Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-08
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Nov. with shorts
still stubbornly contesting the ad-
vance, stock prices again gained
ground in today's market. although
some of the usual Industrial lead
ers, the technical market positions
of which had apparently been weak
ened by the rapidity of their recent
advance. showed intermittent peri
DDS of heaviness.
Considerable short covering by
so-called amateur bears, a resump-
ton of pool operations and a fair
demand for selected issues by in
vestment interests impaired a firm
tone to the early dealings. Indica-
tons Of profit-taking at the higher
levels. together with a slowing up in
activity and sharp drop in sterling
to another new low level for the
year. encouraged q resumption of
bear selling around noon which re-
suited in material reduction or
cancellation of some of the early
gains in active issues.
Declaration of the regular quar-
terly dividend by the Texas Com
pany. previously reported in dam
ger. started heavy buying of the
oil shares in the late afternoon,
which resulted in a sympathetic ad-
vance in other parts of the list.
Texas Company. which had sold as
low as 10 IA earlier in the session,
turned upward 70 81 SIS, closing
slightly below that figure for a net
gain of l Is on the day. Cosden
advanced y IS and Atlantic REIN
ings ) IA Houston and Pacific Oils.
Royal Dutch and Sheel Transport
also made good gains.
L. S. Steel. Baldwin, Studebaker,
and American Can again moved
within comparatively narrow
range. closing either unchanged or
fractionally higher.
Most of the days trade news was
of constructive character. Sales
of copper metal were reported Is "a
cents u pound or 1-Sc above the pre-
Nious price. Oil shares were helped
by reports that gasoline stocks on
hand had been reduced from a IL
days to 40 DAYS supply. Sales of
chain stores and mail order houses
continued to increase. Kresge re-
porting sales of $61.2G:',J26 in the
first ten months of this year as
against S4S,3:tj:'.20J in the CORE
spending period of 1922. Kresge
stock jumped points to 2J5, new
top. Congoleum and National Bis
cult also touched record 1928 tops.
Weekly steel trade reviews. how
ever. showed little change in the
general situation. Iron Age reported
Il further slowing down of steel pro-
duction. but the closing of the gap
between shipments and bookings
has had little effect on prices.
Railroad shares were rcactionary
on protit-takinG. hut the losses in ac-
tive issues were limited to fractions.
drop of about two cents in de-
mand sterling in reflection of a large
accumulation of bills was the fea-
ture Of the reactionary foreign ca
change market. French francs drop
ped nearly 10 points to so II
cents. and Belgian francs were off
l. points at 491. Practically no
business was transacted in German
marks. for which there were only
nominal quotations.
Call money ruled unchanged at )
percent The time money market
exhibited a somewhat tirmer tone.
but business WAS extremely dull a
Few loans for so DAYS and over be-
ing arranged at ) IA percent. There
is fair demand for commercial pa
per- prime names commanding )
and 5 IA percent.
HeaVlneSs of foreign issues in the
late afternoon featured the fairly
active trading in bonds on the New
York stock Exchange Railroad
mortgages and the fractions. gener-
ally. were active at irregularly high
er prices.
There was an unusually large
number of small offerings of new
bonds. mostly municipal and state
departments. all of which were re-
ported as readily sod. j. +. Nor
gan and Company announced that
the $l0000.WO American Telephone
and Telegraph Company issue was
approximately fifty
percent.
This probably will be close to a
record week III point of size and
number of new offerings. AS an Of
ferin% is expected tomorrow of S2J.
ooo,0o0 Dutch Last Indies external
bonds.
Copper Company bonds were in
cilned to improve today in sympathy
with the slight increase in Commod-
NY prices The industrial group as a
whole moved forward slightly, al
though numerous issues, receded by
small fractions.
Active L. s. Government bonds
recorded moderate advances. Sell
ing of foreign issues Included some
OF the South American bonds and a
NUMBER of the French and Belgian
issues.
Total bond sales, rar value, were
$13,O710O0.