Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-31
FINANCIAL NEWS "
NEW YORK MARKET
e..,ures Of the Days Dealings in All
the Leading Stocks

x.u York, Aug 30.-Chief interest
,o5ay's stock market. the most ac-
H. since July ., conferred in the spec
MAR fuctuation of Davidson Chemi-
..i which opened II points higher at
s ,sI smrted TO 70. dropped back to so,
ooss,,.nced to 60. and then see-sawed up
"a down around 55. where II closed
snr net gain of three points on the
~ ~ While gyrations of this stock
Taught about a few bullish demon
cations in other issues. it had rath-
:. unsettling effect on general specu-
live sentiment. Selling pressure
. LOS brought to bear on the copper
.sares when the price Of the red metal
tau 10 1Ss cents a pound. the lowest
rrice this year. Other industrial lead
srs also lost ground. there being a dis
rnstion on the part of traders to take
rrofts after three days of rising prices,
nsr,cularly in view of the approach
Ing holiday
The rails were conspicuously firm
arrinc the morning with an active de-
r,and noted for the seasoned dividend
n.vers, but they eased with the rest
~ ,he list in the later trading. Della
rare & Hudson closed at net gain of
more than three points, but the other
ta,d coal carriers showed little change
on the day.
n S. Steel Baldwin, American Can
s,d most of the other so-called pivotal
stobks closed at fractional recessions
seasonal dullness in the automobile
,naustry Is generally held responsible
for the heavier offerings of the auto
motive issues Chandler dropped 2s
noints and losses of II to nearly two
n,hts took place in Studebaker, Mack
Truck. Maxwell Motors A and Stewart
Warner Speedometer. In the copper
sr6up. losses of one to two points took
Mace in American Smelling, Anaconda,
Kennecott, Chino, Utah and Inspira-
ton.
Gulf State Steel, who has been
heavily bought by southern interests,
advanced 81 points to IS. Some of the
other individual strong spots were
american Cotton Oil preferred. Inter
national Harvester Loose Wiles Bis
cult. Market Street Railway first and
second preferred, and Savage Arms, up
two to nearly four points.
Call money opened at 81 per cent.
and then advanced to 81. the SITTER
rate being attributed to Withdrawals
in anticipation of month-end settle
meats. Time money business was con-
Quoted on 81 per cent. basis. The
commercial paper market was Quieter
with 81 per cent. the ruling rate.
Establishment of a new low record
for. all time at 81 cents a million by
German marks was the feature of the
irregular foreign exchange market. De-
mahd sterling held fairly steady
around s4.54g, but French francs sag
gei slightly to 5.64s cents. Italian
and Greek exchanges registered moder-
atg recessions. indicating that threats
Of war between the two countries were
not yet being seriously taken in finan-
cial centers.
Price movements were irregular and
within a narrow range in today's trad
Ing in bonds on the New York Stock
Exchange. The volume of transactions
continued small. L. S. Government
bonds were inclined downward but ret
changes We're relatively unimportanr,
being limited to 2-32 of a point For
eign issues also pointed downward,
Serbian SIS dropping Il.
Railroad mortgages We're dull with
III .majority moving upward. St. Paul
As of 1925 advanced 1g and Pennsyl
vania 6.s and New Haven is. francs,
each gained one. Interborough Rapid
Transit 6s improved II.
Industrial liens generally yielded
slightly. Virginia Carolina Chemical
Is dropped II and Milwaukee Electric
Railway and Light IS and Public Serv-
ice,of New Jersey IS each declined one.