Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-13
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Nov. 1.-THE upward
movement Of stock prices which has
been under way with a few minor
interruptions since October 81, was
temporarily halted late today by q
wave of selling for both accounts
apparently based on the belief that
the rapidity Of the recent advance
warranted at least moderate reac-
ton on technical grounds.
Secretary MELONS proposal for q
reduction OF federal income taxes APP
parently met with favor In the filan-
cial community for Ii brough q large
volume Of buying orders into the
market, giving the opening strong
tone. The early gains ran from to
8 points, covering a broad list but
with best displays of group strength
being shown by the merchandising,
steel. food equipment and chemical
shares.
New high records for the year
were established on the up swing by
all the Erie Railroad issues, Kresge,
Congoleum. and WHY'S Overland pre-
ferred. U. S. Steel and American
Can touched new high levels on the
current movement. steel closing 1-S
higher at "a as after having sold
hiSoAAJ a pOAht oDSsS tiAo@ h6U kC anu
Can closing at par for O net loss Of
point after having hit 102 IA.
Extension of the gasoline price
cutting war to New England and
other eastern states had a somewhat
depressing effect. on the oil shares
throughout the session., but Is was
the report that the Consolidated Gas
Company of New York was prepar-
ing to issue $SO,O00,000 additional
common stock at $50 share that
turned the general course of prices
downward, that stock dropping 4
points TO So LIZ but rallying feebly
towards the close.
Heavy buying of the. Erie issues,
approximately $4,000 shares of which
changed hands undoubtedly was in
fiuenced by reports Of high October
earnings. New Haven also strength
ened on publication of a report for
the third quarter showing a surplus
Of $359.442 against deficit Of $1,411,
141 in the corresponding period last
year.
Copper shares developed moderate
strength on reports of another in
crease in the price Of the red metal,
which Is now selling at IS IA to 13
and as cents a pound for delivery in
about a cent above the recent low,
but the gains in this group were not
maintained.
The outstanding strong spots Of
the session were Congoleum, Brook
lyn Union Gas, American Agricultu-
raj Chemical preferred. General
American Tank. Goodrich Rubber
preferred, Pullman, WoolWorth and
Sloss Sheffield Steel, up to 4 1-2
points, Kresge, up 8. and Iron Pro-
ducts preferred, up s.
Private offering Of 100000 shares
Of no par capital stock Of the Will
liam Wrigiey Junior Company will
be made some time this week.
While no official announcement has
yet been made, the stock, which is
to be listed on the New, York Stock
Exchange, will pdobably be sold
around $40 or $42 share.
Cali money opened at 4 "a per-
cent and then dropped to 1-2 where
it closed. Time money and CONNER
cial paper rates were unchanged
with business quiet.
a sharp break Of more than 8
cents in demand sterling to $4.35 as,
a new low for the year, followed by
a partial recovery was the feature
of the foreign exchange market,
which displayed a reactionary tone.
Buying orders for all classes of
railroad mortgages were plentiful in
today's market, Apparently some Of
the purchasers Of secondary bonds
sought a quick turnover for a few of
them cloced at the days high levels.
Net changes, however, were above A.
nal figures on Saturday. The better
grade railroad mortgages moved
up steadily and retained their gain
to the close.
With the exception of a fair de-
mand for the copper company liens,
few buyers were in evidence in the
industrial group and the general
trend was slightly downward.
Commission houses reported q
brisk demand for public utility COM
pany liens with the market rather
narrow. This resulted in an irreg-
ular course Of prices with the gains
slightly predominating.
Withdrawal by the government Of
$5,443, 900 from member banks in the
New York Federal Reserve district
next Thursday was announced, the
date coinciding with the November
Is payment of approximately S6S,000,
600 interest on the four and a quart
Ell percent second Liberty bonds of
the same issue.
Total sales, (par value) $3.50, 900.