Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-23
FINANCIAL NEWS
Nw

tablished last November The high
mark of 7.44 this year was made on
January :. Italian Ira sold around
at .0O47 cents. only slightly above the
low of all time-.0042 cents. which was
established last week. The abrupt
break of Sc points ip Danish exchange
rect result OF the weakness of Goldman
marks. which have been heavily traded
in in Copenhagen.
Major activity in the industrial list
centered in Baldwin and Studebaker,
the former showing a net loss Of and
the latter L.. American issues
were active and strong on official an
nouncement that the company had no
100000 issue OF Z per cent. preferred
stock, Saturdays report to that effect
arising from a misintcrpretation of an
amendment of the company's certificate
of incorporation. Fan-American a
touched So and then reacted to S7a
Tor u net gain oil 1s, and the Is closed at
500 for net gain of 1s.
which closed at 49s. net loss OF IL.
was predicated on the speculative be-
lief tnat the annual report would show
large operating loss, Reynolds
Spring broke more than three points
on announcement that the company in
tends to put out another issue of 49,
500 shares of common stock at $12
share. owens Bottle was active on
speculative anticipation of an increase
in the dividend at the next meeting.
steel 4 Tube touched 1863 on revival
of reports that it was TO be retired
soon at 10. but it reacted later to 1882
for a small fractional loss.
Fisher Body broke more than five
points on reports of new financing,
and Kelsey Steel was off six points on
strong on reports of higher earnings.
Pressed Steel Car preferred, which has
been under pressure as result of spec
ulative uncertainty over the dividend,
rallied u points on reports that the
dividend would be paid
Railroad shares eased with the rest
of the list with the most activity in
the low priced issues. Southern Rail
last week, was quite active around ~,
closing at a fractional loss. New York
Central dropped one point to 50. or "a
points below the high of last year.
for the year at 1853 but rallied point
later.
Call money opened and held at I per
cent. throughout the day. All time
Al with a few loans up to 80 days being
reported at the lower figure. The bulk
of the commercial paper business in
furher hea aHnf d Rer 81 for
eign bonds by frightened investors,
which carried more than a dozen issues
TO their lowest quotations in all time.
WAS the outstanding feature of today's
bond market. Virtually all the active
French and Belgian issues touched new
bottoms. the losses ranging from i in
the case of Belgian IS to u in the case
Of Lyons IS. Prague 7as and Czecho-
Slovakian SIS also hit new lows.
U. S. government bonds. on the con
trary, were firm. The first 4as ad-
vanced 26 cents on 500. the Victory
AIS and the new AIS. were unchanged,
az showed
gains of four to eight points.
Principle interest in the domestic
list centered in the announcement that
the $10,000,000 Offering OF the Northern
Pacific Railway Cos. refunding and
improvement mortgage S per cent.
bonds had been oversubscribed, and the
books closed. They were offered at -
to yield about sos per cent. I
Among the listed industrial bonds. |
Marland Oil So broke two points and
Cerro de Pasco Copper SIS and Liggett |
& Myers rs were off one each. Chile !
Copper Us We're strong. The weak !
spots of the railroad list were Missouri
Pacific general Is. Baltimore &. Ohio