Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-08
FINANCIAL NEWS
NEW YORK MARKET
Features Of the .Day's Dealings In Al
the Leading Stocks

New York. Dec. stock prices
developed moderate strength in to-
days active market after an early
period Of irregularity in which the
market was called upon to absorb
another large volume OF realizing
sales. Some exceptionally sharp
gains took place III the industrial
and speciality lists General Electric
being one of the outstanding features
with net gain Of 12- points on the
day.
New York Central came to the
forefront In the railroad group,
touching 106 IL. a new high record
Tor the year. and closing slightly be-
low that figure for a net gain Of 1 ga
points. Gulf. Mobile and Northern
common and preferred stocks also
touched new 1923 tops, but they were
unable to maintain all their gains.
Erie. Southern Railway and some
OF the other low priced issues, which
have been strong recently. yielded
on profit taking.
Early selling was Influenced some
what by the sharp reactions in for
.eiSn exchange traceable to the fall
ure OF the Conservative Party to OBJ
tain a majority in the British general
elections. Wall Street was impressed,
however, by the generally favorable
reaction of business and banking
leaders to President Coolidge's adj
dress to Congress, and good support
ing orders were placed in the market
by powerful financial interests IN the
early hours of trading. Commission
houses are reported increased pub
Tic participation, but 1t is generally
agreed that this has not yet reached
sufficient proportions to become q
determining factor in the establish
ment of quoted values.
Heavy buying of the automotive is
sues was based on reports that
November output was the highest
ever recorded in that month and 80
per cent above that of November,
1922, and speculative expectation of
big sales at the winter shows which
begin this month"; Reports of high
current earnings by some of the ac-
ceSSory companies also were an i'm
portant factor, the Eaton Axle and
Spring Company reporting capacity
operations with net working capital
of $2.952,352 equivalent to $13 share
on the common stock. Fisher Body
Jumped 10 points to 10. Kelsey
Wheel gained points, Nash Mo-
tors 3 IL. Maxwell Motors IA and
Studebaker 2.
Baldwin was slow in getting I'M
der way but it eventually crossed
III, closing just below that for a
gain of "a. u. S. Steel and Ameri-
can Can improved fractionally. Out
standing strong spots among the
speciaities We're American Car and
Foundry, Schultz Stores. Dupont,
Tobacco Products, American Sumatra
Tobacco, Atlantic Refining, Comput-
Ing. Tabulating and Recording,
United Fruit, and Philip Morris, ali
up 3 to nearly. z points on the day.
Reports of revolutionary distur-
Dances in Mexico had a temporarily
depressing effect on the Pan Ameri-
can issues but they recovered all the
ground lost in the early trading and
closed fractionally higher.
Cali money opened at IL per-
cent but advanced to before the
close. More funds came into the time
money market with the bulk of the
business done at five per cent. Com
merclal paper was fairly active with
rates unchanged.
Foreign exchanges broke sharply
on the British election news but
made partial recovery later. Demand
sterling sold around $436 1-2 most
or the day and French francs around
5.32 cents.
Buying, said to have originated
from savings banks, gave the general
run Of bonds a stronger tone in to-
days trading. With the exception
OF the Mexican bonds and a few in
dividual issues. practically the entire
list improved.
There was considerable selling of
the Mexican issues due to news dis
patches of a revolution in that re-
public. Later dispatches indicated
that the government had the situa-
ton we'll in hand and some of the
Mexican bonds recovered slightly,
Chief interest continued to center
in the railroad division. A number
OF western company's liens moving
up as much as point. The strength
was apparent also in the industrial
group. Dissolution of the syndicate
which offered recently the American
Telephone and Telegraph five Der
cent collateral was scarcely felt, the
bonds falling off by a small fraction
only.
While United States government
bonds were not particularly active
the price strengthened slightly.
New bonds aggregating more than
$17,00O,000 were readily absorbed, the
offering bankers reported.
Public offering is expected soon on
short term issue of Pure Oil Com
pany bonds aggregating probably
$4,000 900.
Total bond sales (par value) &c.