the more speculative is
sues.
The market for liberty bonds was
quite firm most of the day but not
particularly active. A majority of
these bonds closed the day practical
ly unchanged from final quotations
Yesterday The volume of trading
in the foreign division was on a
somewhat larger scale and numer.
Gus bonds in that group moved for.
ward. the Mexican issues being par
ticularly active and strong.
A new issue of $3,000,00O Missouri
Power and Light Company first
mortgage and refunding general lien
sinking fund gold bonds was offered
by syndicate headed by Hambleton
and Company. The bonds are due
in 1913.
$4,000.