Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-06
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York Dec. 5-Heavy buying
of the Erie Railroad issues, sales OF
which comprised more than one
tenth Of the days total transactions
Of more than 100000 shares fea-
tured today's irregularly higher stock
market. With the removal of the
deadlock over the election of a
speaker of the house of representa-
tives, operations for the rise were
resumed IN other sections of the list
but gains which ran from to near
ly six points were materially reduced
or cancelled by the wave of profit
taking which set in during the after
noon.
Strength of Erie was variously at
tributed to accumulation by First
National Bank interests, the opera
tons of strong pool and purchases
for the account Of the Van Swerin-
gen interests of Cleveland, who are
said to be anxious to acquire the vail
liable terminal properties of the rail-
road. Some observers, however, saw
sufficient excuse for the up-turn in
the high current earnings. The COM
mon stock crossed % and the second
preferred touched q IL, the high
est levels reached in four years. Late
Ill tHc udy ZIG van oWctlISSuS OlIl-
cially denied reports that they were
negotiating for the control of the
Erie property. =
Western Pacific was another
strong railroad feature, climbing
nearly points on publication of a
report that the interstate commerce
commission was about to give its
formal approval of the plan for the
reorganization of the Denver and Rio
Grande after asking for slight modi-
fications in the plan as orinally filed.
Southern Railway advanced > points
to 81 Is and st. Louis southwestern
moved up /.
The pivotal industrial leaders, U.
S. Steel common, Baldwin, Studeba-
ker and American Can showed mix
ed fractional changes on the day.
Heavy selling of Maxwell Motors "A"
on official confirmation of reports
that the proposed merger negotia-
tons with Studebaker had been
abandoned resulted in a two point
drop in that stock just before the
close.
Strong spots among the minor in
dustrials and specialties included
Mack Truck. Schultz, American Su-
gar, Famous Players Tobacco Pro-
ducts American Radiator, American
Snuff. Loves H. r. Mallinson, Man.
hatten Shirt Mathieson Alkali, Ma
tional Supply Pacific Gas. Simms Pc
troleum and Thinker Roller Bearing,
the gains ranging from l to points.
Woolworth jumped~nearly six points
to 2SS, a new 1923 top, and then for
feited all its gains.
Call money held at 4 10 percent
all 6aV Tho time
mercial paper markets were again
quiet with no change in rates, the
bulk of the business being done at 5
per cent.
Offerings Of sterling bills became
scarce in the late foreign exchange
market, demand bills closing 3 1-2
cents higher at $50 IA. French
francs advanced points to SAG cents
and Dutch guilders jumped "a points
to oS.1S cents, but yielded slightly
later
Buying of railroad mortgages, par.
ticularly the low priced issues, fea-
tured today's fairly active bond mar
ket. The Erie issues led the ad-
vance in bonds. as did that COM
pany's stock lead the price in the
stock market. Gains of more than a
point were recorded by practically
all of the Erie liens and several of
them established new high prices for
the year.
In addition to the fairly large vol
ume of American buying, traders
stated that considerable part of
buying for the older four present
issues originated abroad. The re-
funding fives of the eDnver and Rio
Grande Railroad continued in de-
mand. advancing . "a points on the
dav
While the trend of industrial liens
was not so decided as that of he
railroad securities. the move upward
was unmistakable. Pond dealers re-
ported also that a fair amount of
buying has come into the "over-the-
counter" market and has tended to
make prices firmer.
The stronger tone in foreign rates
revived interest in foreign govern
ment bonds and quite number of
European and South American is
sues improved fractionaly.