Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-09-20
FINANCIAL. NEWS w /
NEW YORK MARKET
FEATURES of the Days Dealings in All
the Leading Stocks

New York, Sept. 19-Stock prices
aeveloped moderate strength in to-
Sey's fairly active market on a sub.
siience of selling pressure in the oil
sroup Alternate periods Of weak
ness and strength characterized the
earning session but the general list
r,rned Enthusiastically upward later
rnder the leadership of the so-called
nivotal industrial stocks.
while the view was held in many
quarters that the market was en-
titled to technical rally after near
" a week of declining prices. buying
today is also reported to have been
;nAuenced by private cable dis
catches indicating favorable devel-
pnments in the separations situation,
Nv the statement of Secretary Hoov-
ar. published by the financial news
tickers that there was no sign of q
,aduction in productivity this fall,
and by the statement Of H. F.. Sim
Clair expressing the belief that mid
continent crude oil prices had hit
bottom, that the peak of California
nroduction was passed and that an
early sterilization of the industry
should result.
A drop in the call money rate to
IL percent, the lowest this year,
and a sharp rally in cotton prices
which carried all months GO to 1903
notnts above last nights close also
we're regarded by some as contribut-
ing factors.
New low records We're established
in the oil group by Marland at 20 IA,
Cosden at % ga, California Petrol-
cum at II Is, the preferred at 81,
Pierce Oil preferred at IS 3-S, Attain
lie Refining at 9S "a and Pacific at
81 Ia Atlantic Refining closed at
its lowest figure of the day, off SIS.
Pierce Oil preferred recorded it's
lowest and closed unchanged at 10.
Leading industrial stocks showed
disposition to break away from the
depressing effect of pressure on the
oil shares, Baldwin and American
Locomotive, Studebaker, American
Can and Gulf States Steel showing
net gains of l to l 3-S points.
L. S. Steel rallied to IS 3-4, up "a,
after having sold as low as 81 1-2.
bethlehem was under pressure in the
afternoon, being forced down to
4e1-2, new low on the movement,
but swapping back later to As 3-S. or
within ia of last nights close. CRU
chile and Republic closed fractionally
higher. The Iron Age in its weekly
review of the industry, states that
the week has been a quiet one in all
departments of the steel market with
production of pig iron and steel
showing a further slight reduction.
Rubbers were heavy in the after
noon on reports that the big COM
panes were not making much money
because of low tire prices.
Foreign exchanges were strong.
Demand sterling was quoted around
A.54 IA. up ga, and French francs
advanced nearly 90 points to SCI
cents. Belgian francs and Italian
lire also showed good gains, while
German marks jumped from 50 to
65 cents a 100, 100000. Call money
opened at IL but dropped to 3 IL
later. Time rates also eaSed, being
quoted at 1-2 for all maturities as
against a recent rate of ga for the
longer dates and a few shorm term
loans at IL.
Strength of French governmental
and municipal issues and weakness
of oil company liens was the feature
Of todays rather quiet and irregular
bond market.
The rapid run-up of the French
issues followed jump of nearly 20 ,
points IN french exchange, apparent
" based on speculative belief of ia
yOrable developments in the repara-
lions situation. Marseilles IS and
Bordeaux 6s each gained about IA
points on the day. Lyons 6s moved |
up SIS and French 12s and IS,
about "a each. Cuban 5 1-2s drop ;
ped - to 80 IL. a new low record.
Selling of the oil company bonds
was based on the unsettled condition
of that industry as reflected in fur
Their price cuts for continent
crude Losses of point or so were
established by Producers and Rein
ers S., Sinclair Crude Oil 5 LIS, and
Marland Oil SIS, while a number of
others yielded .fractionally. Beth
lehem Steel 5 12s also dropped
point.
The feature of the railroad group |
was jump Of points in Minneap-
oils and st. Louis refunGing 4s. 9th |
et changes were largely fractional
and unimportant.
L. S. Government bonds showed |
little change on the day. |