Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-17

FINANCIAL, NEWS


founded on high commodity prices, sent
stocks soaring to new high records in
today's stock market. ono of IN" most
active of tho year. While foreign news
marking of tho d,mand sterling rate to
$3.50. tho highest figure attained IN
more than three years, had j cheerful
effect on sentiment
Copper shares made quick response
to the further increase to 1'a cents
pound. the highest since 1920 in the
price of the rcd metal. Publication Of
statistics showing how oil companies
with vast supplies in storage VIII bon
eft by the higher crude prices, lniiu-
cnced the buying of thoS" shares. New
high records for the year were made by
kcnnccott Copper at Az. Utah at coz,
Inspirat ion at 4oa. Chino at 26s. Cali
fornia Petroleum at SIS. or nearly three
points above the previous top price:
Texas Company at a0i. Tidcwatcr at
135. Cosden at 60. and Phillips Petro-
lcum at CT. but most of these prices
were shaded again at the close
Baldwin and General Motors We're
two of the late features. the former
establishing new peak price at l4l (
and closing at 141s for net gain of
, more than three points. General Mo-
! tors duplicated its previous high or
! ia on unconfirmed reports that the
stock would be placed on dividend bA =
sis Of 20 year at n2Nt Ncdne SdaN $
meeting of the board of directors. u.
| S. steel crossed los again but thcn fell
back to 1914, where 1T was up on the
| dar.
| Studobaker also closed with a SINH
! lar not gain after crossing l1o
! OHicial reports of a continuation or
| record car loadingS had favorable
| effect on the railroad shares but they
| still Jagged far behind the industrIa $.
| Reading was one of the leaders. touch
| ing ST and closing at Sos Tor net gam
|
f! cifc dropped ono point ana LackaWan-
| ma broke nearly two on a small turn
| over.
| Columbia Gas was one of the few
!, outstanding weak spots. dropping as
| low as 1893 and then rallying to l!os.
| where it was off moro than two points
| on the day. selling being based on inc
| announcement that Stockh0idcfS nai
approved an increase IN the CAPITA
/ stock from 500. 600 shares of 500 par
| value to | 5000 shares of no par
value. present stockholders rcceivinf:
! three shares Of new stock for one OF
| the old.
While todav's advance was more>uni-
| form than that of any other day in the
| last two weeks. there were stu! low
| notable strong spots. including Iostul.i
! Cereal. Manhattan E!cctrica supply.
| Simmons Company. Westinghouse AZ
| Arizona, al up three to six points. fcd-
| craI Mining & Smelling preferred,
which had been heavily bought earlier
| ~ Tho week on announcement of n high
or dividend. dropped more than three
! points on profit taking.
call money opened at 81. the hiGhest
renewal rate this YEAR and thcn drop.
| rcd successfully to 5. a and per
cent, whore it closed. Time money was
frmcr, the per cent. basis being
definitely established for all maturi-
tics. Out of town bankers are inc
principal takers of commercial paper
J The bulk of the prime names command
-" Reports of disturbance in the Ruhr
valley had virtually no effect on the
foreign exchange market. demand
stbriinp holding steady around $500.
tho wears best price. and French
francs towering cAound six cents. Gst-