Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-31
NJ FINANCIAL NEWS


I of industrials and spccialtice. opera
lions on the short side of the mar!sct
were influenced by the further weak
ness of foreign exchange and foreign
bonds.
While the recent squirt in railroad
shares has increased public participa-
ton. the great bulk of the trading is
still being done by professional inter
csts who apparently buy and sell for
the turn. Several of the large Opcr-
ators are reported to have adopted a
watchful waiting attitude pending
more definite developments in the for
cign situation.
The quarterly report of tho L. s.
Steel Corpora ton. issued after the
market closed. came as surprise to
Wall street. which had expected that
both the common and preferred divi-
bends would be earned with about ST.
10000 to spare. Instead. the corpor-
alton earned only SIC of the yl.25 div
idcnd of tho common stock as compared
with Csc the previous quarter. The
earnings on the common stock for the
entire year were equal to $3.50 Il share
as against SPA in 1921
Wall streets expectation of a sur
plus over the dividends for the last
quarter was based with a steadily ris
All the dividends is explained in part.
however, by the fact that more than
$l2.000,o00 was set aside during the
last quarter against depreciation and
SINKING luna as against SS,ZJU,UuU III
the last quarter OF 1921.
L. s. steel shares were inactive on
the exchange less than 10000 shares
changing hands between 1864 and 1913.
! the low and closing price. representing
net loss of I. Gulf States Steel drop
ped I and Otis steel rose Il. the other
shares of that group showing only
nominal changes.
Railroad shares started off we'll with
hoe n.1l a. hi
at 16I and then dropped to AK. New
Haven touched 22a and then fell back
, to oll for q net gain of Z.
Baldwin and Studcbaker dropped ono
and / points respectively. Atlantic
Gulf broke nearly three points on re-
ports that tho government was going
to press its claim for back taxes, and
other shippinGs declined in sympathy.
Oils were. mixed. California Pet rolcum
going to higher ground while the PAN
American and STANDARD Oil issues fell
back. Jones Brothers. Tea. Jewel Tea
! preferred. American Brake Shoe and
Steel & Tube preferred were strong.
Demand sterling showed some recov-
cry but other foreign exchanges were
| weak, French francs dropping to COZ
cents, the lowest in two years and
German marks dropping from .o02' to
.O021 cents another new low record.
Call money held at AZ per cent.
throughout the day. The time money
market was quiet. some short term
loans being arranged at AZ per cent.
with bankers demanding Al for the
longer maturitics. The commercial
papcr market was steady. the bulk of
the prime names commanding Al per
cent.
Further liquidation of foreign bonds.
which carried six active issues to new
low levels. and react1onary trend in
the general list in sympathy with low
err stock prices. characterized today's
bond market. The volume of sales IN
the foreign securities was not as large
as Yesterday, but the net declines
ranged from one to four points.
New low records were established
by Paris-Lyons- Mediterranean Gs at
63. Czecho-Slovakian SIS at 20. Belgian
us at 90. Belgian SIS at 81. Bordeaux
Gs at G. and Framcrican us at S3a
Other weak spots in the foreign list IN.
cluded rio de Janeiro So OF 1947, OH