Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-30
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New YORK, Oct. ZS.-StOck prices
started for higher ground late today
after an early period of heaviness.
which was generally attributed 20
selling based on speculative dis
appointment over Frances refusal
to consider a reduction in her repair
alton claims against Germany. Short
covering operations inspired by a
buliish demonstration in Dupont and
good investment demand for some
of the rails were largely respon-
sible for the rally.
When the market opened there
was a fair sized accumulation of
week end selling orders. the execu-
ton of which gave the market a re-
dictionary appearance. Studebaker
and American Can were rather de-
pressed but the other pivotal stocks
held relatively. firm. Trading was
quiet on the decline but around the
noon hour a buying movement set
in and was accelerated by receipts
of cables indicating more cheerful
Interpretation abroad of the latest
developments in the reparations sit
uation. Prices made good re-
Spouse to this buying with special
strength displayed by the shippings,
chain stores and merchandising is
sues and a few select rails.
DIOhCES lOdIS Ou SlOCh COlldIGTdl
were estimated today at 1925, 200, 900,
drop $of $5O,000,000 in the last
month and $675.000,00O below the
high mark reached last February.
The first 35 railroads to report
their September earnings show a
combined net operating income of
$5l,295,000 as against sos, 1886, 900 in
August and s27,425,000 in September
of last year. The figures of some
of the eastern carriers. which We're
affected by the two weeks shutdown
in the hard coal fields last month.
are included in this total North
western carriers made further re-
covery from recent heaviness today
on publication of the Great Northern
and Northern Pacific statements,
which showed a substantial increase
in earnings in September over the
month before and the corresponding;
month a year ago.
Strength of the merchandising and
mail order issues was predicated on
reports of large current earnings,
Woolworth touching another new
1928 top at 294 but slipping to 2S2-
Il later on profit taking. Buying
OF Dupont, which advanced l-2
points, apparently was based on
| speculative expectation of an early
increase in the dividend rate and
the benefits likely to be derived by
the sale of large block of it's Gem
| eral Motors stock to the newly Or
sanized Managers Securities cor
Grafton.
Marine preferred was again
heavily bought on the belief that the
shipping industry had turned the
corner the stock closing 3-S
points higher. Acquisition of Pro-
n1lrPrG l. at
and Cas- resulted in ! point Jump
in Producers and Retiners preferred
but the common stock lost ground.
Foreign exchanges turned heavy
on the announcement of the French
attitude OH separations. Demand
sterling dropped more than cent
! to s4.4S 3-S, French francs were off
about points at $50 cents. and Bel :
gan francs were down - points
at 5.0i cents.
Call money opened at L. per
cent and then advanced TO 5. The
! time money market was dull, a few
loans on mixed collateral. being
! made at per cent for maturities up
| I" four months. TIE ruling rate
! Tor prime commercial paper con-
; tlnueS at Ia per cent
/ After an early period of activity.
/ II not of strength. the bond market
/ turned dull and closing prices were
not far from fina! quotations on
! SATURDAY..
publication of numerous railroad
earnings reports from September
| stimulated trading IN railroad mort
! cages and some Of the secondary is
sues moved downward slightly. High
! grade investment issues f1uctuatcd
narrowly and averaged for that
group remained unchanged on the
! day.
There was some selling of conner
sugar and rubber company liens but
on the whole industrial issues were
| firm or better.
traders were included to offer for
| eign government bonds, probably due
| 10 the usual Sunday address bv
Premier Poincare of France re;ter-
! atlnS Frances unwillingness to
shade Cermany's PREPARATION nav
| ments. Active L. S. Government
| PONDS also declined sharply. losses
running from 4-32 to 1892 of a
| point.
Total bond sales (par value) So