Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-21

tors would authorize special divi-
dend distribution at Thursdays
meeting, combined with rumors of
heavy financing bysome Of the large
oil companies. resulted in q wave
of profit taking and short selling,
which materially reduced or wiped
out the early gains Of some Of the
standard industrials.
Baldwin touched 100 IA, dropped
2 points and then rallied to 127 "a,
where it was off 1-2 on the day.
Studebaker and American Can lost
about a point each on the day and
u. S. Steel closed Is lower at "a.
Independent strength was shown
during the day by such issues as
Dawson Chemical, which touched 60
and then eased off the 81 3-S, up
to rs on the day; Otis Steel pre-
ferred. up 3 rs: Superior Steel.
Fisher Body and r. II. Macy, each
up about 3 points.
Sugars were heavily bought on
optimistic forecasts of the trade out
look for 1924. American Beet Sugar
was pushed up nearly six points to
80 and then slipped back to 80 IA.
American Sugar Refining and Cuba
Cane preferred each closed more
than a point higher and fractional
AihPi OfClilCiI was LCSlSlGTSu ny the
other active issues. Tobacco stocks
developed marked strength towards
the close on the announcement of
the Tobacco Products Company's
plan to call $4,0O0,00O notes for re-
demption December 20 and the re-
classification of the A shares to
make their dividend cumulative.
Rails were relatively heavy most
of the day, the st. Paul issues par
ticulary Yielding to selling pres
sure, but the list turned upward
again just before the close in re-
spouse to heavy demand for
Southern Railway. which closed
j IA higher at 81 IS. Baltimore and
Ohio was helped by President Will
lard's announcement that net sur
plus after the payment of fixed
charges and preferred dividends
would approximate II percent on
the common stock this year. Octo-
Der earnings statements OF Kansas
City Southern and Union Pacific
were generally regarded as very ia
Norable, the latter showing net op-
Grating income of $1.191. 101 last
month as against SJ,4OG,573 in Oc-
tober 1922 and $6,534, 500 in Octo-
Der 1921.
Demand sterling touched $4.36 and
then dropped back to $4.33 u.s. a
net gain of nearly l cent on the
day. French francs also lost part
of their earlier gain. Other ex-
changes held relatively steady.
Cali money ruled unchanged at
4 "a percent all day. The time
money market was quiet with 30
to 10 day maturities at percent
and IA for the longer periods
Only limited supply of new COM
mercial paper is coming into the
market. the prime names command
ing D and IA percent.
improvement in the foreign po-
litical situation again was reflected
in better prices for foreign govern
ment bonds. while the balance of
the list displayed relative firmness.
Some of the convertible bonds. par
ticularly copper and sugar company
issues, were active at advanced
prices. Cerro de Pasco IS rising four
points at one time.
The activity and strength of Sea-
board Air Line bonds featured trad
ing in the railroad group. but in
the last analysis the high grade in
vestment issues Jared better than
the more speculative bonds. Most
of the buying, bankers reported,
was Tor the account OF Institutions
While public utility liens moved
In fair volume the tendency was to
shade prices and most of these
bonds closed fractionally lower. The
market for active United States gov
eminent bonds was dull with price
movements irregular and narrow.
Bankers expressed surprise at the
rejection of all bids FOR the S3.00O,-
600 Michigan HIGHWAY bonds re-
ported in dispatches from Lansing,
Mich. Among the new issues re-
ported under consideration are S.
OUOHN0 Northern Power Bonds and
a $15,OO0,O00 issue by Marland Oil
Company.
Both the Standard Oil Companies
of New Jersey and New York de-
MED reports that they We're contem-
plating new financing.
Total bond sales par value $40.
33G 600.