Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-04
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

~e~~F'S
New York, Dec. 3.-Heavy profit
taking by professional traders who
apparently acquired large lines. of
stock at materially lower prices i'm
parted a reactionary trend to to-
days stock market, after an initial
display of strength. Selling was in
fluenced largely by the progressive
bloc's tactics at the opening of con-
gress and speculative uncertainty as
to the outcome of the British gen.
eral election on Thursday. .
The reaction was most pro-
nounced in such speculative favor
ties as Baldwin, American Can, Da-
vison Chemical and the Pan Ameri-
can issues, each of which showed a
net loss OF 2 or more points on the
day. Studebaker and u. s.. Steel
common each dropped about point.
Opening strength in which gains
of / to points were common was
attributed to the optimistic bust
ness forecast for 1924 made by E.
H. Gary, chairman of the U. S.
Steel Corporation. Studebaker and
American Can touched new high
levels on the current up swing,
while kresge, National Supply and
Computing and Tabulating and Re-
cording sold at their highest prices
of the year.
Widespread circulation of private
reports that the Lafollette group
would block the election OF speak
err, brought a flood of offerings onto
the floor around the end of the first
hour, many traders apparently act
ing on the theory that the technical
condition of the market which has
been rising almost steadily since Oc-
tober 81, warranted a reaction at
this time, regardless of develop
ments at Washington. 49, ....
There were several conspicuous
exceptions to the downward trend.
Marland was run up more than five
points to 81 Sd, dropping back later
to - Is. Strength of this issue
was ascribed in some quarters to
window dressing" for a forthcom-
ing bond issue and in others to a
report that the proposed financing
had been abandoned. Other oils
were helped by the reports of fur
Their reduction in production at the
Powell fields in Central Texas,
Houston Oil also showing a five
point gain on the day.
The decline in the rails was less
pronounced than in the industrials
with few issues. such as Nickel
Plate. Chesapeake and Ohio and
Texas and Pacific showing substan-
tial gains on the day. Union Pa
citic and Atlantic Coast Line were
the conspicuous heavy spots.
Other weak spots in the indus
trial list were L. S. Cast Iron Pipe,
American Hide and Leather pre-
ferred. United Railways investment
preferred. International Papers and
Schultz Stores. all Off = points or
more.
Call money opened at five per-
cent. softened to 4 "a and thence
to 4 L., where it closed. Time
money and commercial paper rates
were unchanged at s to s IA per-
cent.
Foreign exchanges showed little
change from Saturday with business
quiet. Demand sterling was, off a
cent at $4.33 81 and French francs
were steady around $50 Il cents
Changes in other rates were small
and unimportant.
Postponement until later in the
week OF the expected announcement
of a time limit for the deposit of
bonds under the MexicaI debt
agreement plan, Influenced sharp
decline in Mexican bonds in today's
bond market. Both the As and 5s
continued upward in the forenoon
but fell off quickly in the later trad
ing. the IS closing 1 3-S lower and
the Is off fractionally.
Some improvement was recorded
in the industrial and public utility
groups although the net changes
generally were small. The buying
orders were scattered, including a
few oils. coppers and sugars. The
sale of a stable block ~ American
Telephone and Telegraph As of 1851
carried that issue down more than
a point.
Good buying was evident among
a considerable list of western rail-
road mortgages in the forenoon but
with few exceptions the trend
was downward toward the close.
Substantial gains, however, were re-
corded by Chicago Great Western
is. Chicago and Alton 3 lbs, and
New Orleans, Texas and Mexico in
come Us. --... -
Moderate improvement we, reg
istered by active United Slater gov
eminent bonds
Bankers announced early i'll the
day the ver-subscriptioni of an Of
fering of $12.50O.00O St. Paul Union
Depot bonds. Early Offering of an
issue of about $1O.OOO.OOO Marland
Oil bonds was reported in the finan-
cial district. ~
Total bond sales, par value, $1O.-