Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-03
FINANCIAL NEWS
ANA
NEW YORK MARKET
Features Of the Days Dealings In All
=. the Leading Stoke

Features Of the Days Dealings In All
the Leading stoeks
New York, Nov. stock prices
fiuctuated during the greater part
of today's session but fresh out
burst Of buying in the late dealings
sent most of the leaders to new high
levels on the movement. Sales ex-.
ceeded one million shares for the
third consecutive day. Speculative
interest OF the financial community
was divided between the stock mar
ket and the cotton market. the latter
staging sensational rally on publi-
cation of bullish government crop
estimate.
Constructive forces in the stock
market found considerable encour-.
agement in series Of favorable
trade development during the day.
These included the declaration of
four quarterly dividends OF $1.25
each on. Manati Sugar, payments on
which had been suspended since
June 1921; the resumption Of divi-
dends on Loew's Incorporated; an
nouncements of the establishment Of
new high production records for all
time in October by the Carnegie
Steel Company and the Chevrolet
Motor Company and a report of the
Great Northern Railway Company
showing that October car loadings
were the largest of any month in its
history.
(. Bear traders continued to put out
new short lines during the day bnt
met with little success in their CAM
paign for lower prices except in some
of the oil, coal. and copper company
shares. Texas Company dropped to
"a SIS, another new low for the year.
despite the denial of a director that
the question of reducing the divi-
dend had been discussed. :
The market displayed its maxi
mum strength in the final hour when
Baldwin was pushed up to 1913, U. s.
Steel touching 81 rs. and Studeba-
ker again crossing par. Baldwin and
Steel closed near the top prices of
the day but Studebaker' fell back to
80 "a for a net loss of 5-S of point.
Rails were in good demand during
most of the session with Chesapeake
and Ohio again the strong feature,
the stock touching IS is but yield
ing late to "a where it was nearly a
point up on the day. Erie issues
were again heavily bought but some
of the hard coalers, notably Lacka-
wanna and Delaware and Hudson.
lost ground on profit taking. Z
Operators on the long side of the
market continued to pick out new
leaders. General Electric being one
of the conspicuous strong spots to-
day with a gain of 5 ia points.
Heavy short covering in the Pam
American issues sent the b. stock
soaring 5 IL points to 81 while Cos
den preferred closed nearly ) points
higher on the declaration of the reg
ular dividend, previously rumored to
be in danger.
The threatened refusal of the Uni
ted States to enter a reparations con-
ference with the limitations imposed
by France, combined with the talk of
a general election in England to be
fought over fiscal policies, resulted
in break of . cents in demand ster-
ling which set another new record
for the year at $4.45 ID. rallying
slightly later. Other European rates
yielded in sympathy, French francs
dropping nearly ten points to SIC Ii
cents.
Call money opened at 4 Sd per
cent and then advanced to 5 The
time money market was dull with
brokers bidding "a percent for the.
shorter maturities and bankers ask
ing five, most of the business being
dore at the higher figure.
The tone of the bond market con-
tinued good. although a majority of
the American Telephone and Tele-
graph company and subsidiary's is
sued sold lower on announcement of
a $10O,0O0,0 900 bond issue to be float
ed next week by the parent COM
pany.
The demand for secondary rail-
road mortgages again was the chief
feature Of the market. Seaboard Air
Line adjustment IS touched 50. a
new top. and Chesapeake and Ohio
convertible IS rose above 50. also a
new high for the year. 'Other ad-
justment. income, and convertible
bonds were pushed up moderately
which would improve the position of
such liens.
The late afternoon announcement
of four dividends of $1.25 each by
the Manati Sugar common stock,
caused the Manati rs to move up
point. Some of the rubber and
steel company liens also were bought
at moderately better prices.
After several days of dullness trad
ers directed more attention to the
foreign group. several French issues
displaying considerable strength and
the Belgian Z lbs and SIS advancing
more than a point each. United
states government bonds fell off
slightly in less active trading.
Public offering of $0,000.O00 Pro-
vince OF Alberta. Canada. 5 IL per
cent bonds at 9S Monday was an
nounced. .,,
Bankers reported rumors of
change in the plans of the proposed
new financing by the Texas company
although officials of the company de-
clined to confirm the reports. The
new rumor had it that the Texas
COMPANY would offer an issue of
$24. 000.0 common stock to its pres
ent stockholders. instead OF floating
a S15. 100000 bond issue. f..
Total bond sales par value $11,-
$4,000. III.
p e4 4 '.,3 -