Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-14

NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

New York, Dec. 13-Stock prices
moved upward with increased vigor
in today's market, the demand COW
ering large list but being most eff
fective on the steels. Sugars, mo-
tors, motor accessories and tobac-
Goes. Buying was Influenced by an
other series of higher dividend an
nouncements and favorable trade
advices including another sharp drop
in crude oil production. higher crude
prices in central Texas and the in
creased inquiry for steel products.
Rails failed to keep pace with the
industrials' although the northwest
ern issues which were sharply de-
pressed following the cut in the Chi
cago and Northwestern dividend,
made further recovery on the dec
laration of the regular payments by
Northern Pacific and Great North
ern. the former closing l IL points
higher and the latter gaining about
point.
Reintroduction of the soldier bon
us measure in the house brought
about some profit taking in the late
dealings. the net gains in the active
issues ranging from small fractions
to nealy six points. :.
Pacific Gas and Electric jumped
more than five points to new 1923
top price on the announcement that
the annual dividend rate had been
increased from So to IS. New high
records also were established by Will
lys Overland common and preferred,
Corn Products. Phillip Morris, Asso-
ciated Oil and u. S. Cast Iron Pipe,
the last named closing at a net gain
of 5 Sd. Omaha dropped 2 points
TO 80. a new low. on one sale of 100
shares.
Buying of the oil shares was help
ed by the report of the American Pc
reduction of more than 1900 bar
rels daily in crude oil production
for the week ending December ..
Houston Oil jumped > 3-4 and Sin
clair andsPacific Oil l IL each. Ger
ro de Pasco led the upward move
ment in the copper shares with a
gain of . IA points.
Sugars developed marked bouy-
ancy in the afternoon trading, Cuba
Cane preferred jumping IA points.
American Beet IL and American
Refining, Cuban-American. south
Porto Rican, Punta Allegro and
Manati. 1 to = IA points. Accumu-
lation of the steel shares was pre-
Dictated on reports of heavy buying
by the automobile manufacturers,
Republic gaining a point and the
other improving fractionally. L. s.
Alcohol was heavily bought on ru-
mors of an early resumption of divi-
dends in common stock. Dawson
Chemical advanced l IA but some
of the other chemicals displayed a
reactionary tone.
Call money opened at ga per
cent but softened to IL before the
close. The time money market was
quiet with most of the business on
a five percent basis. The CONNER
cial paper rate was somewhat easier,
prime names being available at Sd
percent.
,, Fluctuations in the foreign ex-
changes were narrow and irregular.
Demand sterling eased slightly to
$4.37 IA and French fancs held
steady around $50 SIC.
Industrial liens. particularly the
coppers and sugars. were prominent
in today's active trading in the bond
division of the New York Stock Ex-
change. Railroad mortgages also
continued active but recessions were
not uncommon in this group.
The 5 per cent bonds of the Cerro
> 3-4 noints to 13S 1-2, after touch
ing $50. The bonds were traded in
large volume, 81 separate sales be-
ing recorded at prices ranging from
1872 to 139. Gains of 1 to l lie
were recorded by sugar company
bonds. the more active being issues
of Warner Sugar Company. Punta
Allegro and Eastern Cuba Company.
Wickwire Spencer rs. recently
heavy. found many buyers at in
creased prices, the bonds rising
more than 4 points at one time and
closing ; IA points above yester-
DAYS final figure.
Tranactions in Brooklyn Maahat-
tan Transit Is again were large but
the price range was small. ranging
from 60 to 60 IL. Sales totaled more
than $750.00O.
Interest was increased in the for
eign group. some of the French mu-
nicipals advancing as much as two
points. Chinese Railway Js. haw-
ever. dropped points to new low
for the year. United States liberty
bonds were quite active. the tax
exempt 3 lbs touching rar for the
first time in four weeks.
Total bond sales par value 3d.
30S COO