Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-05
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Dec. 4.--Stock prices
made irregular recovery from re-
cent heaviness in today's market
with the volume of business reduced.
due to the unwillingness of traders
to extend their commitments owing
to the deadlock over the election of
a speaker of the house of represen-
tatives.
Opening prices were irregularly
higher. but the food of offerings
became so great in the first half
hour that losses of Ito 3 points took
place in a number of the specula-
tive industrials. The wave of SELL
ing soon spent itself. however. and
prices were headed upward again
before noon.
One of the features of the ses-
sion was the heavy buying of the
Erie Railroad issues, the common
stock crossing 20 for the first time
more than $4,000 shares. The pre-
ferred issues touched new 1923 tops,
| the net. gains, however, being Of a
fractional character.
Strength of Pennsylvania Railroad
stock, which closed. more than a
point higher, was attributed to the
completion Of liquidation of a block
of over 100000 shares held by the
British government. One block of
10000 shares changed hands soon
after the opening and another block
| of 1900 followed a short time later,
the days total sales approximating
| about 25,OOO shares
U. S. Steel. Baldwin and American
Can closed fractionally higher. while
Studebaker showed a nominal loss.
The reactionary tendency in kmeri-
can Wooden was checked by the
declaration of the regular dividend
| and the October report of the bu-
reau of census. showing an increase
in consumption of 4.638 $50 pounds
over September.
Market Street Railway issues
again registered sharp gains on ru-
mors of a renewal Of negotiations
for the sale of its properties TO the
city of San Francisco. The second
preferred jumped 3 sd points. the
preferred >, and the common 1 J-S.
United Railways investment pre-
ferred climbed II points and the
common l 5-S.
Other strong spots in the indus
trial list were General Electric, Con-
goleum, Western Union. Schultz, r.
II. Macy and Allied Chemical pre-
ferred. all up / IL points or more.
Chesapeake and Ohio moved up
l L. points and New Haven, At
lantic Coast Line, and Wheeling and
Lake Erie preferred also showed net
gains of a point or more. Union
Pacific was heavy at the start but
soon recovered its loss, closing I'M
changed on the day.
Call money opened at 81 per-
cent but dropped to II before
noon, closing at that figure. The
time money market continued dull
with most business done on a five
percent basis. The commercial pa
per market was moderately active
with the bulk of the prime names
moving at five percent.
Foreign exchange rates. which
were heavy during the morning. rail-
ned sharply in the afternoon. De-
mand sterling moved up IA cents
to $4.36 and French francs rose
l IL points to $50 cents. Other re-
mittances improved in sympathy.
The listed bond market continued
fairly active today but traders re-
ported that over-the-counter trading
had slowed down somewhat. Prices
generally were firm with chief in
terest centered in the more specula-
tive bonds.
Much of the buying in the rail-
road group. and in the domestic in
dustrials. for that matter. was in
fluenced by the movement of the
affiliated stocks. Thus Erie bonds
moved to higher ground. the gener-
al is climbing more than a point.
Bidding for public utility liens
slowed down perceptibly with the
result that a considerable number
of those bonds sagged slightly. Con-
tinued buying of Derry Company Is
influenced. traders stated, by prog
ress in the company's reorganiza-
ton pushed that issue up 4 10
points, one of the widest movements
in recent days.
Little interest was displayed in
foreign government bonds, which
moved irregularly with a firm I'M
dertone. Active bidding for the
American Liberties caused those
bonds to display considerable
strength in the forenoon but scarcity
of buyers later resulted in recess
sions. few of the bonds closing be-
low yesterdays final figures.
While confirmation was lacking.
reports were current in the financial
district that the Pennsylvania Rail-
road contemplates an issue of
around S100000.UOO in generar mort
sage bonds within the next 80 DAYS.
Total bond sales (par va,ue) $1O,-