Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-18
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Oct. 17.-stoGk prices
crashed below the previous low levels
days trading and then bounded up
ward .cancelling.. nearly all of the
early losses and recovering most of
the ground lost yesterday. Except for
marginal accounts and occasional pur-
chases by so-called bargain hunters"
the days trading was largely in the
hands of professional interests.
Northwestern rails, which were de-
ident Coolidge's suggestion of lower
freight rates on wheat for export.
were again in supply this morning.
new low records fr the year being
established by Northern Pacifis; Chi;
Plate" preferred. With few excep-
lions. however. the closing prices
showed net gains on the day.
Further cuts in gasoline prices COM
viously denied, of new financing by
the Pan-American Company. had an
unsettling influence on the oil shares.
which also have been adversely af-
fected by reports of increased produc-
ton in some of the Texas fields.
More than a score of stocks dropped
to new low levels for the year dur
ing the morning reaction while dog
en- others duplicated their previous
broke below their previous resistance
points were U. S. Rubber. Kelly
Springfield Coco-Cola. Pressed Steel
Car common and preferred. Founda-
ton Company. Central Leather pro
ferred. Endicott Johnson and Hupp
Motors.
Floor traders. finding scarcity of
the usual leaders at the low prices,
started a rally just before noon, which
was given impetus by lower time
money rates and reports of increased
buying of steel. copper. and railroad
equipment. The character of the sup
port eventually brought about extern
shorts who apparently had been ex
pccting wide open break soon after
the market opened
Gains of one to two points on the
day We're recorded by United states
and Gulf States Stcels. Baldwin. AM
crican Can. Studcbahcr. Mack Truck
and many others. Woolworth jumped
nearly six points 70 26o!. a rev 1928
top, on reports of record-brea king
sales while Philip Morris established
a new high at 2li in ant icip&tion of
an early contamination of its merger
with some of the leading domestic to-
becco companies.
Early weakness Of Famous Players
was associated with rcpCrtS that tho
company he'd written off a loss of ST.
h0o.0Gn in its German investments. Tn
favorable trade conditions were held
responsible for tho renewed heavineSs
OF leatDCr ana luDDCf issues.
Money r2tes were easier. Call money
opened at 4S. eascd 70 a. Al and final
" to (. Brokers started bidding only
five percent for the shorter m2turties
in the time money market with num-
her Of loans arranged at 81 for 80 and
60 days.
The feature Of tho foreign exchange
market was the hiishment # an
other new low record for. German
marks at II cents > hundred million.
HnoI-N frr Of IN WI
bills caused slight recession in tho
sterling rate to below S4.53 French
francs oaScd two points to 6.04h cents.
The volume of trading in the bond
market continued relatively larger
again today but price movements held
within narrow area.
Banl;ors reported ready sale Of the
S2f,000.Goh state of Illinois soldiers
bonus end hiShwa,v bonds. and thcre
was talk Of an Offering Of $4,000. GOO
Alabama Power .iy percent bonds q
an early dn'c. Tho fnvcrnn,o mt of
Finland lords, reduced from S13.50e,-
coo TO $4,000, 0o0. will be offered to-
morrow. No explanation Of the re-
duction in amount or the eason for
withdrawing tho Offering last night
could be obtained
Investment houses with wire con-
nections reported a considerable in
such orders limited tho purchase price
ard had caused little advance in the
general list.
High grade Investment railroad
mortgages We're IN demand wni,e the
secondary issues fell off slightly. pub
lie utility liors were active but gen
orally shaded Yesterdays prices Spec
uiative selling of Virginia Carolina
Chemical rs. with warrants. pushed
those bonds down three and three-quar-
tcrs points.
Forcicn government iesUns wore
dull with Norwegian and T4n!s, noTds
showing further recoSsionr Active
United states government bonds were
rc'etiyolv steady in duh t-2dirc.
Total bond sclcc, Per value, c6.ti9,-
ono