Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-12

4 ESH
NEW YORK MARKET
Features of the Days Dealings in All
the LEADING Stoke

the Leading Stocks
New York, Dec. 11.-Sharp breaks
of more than ten points each in
Chicago and Northwestern and Oma-
ha, following the announcement OF
a reduction from B to 3 percent in
the dividend rate on the former and
the passing Of the dividend on the
latter, were the outstanding features
of today's irregular stock market.
Other northwestern rails yielded in
sympathy and their weakness caused
some unsettlement among industri-
ais. but strong buying support was
forthcoming and recessions, as a
rule were small.
Opening prices were irregular, re-
sumption of pool operations among
industrial specialties being counter
acted by a renewal of bear selling
and profit taking in other quarters.
Announcement of the formation of
a new tobacco company by the
Schultz interests brought about
heavy selling Of tobacco issues,
Schultz breaking more than points
to 107 and Tobacco Products crack
ing nearly 1-2 points to Y. Both
made partial recovery later.
Meanwhile, heavy buying of
American Can, which crossed 1O5 on
speculative expectation of an extra
dividend disbursement early next
year, and accumulation of the su-
gar and motor shares steadied the
list and turned the course of prices
upward again before noon. Chand-
Ter jumped nearly five points to To,
General Motors improved fraction
ally on, a turnover of more than
$4,000 shares and Dupont got as high
as 133 rs, falling back later to
134 IA. where it was up two points
on the day.
Some good buying also took place
in the motor accessory group. Fisher
body gaining = points. Fractional
Improvement was registered by
American Bosch Magnetic. Spicer
Manufacturing. and Hayes Wheel.
recent strength of the laN-named
being based on reports that the
years earnings will approximate $40
a share and that the dividend rate
will shortly be increased from S. to
81.
a brisk demand was again noted
! for General Electric, which touched
202 IA and then fell back to 100 rs,
where it was up = rs on the day:
Corn Products, up l Is at 139 5-S
after having sold at 141 81. Nation
al Enameling. up So: and Sloss
Sheffield, California Petroleum, the
Commercial Solvents issues, Loose
Wiles Biscuit, Otis Elevator and AL
lis Chalmers, all up a point or more.
Mixed fractional changes took
place in the so-called pivotal shares
u. S. Steel common. Baldwin,
American Can and Studebaker.
Chicago and Northwestern drop
! ped from 60 IL to Is 81. closing at
| 40 IA. Omaha dropped to So as
/ against last nights close of ~. Loss
es of more than points also were
| registered by Northern Pacific,
| Union Pacific and Great Northern
Preferred. with smaller recessions in
the st. Paul and Rock Island is
sues.
Call money held at five percent
all day. The bulk of the time money
] and commercial paper business was
done on a five percent basis also.
! Strength of sterling was the feature
of the foreign exchange market,
| buyers who had been expecting
weakness as a result of the defeat
| of Premier Baldwin's protectionist
/ policy. finding it difficult to obtain
, bills except at higher rates. De-
mand bills advanced about . IL
cents to $4.3S "a. Most of the other
principal European rates improved
moderately. French francs being
quoted around 5.3S.
After opening somewhat higher
an epidemic of selling in the rail-
road division. following adverse div
| idend action by two western car
riers. turned prices downward in
| today's fairly active boni market
The activity and strength of
Brooklyn Manhattan Transit is. due
| to speculative belief that city and
! traction authorities are approaching
| an accord, featured the days trad
ing more then $1,O00,OOO worth OF
the bonds changing hands. The
bonds at one time touched 20. nearly
three points above Yesterdays clos
ing figure. fell off later TO "a "a and
closed at 80 Is.
While few railroad mortgages
moved upward. notably New Haven
as. Francs. a wide assortment IF
these issues fell lower, New Haven
convertible Is and st. Paul refund
ing 4 lbs each easing . points
Northern Pacific refunding is. Sc
reS B, lost / IL to q new low for
the year.
Industrials were less active with
price movements somewhat mixed.
United States government bonds
were inclined to be reactionary.
Bankers reported that approx
mately $53.O00000 in state and mu-
rlcipal bonds are to BE- sod before
the end of the year. the largest pro-
jected offering being $15,00O,OOO City
of Detroit bonds. Pubic offering
will be made tomorrow OF $5OOO.O 900
fifty year 5 percent Virginia Rain
way Company first mortgage bonds.
Total sales, par value, $S,S9O.OOO.