Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-19
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York. Oct. 1S.-Speculatiye in
terest in todays stock market was at
low ebb with the general list closing
slightly lower after day Of backing
and filling movements.
Several new low records for the
year during the session. particularly
by the. tire stocks. selling of which
was influenced by further cuts in the
prices. and the passing of the divi-
dend on Lee Rubber, which closed p
points lower at ia,
Additional reductions in gasoline
prices were offset, in part. by reports
duction.. Persistent rumors Of new
financing by the Pan-American Com
pany, however. had depressing eff
feet on it's issues.
National Enamelling broke five
points to new 1928 low in reflection
of speculative fear over the safety of
the dividend. while Famous Players
broke below 81 on reports Of poor
earnings and prospects.
Railroad shares held fairly steady
until just before the close. when the
northwestern carriers had another
sinking spell. Notwithstanding the in
terstate commerce commissions state
ment that lower rates on grain from
primary points should be compensated
by increased rates in other commodi-
ties or by reduced operating expenses.
Northern Pacific and Great Northern
preferred came within very small
fraction of the years lows.
Shipping sh"I improved on reports
of better in. for freight space
and the belief &C lower railroad
rates on grain for export would slim
ulate business. Marine preferred
jumped more than points and Am
Merchandising and Chain Store issues
also gave good demonstrations of
group strength on reports, of high
current earnings. Woolworth touching
ment stores climbing points.
Steel shares held relatively steady.
reports of a better inquiry by rail-
roads being counteracted to some ex-
tent by the testimony before a local
housing commission that the shortage
being overcome.
WHY'S Overland preferred was one
OF the outstanding strong spots, being
run. up more than. 2 points to s. but
Motors. Dawson Chemical. General
American Tank Car. Bayuk Brothers.
and Tobacco Products preferred also
registered good gains.
Call money opened at Al percent,
eascd to At and thence to 4, where it
closed. The time money market was
quiet on a five to 81 percent basis.
Cabled reports of internal disturb
ances in Germany sent marks down
to a now low of 1 cent hundred mill
IlOH Dtlldiu uioppSo ~
a cent to $4.52 ans French francs
broke 81 points to 5.96 cents. Heavi-
ness also cropped out in the Scandina-
Wan rates.
Although several industrial bonds
touched new low figures for the year,
the bond market displayed firm tone
generally and closing prices were
slightly above those of yesterday in
a majority of listed securities.
u S. Rubber IS. depressed on cuts
in tire prices. slumped nearly a point
to a new low. While Wickwire Spencer
Steel IS were offered freely and
dropped more than 2 points to new
minimum price. Selling of Virginia
Carolina Chemical bonds continued,
the rs falling off points.
On the other hand numerous indus
trials. including some of the sugars,
steel and utilities, moved forward mod
crately. Marine 6s advanced points
on buying influenced by renewal of
rumors of a shipping deal favorable
TO the company.
The market for high grade railroad
mortgages was somewhat better. al
though charges in this group generally
were small.
Little interest was displayed in L.
s Government bonds. which remained
practically stationary. Foreign bonds
also We're dull, although some selling
of Mexican IS pushed that issue down
point