Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-23

NEW YORK MARKET
Features Of the Days Dealings In All
the Leading Stocks

New York, Nov. 22.-A sensation
al break OF 20 points in Dawson
Chemical unsettled today's stock
market. after an opening period Of
strength, closing prices showing
mixed changes on the day. Standard
industrials. as a rule, showed small
net losses, while the leading rails
developed moderate strength. The
volume of business, which ran over
1,500,O0 shares, was around the
highest of the year.
Opening strength was based on a
number of favorable factors, in
Guiding the reaching of full accord
by the allied council of ambassadors
on the text of the notes to be sent
to Germany. Chancellor Strese-
mann's declaration that efforts
would be made to continue negotia-
tions with France, a further reduc-
ton in crude oil output, higher re-
fined sugar prices and the 21st con-
secutive week of car loadings in ex-
cess of one million cars.
The break in Dawson Chemical
was the direct result of the publica-
ton in the financial district of an
official denial of rumors that the
Standard Oil Companies Of Indiana
and New York were negotiating for
the use Of the company's silica gel
refining process. The stock opened
IA higher at IA IA, advanced to
IS. broke precipitousiy to So and
then fluctuated violently within a
ten-point area. closing at SO 1-& for
| a net loss of IA rs points.
U. s. Steel, Baldwin and Stude-
baker were in supply most of the
day, showing slight losses on the
day. American Can, the fourth
member of the quartet generally
| recognized as industrial leaders,
touched new high on the move
ment at 1903 IA and closed nearly
| points below the top for a net gain
of nearly a point on the day. Buy
ing of Can was based on reports of
big orders for next year,
Another decrease in crude oil out
put reported in the weekly sum-
mary of the American Petroleum In
stitute brought some good buying
into the oil shares and induced con-
siderable covering in issues previ-
ously sold short on rumors of new
financing. Tidewater Oil was push
ed up 6 IL points to 123 10 but
slipped back to 121 later. Substan-
tial gains also took place in the Pan
American issues. Houston and Mar
land, but these were either reduced
or wiped out before the close.
Maxwell Motors A was one of the
individual strong spots, closing IA
higher at IS "a after having sold a
point above that figure. U. S. In
dustrial Alcohol, Cuban Dominican
Sugar preferred. Manati Sugar COM
mon and preferred. Iron Products.
Sterling Products and Railway Steel
Spring also closed or more points
higher.
A four point jump in big Four"
which sent it to 11J. a new 1923 top,
was the feature of the railroad list.
New York Central was active and
strong in expectation of benefits to
be received through the liquidation
of Reading Railroad rights"
Call money opened at "a and
then eased to 4 IL, where it closed.
The time money and commercial pa
per markets were relatively quiet
with no change in rates.
Foreign exchanges displayed a
somewhat reactionary tone. demand
sterling closing at 4.37 rs. a cent
below last nights final quotation.
and French francs were off II IL
points at 5.42 II cents, closing
prices being around the high level
of the day. The Scandinavian ex-
changes made good recovery. in the
late dealings.
Activity and strength of Mexican
bonds featured the trading in Bonds
today. Traders explained the squirt
of the Mexican Is and 5s as due to
speculative anticipation of the early
closing of the time in which the
bonds may be deposited under the
MnSioon 1nhf Increment
Trading was slowed down some
what by the operation of the new
exchange ruling on bond deliveries,
which became effective today. This
permits a delay of seven days In
the delivery of bonds by out of town
sellers.
Prices were irregular in the gen.
eral list with firm undertone.
Movements generally were in
huenced by individual Developments
affecting particular issues. second
airy railroad MORTGAGES, on the
whole, improved in fairly brisk
trading.
Investment bankers stated there
may be an issue later of Big -Four
bonds i'm the sum of around SlJ.-
100000 to pay off the roads indebt-
edness to the New York Central.
Reports were heard also of an early
issue of possibly S1OO,0OO,OOO joint
notes by a group of oil companies.
Public offering is expected tomor-
row of $10,OOO,G00 issue of North
ern State Power Bonds.
There were reports in the finan-
cial district that officials of the Le-
high Valley Railroad Company
would pay off an issue of around
S5,OOO,000. four and a half and six
percent bonds December l with
cash from the treasury. Originally
it had been planned, it was stated,
to retire the bonds with funds OBJ
tanned from the segregation of the
company's coal properties but that
plan had been discarded. Bankers
understand the company might open
negotiations for a new bond issue
of approximately $10.0O0.00O.
Total bond sales (par valued 3d.
O05, 900.