Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-23

NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Oct. 22.-Stock prices
opened firm in today's market, despite
the unfavoratle weekend political de-
NelopmentS in Germany, but the gem
eral list turned heavy in the third
hour on selling believed to have been
inspired by the increasing weakness of
the foreign exchanges. demand sterling
and German marks touching new low
levels for the year. Speculative in
tcrcst. except in few special issues.
was at low ebb. the days volume of
business totalling only about half a
million shares.
When the market opened, Wall Street
appeared TO be of the opinion that
stock prices already had discounted the
worst that could happen in Germany
and that the weekend uprisings would
have little effect on the domestic eco
nomic situation. Short covering opera
tons were resumed in the leaders with
the result that gains of a point or 50
were recorded by Baldwin and Ameri-
can Locomotives. American Can and
Dupont.
The continued hcaviness of sterling.
which dropped below $3.50 and was
attributed to the withdrawal of Amer
lean bank balances III London, through
fear of inflationary measures in Great
sentiment among professional traders
which found it's reflection in a large
volume of selling orders.
Special weakness again cropped out
in the rubber shares, L.. S. Rubber
new low levels for the year. New
minimum prices also were established
by a number of other issues, includ-
ing Central Leather preferred. Texas
and Pacific Coal and Oil. Auto Knit
ter Hosiery, Pressed Steel Car pre-
ferred;; Illinois Central preferred and
Columbia Graphophone preferred.
The market. however. was not with
out its bright spots. Woolworth
top. and Krcsge climbed ten points to
2454. New peak prices also were cs-
tahlishcd by Tobacco Products a. Rey-
nolGS Tobacco b and Pacific Telephone.
Merger negotiations were again held
responsible for the strength of the to-
bacco stocks Declaration of higher
dividend by the directors of the Iarr-
man Corporation carried that stock to
S62 but it slipped back to 81. later on
profit taking.
In the foreign exchange market,
French and Belgian francs each broke
about 13 points. the former selling
around 5.77 cents and the latter around
4.9e5c German marks sold as low as
Brokers were reported to be lending
large sums OF call. the call money rate
opening at ~ end easing 20 before
the close. The time money market
bankers asking 81. some 80 DAY loans
being arranged at the higher figure.
Only a limited amount of commercial
paper is coming into the market. the
bulk of the prime names moving at 81
percent.
A rather free offering of European
bonds during the forenoon ard steady
Sa lie of Mexican issues throughout the
session gave todayS bond arket an I'M
settled appearance. Net changes. how
ever closing prices showed. We're COM
paratively small. with high grade rail-
road mortgages and ma ioritY of the
domestic industrial liens pointing up
ward. Active L. $. Government bonds
also recorded moderate improvement.
Both the Mexican Is and IS We're
heavy on news DISPATCHES of possible
interruption OF the Mexican debt
agreement as a result of political off
ferenccs in Mexico. Commenting in
w. Lamont of j. p. Morgan and Com
pany. chairman of the international
committee of bankers on Mexico. said
members of the committee were con-
fiGont the agreement would be carried
out The Mexican 4S Gag2eG a point
and the IS, 22. both touching new lows
for the year.
The demand for high grade invest
ment railroad mortgages. while slight
Is less than some days last week. con-
tinued in fair volume. Secondary is
sues were shaded q triflo. There was
some selling of public utility liens. but
a wide assortment of industrials moved
forward fractionally.
The S15.000.000 dctonturc bond Of
fering of the international Match Cor
poration was readily sold and tho
books closed. Other offerings included
the S10.000.0O0 federal intermediate
credit banks issue, also We're reported
as moving in fair volume.
Total bond sales, par value, $780,