Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-22
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Nov. 21-Railroad
shares again assumed the leadership
of the upward movement Of stock
prices In today's active market. In,
dustrials however, were by no means
neglected and recorded substantial
gains. Foreign exchange rates Jump
ed forward and December and May
cotton futures sold at more than
35c a pound, the highest price in
three years.
Circulation In the financial dis
noe of Wall streets most prominent
operators, who predicted that in
vestors in railroad securities would
recover next year a considerable
part Of the 100000 lost by them
the previous year and the publication
of another series of favorable Octo-
Der earnings statements, contributed
to the sharp upward movement in
the forenoon.
Industrials were given new impet-
us by the statement of George F.
Baker, head Of the First National
Bank. that general prosperity in this
country would continue well into next
summer and the late afternoon an
nouncement that the council Of am
bassadors had reached an accord
over allies policies toward Germany
influenced buoyant close.
Buying in the railroad group was
spread over broad list. but was
particularly effective in the seasoned
dividend paying issues. big Four"
pumped five points to Ill, new high
record for the year. Other high
spots were Atlantic Coast Line Chi
cago and Northwestern. Rock Island
six and seven percent issues, New
York, Ontario and Western, and
Reading. all up one or more points
On the day.
Reports of increased demand for
pig iron lifted steel shares to higher
ground, U. S. Steel touching 95 IL,
an advance of / 1-2, and Shloss
Sheffield jumping 4 points. Marked
interest was displayed also by the
motors, Studebaker being a feature
in a sharp runup of short interests.
Dawson Chemical proved the mar
ket leader with a net gain Of more
than 6 points. Other gains included
Loose-Wiles 3 1-2, Pan American A
and B.. Standard Oils of California
and New Jersey, American Car and
Foundry, Marland Oil, American
Wooden. Anaconda. and Cerro de
Pasco, all up l to points.
<hiISi OPSIlu6 ulSlSF IOTGlSn GX-
change rates reacted slightly around
noon but shot up rapidly when Paris
dispatches announced an accord at
the meeting of the council of am
bassodars. Demand sterling touched
4.SS IS, a gain of cents, French
francs We're up 20 points at 5.54 1-2
cents and Holland. guilders jumped
50 points to 3S.20c. Other continent
tai rates were firm.
Call money opened at 4 "a per-
cent and eased off early in the af-
ternoon where it closed. Time money
was dull at 5 to ga percent.
Secondary railroad mortgages
were strong in ttoday's more active
bond trading due chiefly to the i'm
provement in rail shares in the
stock market
Buying in the rail group covered
wide assortment, but several is
sues. notably Seaboard Air Line,
New Haven. Erie and ST. Paul bonds
displayed the greater strength. Two
OF the seaboard issues. Up more than
point each. established new high
prices for the year. Investment rail-
road bonds sagged slightly not much
on large offerings as on a scarcity
of buyers. Institutions recently have
been big purchasers of these bonds
and traders reported few orders were
in the market today.
Some of the copper, oil and rubber
company liens found good support to-
day. and advanced moderately but a
greater number of Industrial liens
fell off on individual influences. The
market for public utility issues was
active and prices narrow.
Later afternoon buying of active
L. s. government bonds turned those
issues upward after earlier losses.
While foreign bonds held firm and in
many caes improved the more favor
able news from Paris arrived too
late to send them up more than
moderately.
Total bond sales. par value, $3.50,
600.