Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-06
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

Stock prices held relatively firm
in t6day's trading which fell some
what short of the million shares
of the day pace set in the closing
days of last week. The usual mar
ket leaders showed comparatively
little change on the day but new
highs on the cuGrent upward move
ment were reached by Studebaker,
Dupont, Corn Products, Mack Truck,
and number of other active issues.
Opening prices were somewhat
irregular because the market was
called upon to absorb fairly large
volume of profit taking. Shorts
also renewed their offerings on the
theory that the rapidity of the re-
cent advance warranted at least a
technical reaction. but good support
was Forthcoming throughout the scs-
sion.
Several favorable earnings re-
ports were published during the day.
Hayes Wheel reported gross business
of $15,7l6,00O in the first ten months
of this year as against $12,96S, 900 in
the entire year of 1922. Mack Truck
Inc. showed net profits for the first
nine months of $5,S70.246, equivalent
to $l7.72 n share on the common af-
ter preferred dividends, as against
$685. 64, or $6.79 a share in the
corresponding period last year. In
ternational Cement reported net
profits of $755,623 for the quarter
ending September 80 as compared
with $432,929 in the same quarter
last year. The Douglas PecUn Cor
po"ation's net earnings for the first
nine months of 1928 were $472,S36
as against $523,044 for the entire
year 1922.
Heavy buying of Dupont, which
touched 1874 rs and which closed at
l33 "a for a net gain of IL was
in further reflection of the benefits
expected to accrue fromsthc sale Of
a large block of its General Motors
stock to the newly organized Mana
gers Securities Corporation.
Prompt over subscription of the
S1OO,000,000 American Telephone
Dond issue was construed as an in
dication of favorable public atti-
tude toward the investment market.
Public utilities We're helped by the
rapid absorption of the telephone
issue. gains of l to points being
registered by Brooklyn Edison, De-
froit Edison, Brooklyn Union Gas.
marlborough Rapid Transit, Peoples
Gas, Third Avenue and Western
Union.
Some of the other strong SPOTS
We're Dawson Chemical, Famous
liayers, Coco Cola, Cast Iron Pine
and Manati Sugar. all up a point or
more. ShippingS also moved to high
err ground despite the statements of
+. A. :. Franklin and w. Averill
Hartman that shipping conditions
nave not shown any marked improve
ment.
Rails showed more consistent
S'reh%th than the industrials. Lack
"Wahh}t jumping points but losing
part OF ITS gain later. Northern
Iarihc ana Pittsburg and West Viz
gina also were strong.
Foreign exchanges showed modor-
aye Improvement with the exception
of the German mark which drnnnod
10 new low at 20 cents n trilljon
Demand sterling held around S44G
ana Ia and French francs around
SO cents.
The time money and commercial
ptpef markets were quiet With no
Change IL rates.
Trading in listed bonds on the
STOCK exchanges was in somewhat
reduced volume due probably TO two
causes. The major influence I'M
dcubtedly was the public Offering of
TWO large new issues. the American
Telephone and Telegraph 500 aOO GOO
LIS and the Province of Albert,
canada. LES. Both of these Isl
sues were quickly subscribed and the
books closed. The fac. that tomor-
row is a holiday also tended TO limit
activities.
Prices generally held firm. the sec
ondai'y railroad MORTGAGES and nub-
lie utility lines. particularly finding n
talr buying demand. Investment
bankers report many orders from
me west for both the income and
adjustment railroad issue, and tho
poIiuS OF public utility corpora tions.
some OF the copper company bonds
"ISo responded to the more hopeful
commodity market news. while oil
cumpany issues generally receded
rev transactions were recorded in
the foreign group. although n MN
Der OF the French and Belgian iss,les
showed declines. The liberty market
ulsplaEed fair tone, most of the
actlve L. S. government bonds ro--
lstering moderate gains on tho do,,
SeNeral small state and municinaI
issues are scheduled for public offar-
ing Y cdncSday. investment banl,ers
announced, although the names of
the Issues were not disclosed
100000. '''"'' Wv