Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-14

most active of the year. Foreign news
developments were again ignored aver
age prices of industrial issues NOV
ing to new high levels for the year on
another series of constructive trade
developments which included ar adj
the price of Cuban raw sugar and thc
publication of several favorable 1922
earnings reports.
Marking mp of tho call money rate
to per cent. in the last hour. as
| against a renewal rate of Al per cent,
apparently reflected heavy government
withdra walls, but it was construed in
! some quarters as a cautlonary warning
On the part of bankers against the ra-
pidity of he recent rise in prices. The
higher rate caused a moderate reduc-
! ton in the volume of business, which
was at the rate of more than "0o.O0o
! shares an hour during the first part of
/ TIE session and also induced some profit
taking sales. which resulted in recess
Sions of point or more in some OF the
leaders.
Baldwin was tho most active Of the
so-callcd market leaders. touching $40
| and closing at 1899. where it was up
| .; on the day. Heavy buying of these
shares was based on advance informa-
] ton that the 1922 annual report. is
7 sued after the market closed. would
| on the common stock. Net profits to-
! tailed $5,206.5l3 as against $5.0i4096
| the year before l.. S. steel closed
! higher at 1919. but Studcbaker after
crossing 100 dropped back to 11'4'
where it was off on the day.
Sugars again led the list of standard
| shares. The sharp rise in sugar prices
and the Department of Commences es-
climate of a shortage of 123.Oo0 tons in
the 1923 crop, drawing attention to
| those issues Punta Allegro touched
| 59s and then dropped back to IS! for
net gain of about four points. Manati
closed three points higher and Cuban
| American crossed 81 and closed at 36s
| for net gain of q points.
, Strong spots were found in virtually
every group American Sumatra To-
bacco preferred climbed 81 points: Re-
! public steel jumped %: North Amcri-
mors of the carly announcement OF
big cash dividend. and gains of three
to J. points were recorded by UNITED
Fruit American Brake Shoe. Associat-
Rican Tobacco. Tobacco Products pre-
ferrcd, Remington Typewriter second
preferrc d. South Porto Rican Sugar
and United Cigar Stores.
Rails were less active and inclined
to ease. but st. Paul preferred crossed
A and closed at a net gam or nearly
two points on reports of excellent Jan
uary earnings. New Haven dropped
below 10 on rumors that rcorganlza-
fion was contemplated. but this was
later officially denied and the stock
snapped back to 20!. where it was off
two points on the day.
business in the time money market
was quiet with brokers offering AZ per
cent. and bankers demanding > for all
maturities. The commercial paper
market was moderately active with the
bulk of the prime names commanding
A per cent.
The chief feature of the foreign ex-
change market was the rise in the Bcr-
lin rate from .003o to .0039 cents in
further reflection of speculative COW
ering.
Sass and francs sold around Gil cents
as AGAINST go on Saturday.
Heavy buying of sugar company
bonds and bad break in tho New Ha-
ven issues on publication of reports.
later officially denied. that rcorgan-
i2ation was contemplated, were the
chief features of today's active deal