Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-09-29
FINANCIAL NEWS
~ NEW YORK MARKET
FEATURE Of The Days Dealings In All
ssy,.4 Che leadins Stocks

New York. Sept. 2s-Afixed price
movements In today's stock market
feontt1usd 70 reflect the shifting sen.
timent Of professional traders.
FAILURE OF q stock exchange house
caused some unsettlement at the
startfas stocks were sold under the
rule, but except in few stocks in
which the bankrupt firm was heavily
interested. the reactions were rela-
lively small. Jones Brothers Tea
added 3 points to its is points drop
yesterday, touching a new low record
for the year at 80 Ia but It snapped
backI later to 50 and then eased to
IS 81 where it was up Ia point on
the day.
American Wooden was subjected to
a sharp attack in the late afternoon.
being driven down 1-8 points to
70 / g also a new low record for the
vived rumors that the 81 dividend
was In danger although previous
reports to this effect were denied by
President Wood a week ago.
StYdebaker also was offered freely
on publication of a report that 5000
emplbyes had been laid off. and
manufacturing operations substan-
tiallI reduced. The stock sold at its
lowest price of the year. closing at
95 SIS. off Is, Other motors
yielded in sympathy.
Strength of the tobacco issues was
predtcated upon reports of a merger
of the several companies with which
the Whelan interests are identified
American Tobacco advanced . SIS to
$50. tThe B stock SIS and Tobacco
Products. l 1-2 There were a few
othet conspicuous strong spots not
ably INLAND Steel. Foundation Com
panN General Cigar. American Snuff
and Underwater Oil. all up to
points.
Copper shares held relatively firm
on reports that merger of some OF
the southwestern companies was
again under way. Shipments this
month appropriated o0O,O0O0o0
pounds. or about the same as last
month while stocks of refined on
hand are reported to he about o,0o0,-
900 tons below those of month ago.
Baldwin opened more than point
lower ut 113 "a. rallied to lis "a
and then cascd off to 113 IL. off 5-S
on the day. L. S. steel closed "a
was bf IL
cali money opened at IA per
cent, rcccded to and then jumped
to 5 t1-2 where it closed. The time
cent. basis with business quiet. Com
mercial paper was slightly more ac-
tive with 5 IA per cent the rul'ns
rate.
Foreign exchanges were slightly
reactionary. Demand sterling eased
IA Of a cent to s4.55 is. French
francs held fairly steady around
else; German marks were quoted at
60 CENTS for 100.00o.000, the weekly
RecbshGnk statement showing an IN
crease of more than two quadrillion
papci marks in note circulation. or
moro than double the outstanding
circlf alton of the week before.
Persistent pressure against United
States government bonds. carrying
most of them down from 1-32 to 4-32
Of al point. featured todays rather
unint6fosting bond market. The VOL
umc of business continued relatively
small but bond traders reported in
creased inquiry from private inves-
tors.
While the 1"op in tax exempt 1-2s
OF the United States government was
only 1-C2 of point the bonds
touched new low for the year at
9S.17s Bankers report they are not
active in the liberty market although
admitting there has been some SELL
ing because of relatively higher in
terest!rates to be obtained elsewhere
Continued reports of internal
trouble in Germany were held re-
sponsible for the comparative heavi-
ness of foreign issues, several French
bonds dropping as much as point.
Railroad mortgages moved uncer-
tainly largely as individuals. with
the chief influence being current
earnings statements which always
nd ISSUES
Steel bonds generally moved up frac-
tionaliy. Otherwise little activity
was displayed in industrial liens