Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-20
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Oct. 19.-Price readjus,.
ments in today's stock market wers
mainly upward but the fluctuations in,
leading stocks failed to furnish any
conclusive evidence of definite trend
Trading. which continued to come ii.
most entirely from professional
sources, turned dull on the rallies
When the market opened there was
a fairly large accumulation of selling
orders. particularly in the rubber
stocks, which sagged to new low
records for the year. and in the Pan.
persistent rumors OF new financing.
Seer selling Of these issues. howeyer'
failed to unsettle the general list
which headed upward before the end
of the first hour.
Another bullish Demonstration vs,
! staged in the merchandising issues.
Woolworth being pushed up i've points
TO 26i, a new hish for the year. Kresge
jumped 1O8 points to 1854 and Hay
Department stores, National Cloak and
Suit and Sears Roebuck closed at net
gains of to 3 points. Sales of the
| four leading five and ten cent stores
broke all previous records in Septcm.
Der. the aggregate for the first nins
months of this year being IS percent
| over the corresponding period in 1899.
Northwestern rails made partial re-
covcry from recent heavincss on a
more favorable Interpretation by rail.
road executives of President Coo!idge's
recent recommendation of a reduction
In the freight rates on grain for ex-
port. Chicago and Northwestern closed
points higher and Great Northern
preferred l.
L. s. Steel. Baldwin. and American
Can, the gains in which ran point
or more in the early trading, closed
only fractionally higher while Stude.
baker which had sold as high as sN
, dropped back at the close to 96s. Of
bacco Products L. s. Industrial Al.
! cohol. and Crucible Steel were the
strong spots among the more active
issues.
Heavy trading in such stocks as
Alaska Juneau and Alaska Gold were
described in some quarters as selling
for the purpose of establishing tar
losses.
The weekly mercantile rievws re-.
port continued irrcgularty in trade in
industry. Dun's review states that
conditions in the different industries
vary considerably with substantial
buying in some branches of manufacs
ture and restricted demand in Others.
Call money opened at A and then
advanced to ~. Time money contin-i
ues at 81 for the shorter maturties
and 81 for the longer dates with bust
ness on a reduced scale owing TO the
reluctance CT brokers to pay ever fve7
percent. Western Banks are the prin-.
cipal takers of commercial paper,
prime names moving ct 81 percent.
Trading in the foreign exchanges
changes in rates. German marks sold
at a new low of enc cent hundred
million.
Despite an exceptionally large de.
mand on the part of investors, both
from individuals ard corporations, for
high grade investment railroad bonds
the net change in that group was very
the bond market disclosed. In fact
the averages for the day. based on
ten fairly active bonds Of this class
showed decline of .01. Traders. how
ever, reported that transactions were
considerably larger than usual ard
that actual buying orders arc on the
increase. n
The chief feature Of today's trading
perhaps was the heaviness of Mexican
bonds. The Mexican bonds dropped
II to a new low for the year and the
IS also fell off fractionally. Selling
was influenced by published reports Of
further delay in getting the Mexican
debt agreement in operation and in.
information on the subject.
Prices Of a number OF public utility
liens were shaded when the offerings
exceeded bids for this class Of bond,
while some OF the industrial liens fel!
off with the comparative heaviness Of
stocks.
Little interest was displayed in to-
days trading-in the L. S. Government
bonds. all of which closed at practical
II same levels as yesterday Buying
Of Columbian and Bolivian bonds in
fluenced a moderate advance in those
issues.
The books were closed on the gov
nrnment of Finland offering of Slc'
10o.0 900 external six percent bonds. To-