Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-28
Il FINANCIAL NEWS
NEW YORK MARKER,
Features Of The Days Dealings In All
s., the Leading Stocks

E NsW York, Nov. 27.-Erratic
fluctuations in Dawson Chemical and
Maxwell Motors A which closed at
net losses OF 7-S and 3 3-8 points,
respectively, unsettled today's stock
market after an irregularly higher
opening. The rather wild movements
in these two issues brought about
substantial volume Of profit taking
and bear selling. but for the most
part the declines were moderate.
Speculative interest was divided
between the stock market and the
cotton market. spot and December
cotton prices getting above SO cents
pound, the highest in nearly four
years. This advance was based ION
heavy buying by Liverpool and
japanese interests, more cheerful
Manchester trade news and bullish
crop estimate by a private reporting
organization.
Feverish speculation was the only
reason given for the excited trading
in Dawson Chemical which establish
ed new top for the year at 70 1-2
soon after the opening, dropping as
low as sc 1-2 and finally closing ct
SO. The sharp break in Maxwell A
which fell from 50 1-2 to 40 was due
to-. the reported breaking off of the
AS6ObAdtlOAo AVA tto AlClsOL Will lHG
Studebaker Company, stock of the
latter showing net loss of nearly / 1-2
points, on the, day.
Rail shares showed marked
strength for a brief interval with
Nav York Central touching a new
1923 top at 104 rs. Chesapeake and
Ohio closed a point higher on u re-
port that the Van Sweringen inter-
ests would make "Nickle Plate
common as attractive as possible
before using it to complete the con-
solidation. Erie shares were helped
by the October earnings report
which showed net income of $780,
1874 against $4S1 1893 in the correG-
ponding month last year.
Baldwin and, American Can SHOW
ed only slight recessiohs on the day
while U. S. Steel climbed 3-S higher
to SO Ia Strength in crude oil
was based in part on publication of
the October export figures which
showed that 100000 more gallons
of crude and refined Oil were sent
aboard last month above the previous
month, and nearly 122,000,000 gallons
above the total shipments in October
1922. Resumption of dividends on
Tidewater oil also helped. MARYLAND
turned heavy on reports Of new fin
ancing.
U. S. Cast Iron Pipe, which has
had a swift rise in the past two
weeks, touching new 1928 top at
81 3-S, closing at SO ga for a net
gain of 8 ga points. Sugar shares,
which also have been strong recently,
lost ground on the prediction of
lower prices by January l by Presi-
dent Post of the National Sugar Re-
filming.
The Z foreign exchanges showed
moderate reactions. Demand sterling
sold just above $4.37. or about 1 1-2
cents below yesterdays quotations
and French francs registered a drop
of about points to around $40
cents. For the first time since the
German inflationary movement
started, the leading commercial
banks declined to make even a nomi-
nal quotation for German marks,
which have become practically
worthless as a medium of exchange.
Call monev held steady at ga
per cent. Time money and COM
mercial paper rates were unchanged.
Z. Activity of railroad mortgages
featured relatively quiet trading in
bonds. Price changes in this group,
however. as elsewhere in the list,
were small. 80 ffs
Appearance of additional railroad
earnings reports for the month of
October stimulated trading in the
rail liens but failed to bring out
buving in large enough volume to
influence more ! than fractional
changes. There was some buying of
the secondary issues. particularly
the income and adjustment bonds,
but quite a number of these bonds
fell lower on fairly large offerings.
notably some of the Seaboard0 Air
Line and st. Paul issues.
High grade investment Industrial
liens held firm while some of the
secondary bonds in this group moved
to slightly lower ground. Trading
was dull.
There was little activity in the
foreign group and price changes
generally were un;mportant. Some
of the active U. S. Government bonds
slumped through lack of buyers but
most of these bonds held steady at
yesterdays levels.
Reports in banking circles indi-
Gated that the proposed financing
by the Marland Oil Company may
take the form of an offering of $1O.-
100000 first mortgage 1873 to be
followed by an issue of $5,000,000 de-
bentures.
Total bond sales par value $1o,-
645, 900.