Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-03-01

by an enlarged public demand in cor
tain issues in which favorable dividend
Developments are reported to be pend
ing. Industrial averages Wcrc at the
highest levels since the spring of 1929
Sales of copper and zinc at 16i and
- cents pound, respectively, the
highest prices since the fail OF 1920,
withdrawal by the American Wooden
Co. of all its fall lines with the an
EOunccment that its entire mill capac-
itY. had been disposed of. and tho en-
coura ging nature of the weekly steel
and iron trade reviews. all contributed
to the more optimistic sentiment of
prof SSional traders. Tho higher local
federal reserve rcdiscount rate. which
had had a temporarily depressing effect
on prices. appears to have been multi
fed by lower call money rates and the
plethora of funds available for stock
market and business purposes.
Nearly all the copper shares sold at
now high levels. Utah jumping 81
points to 7J4 in response to buying
based on reports that an early advance
from 81 to 81 in the annual dividend
was contemplated. Wall street also
vas flooded with unconfirmcd report $
Of a merger of tho Utah and kcnnccott
companies. tn" stock of the latter Gre
atinE a new top ut 44t not gain of ! !
points. Anaconda moved between 81
and 5I1 but Butte q Superior was
pushed up II points to 3Ga. and Chile
~
50. tcrro dc Pasco, Ray and Magma
Coppers improved fractionaliy on the
day.
Reports that steel mills We're opcrat-
ing at nearly 80 per cent. OF capacity
and that the average advance in prices
this month has been $50 a ton,
brought fresh buying power into that
group, L. :. Steel common gaining 5.
Bethlehem Is and Republic Il.
American Can jumped to lot new
top, in reflection of unvcrfied reports
of extra dividend distribution, while
American Woclcn climbed to l06. ON
reports of greatly increased earnings.
Can later dropped to 1921. but Wooden
closed only slightly below the days
best price.
Short covering operations accclcrat :
cd the rise III Baldwin, which touchcd
1889 and then fell back to l3Ss, where
it WAS Up x points on the day. Lima
Locomotive also closed more than two
points higher at 69l.
The advance in tho domestic oils
was led by california Petroleum.
which sold as high as S9S. as against
ing nearly four points. The pan-Amcr-
lean issues also made good recovery
from Yesterdays weakness
Palroad shares moved within COM
parativcly narrow limits. st. l'aui
common. which moved up * points on
publication of the Jan1ary rex report;
against a deficit of nearly $500. 600 in
January. 1921, was enc of the features
Call money held at per cent.
throughout the day. Time loans of two
and four months nlaturtics were made
at 81 per cent. with renewals arranged
at the same figure. The ruling rate on
nrime commercial paper is = per cent.
with a few exceptional names COM
manding AZ.
Trading in the foreign exchange mar
ket was quiet with the ruling rates
slightly below those of yesterday. De,
mand sterling sold around S4.I0g and
French francs sold around GIL cents.
The market slump in number or Y.
& government securities was the only
Noteworthy feature in today's duh and
irregular bond dealings. Except for the
uncertainty regarding the terms of the
governments next financing. no Special
reason was apparent for the further
liauitlation of the war and postwar
bonds. the first and second AS drop
ping "a and &c cents on $500, respec-