Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-25
NEW YORK. MARKET
Features of the Days Dealings in All
the Leading Stocks

New York. Oct. 24.-Except for
some sharp recessions in the cooper
stocks and low priced northwestern
Ialiroad carriers. many of which
dropped to new low levels for the year.
stock prices moved within a restricted
trading area in todays relatively quiet
market.
Liquidation of the coppcrs was
based on reports that few of the pro-
ducing companies were able to oper-
ate at profit at the existing price of
the red metal. One dozen shares in
this group either broke to new bot
tom prices or duplicated previous ones.
among them American Smelling, Ana
conGa, Kennccott, Utah and lnspira-
ton. the net losses averas ing about a
point each.
St. Paul issues were heavily de-
pressed in Speculative expectation of
a poor September earnings statement,
/ the common dropping "a to ia and
the preferred II to 23s, each at new
| lows. Missouri Pacific common and
preferred and Chicago and North
western also broke through their pre-
vious resistance points.
Good buying support was forthcom-
ing for such pivotal stocks as United
States Steel. American Can. Baldwin,
cally unchanged on the day. but OPP
! orators on the long side of the mar
liet showed little disposition to lift
them out of the narrow area in which
they nave been moving.
The Iron Age, in its weekly review
of the iron and steel trade. reports
some expansion in automobile manu-
facture. sustained structural steel ac-
tivity, and. for Japan. buying and
! definite Inquiries" while in bookings
october approaches 10 percent better
than for the same period in Septem-
Der. The Bethlehem Steel Corporation
in it's report for the third quarter.
calls attention to "a noticeable i'm
provement in new business" particu-
larly with the railroads. October op-
| erations are said to be practically 70
percent of capacity.
Marked strength was shown today
by number of specalties, particu-
Ily points to a new top on rumors
of a 800 percent stock dividend in the
near future. New peak prices also
were established by Tobacco Products
A, May Department Stores. and West
Penn Power Z percent preferred. Fresh
weakness cropped out. however in
| Famous Players. American Sugar and
Coco Cola preferred. Fisher Body
sold 20 points below its previous quo
tation.
Call money opened at A percent and
were available for 80 day maturities
at percent. but business was gener-
ally quiet.
Gable dispatches indicating weak
ening of the Separatist movement
brought about a slight improvement
in the foreign exchanges. Demand
sterling advanced about 6 of a cent
! to $i.49. French francs sold around
5.S2 cents, and German marks which
| had been s low as one cent billion,
rallied to II cents.
Buyers and sellers were about even
/ ly divided in today's bond market with
the result that net changes were small
| and movements somewhat irregular.
The demand for foreign government
! issues was greatly increased and many
! of the European bonds recorded mod
crate advances. Mexican bonds also
found better buying. but the As and
IS moving upward the former closing
u points higher on the day.
Trading in the Liberty issues of the
American Government continued &C
| tive and gains ranged from 1-32 to
| S-32 of a point.
| There We're numerous heavy spots in
the railroad and industrial divisions.
several issues including two St. Paul
issues. Third Avenue. adjustment 5s
and the Goodrich 64s touching new
hand traders found increased orders
for many of the railroad issues and
! reported also a fair demand for some
of the industrials and public utility
liens.
| The sale OF new issues continued
good. several fair-sized offerings being
/ disposed of readily during the day. in
! Guiding the 100000 600 issues of the
Philadelphia Electric Company.
Total bond sales, par value, $685.
| 600.