Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-12
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Oct. 11.-Stock prices
displayed a reactionary tone during
the greater part of today's session
3 in response to further attacks by
! bear traders and extensive liuuida-
estion OF a number OF low priced
< shares due. in part, to the calling of
. bank loans against which these is
sues were pledged as collateral.
Short covering operations designed
10 even up commitments over the
Holiday brought about a moderate
rally in some of the leaders lust be-
fore the close
Acute weakness again developed
in the copper stocks on publication
of a report that September ship
ments foreign and domestic, by
American producers, appropriated
160,000OU0 pounds as compared with
o0J,0O0OO0 in August and 167. 500 900
in July. Stocks OF copper meta@ in
creased about 100000 pounds dur
ing the month. Anaconda broke be-
low 30 to a new low for the year and
Utah and Calumet and Hecla each
dropped more than point, Magma
also touched Il new bottom at 2S IL
United States Steel dropped to So,
within half a point of the years low,
but closed unchanged at ST 5-S.
% Crucible steel common and pre-
ferred each advanced about a point.
Baldwin and Studebaker showed
slight fractional recessions. while
American Can improved slightly.
Heavy liquidation of Producers
and Ectincrs, which dropped >
points, WAS attributed to the break
ing ZIP of a pool in that stock. fol-
lowing the calling of loans. Heavi-
ness of Famous Players, which
drorred as low as is S, also was
aSC.ihed to necessary selling.
While the weakness of Producers
- thctic selling of other oil shares.
the group as a whole held relatively
firm. Another reduction in crude
production was regarded as con-
struCtiVc but this was offset. in part
hv reports that several companies
viii need new financing to carry
stocks ii storage over the winter.
l. s. Industrial Alcohol moved up
Eo!nt on announcement of an in
crease of TWO cents a gallon in al
cohol prices but it forfeited part of
its gain before the close. Bosch
Magnetic improved slightly on re-
ports OF several large orders for next
wear. Continental Can made a fec
bic response to the report showing
net profits equal to $40 share aft
er preferred dividends for the first
eight months of this year.
Southern Railway was run up
above 81 on the possibility of re-
sumption of dividends on the COM
moa stock. but when the directors
adjourned without taking any action
- the stock fell back to 30 "a for a
net loss of | "a. Coalers were
heavy. Reading, Lackawanna and
Delaware and Hudson each dropping
about point while Jersey Central
broke 10 points to 200.
call money opened at five percent
but eased to IL before the close.
Time money transactions continued
small with no change in rates, plenty
Of western money being reported on
the market.
French and Belgian francs showed
moderate improvement but trading
in the other foreign currenCies was
sluggish. German marks dropped to
e new low at two cents a hundred
million.
Today's bond market was a dull
affair with slight reCessions predom-
mating in the general list. Bankers
! and investment houses. however, re
ported sales to investors as holding
. up well.
Some buying of L. s. Government
b treasury As was noted, the bonds
e moving up 10 of a point Most OF
the other active L. S. Government
issues held relatively steady.
French issues were inclined to sir
downward but probably reflected the
cautious pre- holiday trading. rather
than selling pressure. For the mos
part trading in the foreign grouI
was at a standstill.
Numerous second grade railroad
mortgages fell off in slow trading
Fractional gains We're recorded by ;
few railroad issues. notably Texa
and Pacific first Us. Burlington re
funding Js and Chesapeake ant
Ohio convertible 4 lbs
Declines in the industrial eroul
extended to the tobaccos, coppers
some CT the rubbers and utilities
Some of the sugar company lien
and steel issues moved forward To
tai sales (par value) S6,304,00o