Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-16
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

the Leading otoeks
New York, Nov. 15.-Resumptio
of the forward movement in the in
dustrials and the development of a
reactionary tendency by the rails
characterized today's session Of the
stock market. Spectators for the
advance continued to encounter re-
sistance in various sections OF the
industrial list but a squeezing Of the
short interest in some of the equip
ment issues resulted in marked gains
in that group.
The foreign exchanges continued
to yield to the disquieting foreign
political news, but most observers
were agreed that the stock market
moved in seeming indifference to
cable dispatches. Special dividend
distributions by Texas Gulf Sulphur,
International Cement and Beechnut
Packing were offset by a cut from
~ to So in the semi-annual dividend
on Illinois pipe, which is traded in
duction in the dividend on Jones
Brothers Tea next month, that stock
breaking more than S points to
f Is =, :;d :sst sallyins to 20 "a before
Baldwin was the individual fea-
ture in the industrial list, soaring
nearly 4 points to 127 3-S, q new
high on the current upswing, but
easing to 126 5-S at the close. Lima
Locomotive and Pullman each closed
about a point higher and General
Electric and American Locomotive
improved fractionally. u. s. Steel.
Studebaker and American Can
closed fractionally lower.
Tobacco, chemical, independent
steels. copper and Oil shares, SO de-
veioped special points of strength.
gains OF one or more points being
recorded by Tobacco Products A.
american Sumatra Tobacco, Loril-
lard, Dawson Chemical, Mathieson
Alkan, Virginia-Carolina Chemical
preferred. Pierce Oil preferred and
Phillips Petroleum.
Oll shares were helped by the re-
port of further reduction in crude
OIL production for the week ending
november 10 by the American Pc
troleum Institute. Coppers were aid
cd by the favorable quarterly state
ments of the Porphyry companies
ana reports that sales of the red
metal In the first two weeks of this
month totalled between 2OO. 600 600
and 225OOO.0OO pounds. Mail order
ana farm implement issues were
bought on Secretary Wallace's an
houncement that the value of eleven
principal crops has jumped from 81 =
2OOOO.OOO in 1921 to about $1,000
OOOOOO this year.
Maxwell Motor issues which were
strong Yesterday on reports of an
impending merger with Studebaker
last ground today on publication of
an ofhclal denial. Some selling took
pace IN Texas Gulf Sulphur in re-
hectlon of speculative disappoint-
i n! over the amount of the extra
Considerable profit taking tool,
place in the low priced rails which
have been strong recently hui re.
cessions, as a rule, were hold 10
fractions. Postponement of the
dividend meeting on Chesapeake
and Ohio was held responsible for
the point recession in that stock.
Call money opened at 4 81 per-
cent but dropped to II before
the close. The time money and
commercial paper markets were
quiet with no change in rates.
Foreign exchanges were again
weak. Demand sterling sold around
the years low of $4.32 7-16 but raj
lieG later to SAB L. French francs
established new low for all time
at 3.3z 3-4 cents. Dutch guilders
broke sharply with nominal recess
slonS in the other principal curren-
cics.
E"nd prices on the whole were
STEADY today with a broadening CT
the variety of issues in which trans
actions were recorded. The contin-
ned stream nf ~
emily has not tended to slacllen ac-
tivity in listed securities. The third
large railroad issue of the week was
announced for subscription tomor-
rowan issue of $23, 100000. five to
fifteen year. five percent equipment
trust certificates of the Southern Pa
cific Company at prices to yield 5.3J
percent.
While stable number of rail-
road mortgages receded in todays
market, a slight majority of the sec
ondary issues pointed upward on
commission house buying.
Announcement was made that the
Offering syndicate in the recent Cali
fornia Petroleum $40 100000 issue of
10 year bonds has been dissolved
The bonds. however, held relatively
steady. Buying of public utility
iNiiS SoiilliuSu III ldlI NOtutuC Will
the prices firm.
Domestic industrial liens moved
irregularly, with an upward trend.
Selling of American Writing Paper
Us and Wickwire Spencer Steel Is
carried both issues down more than
point to new lows for the year.
Poor buying support resulted in
further recessions in the foreign
list, Mexican IS dropping l IL
points to a new minimum figure for
the year.
An Issue of S15,cOO.OOO state of
North Carolina bonds has been pur-
chased by New York banking syn
dictate headed by the First National
Bank and will be offered for public
subscription tomorrow or Monday.
The bonds are divided, part of the
issue bearing II percent coupon
and the others a "A rate. Total
bond sales (par value) $11 $50, 0C0.
New York StOcl, MorI.nf