Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-11
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Oct. 10-Short cover
ing operations impaired temporary
strength to leading stocks in today's
market but free offerings of some of
the speculative favorites in the last
hour brought about a general re-
action, the net losses in active is
sues ranging from fractions to near
~ > points.
A heavy tone was apparent in the
first few minutes OF trading but all
offerings were we'll absorbed and it
was not long before a moderate rail-
~ was in progress with several Of
the leaders selling a point of more
above yesterdays final figures. The
high prices, however, brought about
a sharp contraction in demand
which encouraged a renewal of SELL
ing operations by bear traders ac
counting for receSsionS of a point
or more from the top prices in Stu
dchaker, American Can, U.tS. Steel
and some OF the railroad shares.
The most favorable developmeht
of the day was the declaration of the
regular dividends on Sinclair com
mon and preferred. Wall street
had considered the possibility of the
reduction or omission of the com
mon with the result that the an
nouncement Of the dividend action
brought about a sharp rally in the
stock which crossed 10 and then
e&sed to Is IS, up one on the day.
other oils improved in sympathy,
but they were unable to maintain
their gains
HeaNinoss of the copper shares
was construed as rejecting specu-
latile disappointment over metal
prices and the immediate outlook
Tor export business. Anaconda was
depressed = points, selling of this
issue being influenced by reports
that the company was SuSpending
some Of its development operations
in the Andes mountains in South
America.
Publication of the monthly tom
mage report of the United States
Steel Corporation showing d reduc-
ton OF 3lS.9l3 tons in untitled or
GERS was about in line with Wall
circulated Just before the statement
was issued that the reduction
would be much less. however.
caused a run-up in the stock to 81
;Iu IS but it reacted to Sc Us just
before the close. showing substan-
tial- support around Sc L.
New low records for the year
were established by a number of Or
diuariIy inactive issues including
National Financing, Pierce Oil pre-
1errcd. Consolidated Cigar preferred,
Colorado and Southern, Reploge
Steel and Pressed steel Car pre-
1erred
Some Of the chemical stocks were
strong, American Agricultural
Chemical preferred and Commercial
Solvents \ closing about points
higher, but Dawson was again
heavy, losing 81 points. Strength
and activity of Pittsburgh Coal,
which closed a point higher, at
tracted considerable interest and led
to reports of mergers in the Penn
9yllania soft coal fields.
Cali money opened at , percent
bug it eased off to l. before the
close. Bankers continued to ask
) l. percent for time money with
brokers bidding IA, some so day
loans being arranged at the lower
figure. out of town banks are the
principal takers of commercial pa
per, the ruling rate for prime names
Icing > Ii percent.
Demand sterling yielded slightly to
A.5J l-1G and French francs drop
ped nearly points to 6.C3 Il cents.
German marks sold as low as 200,
100000 for 500.
\ renewal OF buying in railroad
mortgages and the strength and
activity of local fractions featured
the trading in bonds. The volume
Of business fell off some. due prob
ably to the absence of many traders
for the opening of the worlds series.
Traders were unable to account
for the sharp upturn in 1nterbo-
rough Rapid Transit securities. the
IS gaining points, except on the
theory that the recent depression
had carried them to a bargain ba-
sis Net changes among the general
run Of railroad mortgages were
small with the majority pointing
upward. Quashing of indictments
against New Haven directors, re-
turned in 1914 and 1915. stimulated
buying of that roads bonds but adj
NanCeS were slight.
Little interest was shown in Eu-
ropean bonds, but South American
issues found good support at slight
advances. Active L. S. government
hoiIIS iliipl ONti WIFI tIlt tSCttiioil
OF the Third Liberty 4 las which
saGged a little.
Industrial liens were inclined to
be -reactionary, small declines be
tween recorded by some of the oil,
steel and copper company issues.
Bankers offering the $10,OO0,0OO
Kansas City terminal ; year , II
percent secured notes announced
the issue had been subscribed and
the books closed.