Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-09-07
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings IN All
the Leading Stocks

New York, Sept. 6-Conflicting
price movements took place in TO-
days stock market rejecting the play
OF opposing speculative forces. Prices
generally showed firm tone during
the morning but realizing sales came
into the market later, cancelling
many of the earlier gains. The over
ages showed little changes on the
day. ,-
Spectators for the decline offered
the oils freely on reports of addi-
coast and a continued increase in
production, but they made little
Roadway. Pan American issues each
dropped about points, but recov-
| cred half of their losses later, and
the other active shares in that group
showed only fractional recessions.
Independent steels were bid up
sharply on reports of further in
quiries for the product from Japan
ese sources, but the early gains were
not maintained. Republic closed
points higher. Youngstown Sheet and
| tube 1-2 and Bethlehem nearly /,
| but U. S. Steel common and Gulf
States closed fractionlly lower Pre-
liminary estimates of the reduction
/ in untitled orders of the U. S. Steel
Corporation in August. which will be
announced next Monday, range from
$4,000 to 100000 tons.
Rails were somewhat sluggish, the
| report of a new high record of car
loadings in August was counteracted
by a compilation of the July earn
ings statements showing combined
net income in July at the rate of 4.93
per cent annually as against SAT in
June and 412 in July of last year.
nickel Plate" issues were again
strong.
Dawson Chemical fuctuated with
in range of 5 points, closing at
Stock Exchange, which investigated
the violent fluctuations of the stock
on August 80 when a jump of 20
points was followed by a decline of
% points, announced today that the
market movement of that date was
"entirely the result Of an enormous
public speculation in the stock and
in no way due to manipulation"
Foundation Company dropped 3 IL
points on selling attributed to fear
of possible losses in japan where the
company has contracts. but recov-
cred about half of its loss later on
publication Of report by the com,
pany that the full dividends for 1928
months of this year.
Call money opened at 5 per cent
but declined to IL before the
close. Time money and commercial
paper rates were unchanged.
Trading in the foreign exchange
market slackened somewhat Wltn
slight recessions noted in the prin--
cipal European currencies. DEMAND
sterling sold around s4.5t "a ana
French francs around 5.o4 cents.
German marks touched another ne"
low at 1 rs cents a million.
A moderate recovery in the .'apan-
esn issues was the feature of todav's
irregular bond market. City of To-
kio IS closed l IA higher, japanese
1os. and the As, l IL. Austrian
Is dropped 1 Is points to another
new low price for the year.
Railroad mortgages. as RUE.
eased in sympathy with lower stock
nricos. Public service of New Jer-
sew IS and Brooklyn Edison IS, up l
and IL points. respectively. were
the strong spots of the public utility
rroup. Industrial mortgages showed
mixed changes. ~,
L. s. Government bonds neio
steady. the fluctuations being limit
ed TO less than is Of point.
The prompt closing Of the sur
scription hooks on the s55.0OO'Ooo OIL
fering of Argentine short term per
cont notes was construed as an III :
d;cation that there were plenty O.
funds available for investment
throughout the country.