Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-03
W FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Oct. 2-Speculative
uncertainty over the business out
look for the next few months was
again reflected in the narrow and
irregular fluctuation of prices in to,
DAYS quiet stock market. There
was, however, virtual subsistence
of recent selling pressure which
gave the market a slightly better
tone but failed to lift it from the
narrow trading area in which it
has been floundering for the last
few weeks.
Reports were circulated by the
financial tickers that brokers' loans
now approximate S1.375,OOO,OOO,
decrease Of S25,000,000 in the last
ten days and about $685., 100000 be-
low the high mark of February,
While the estimates of the short in
terest were variously estimated at
100000 to 100000 shares, it is gen
orally conceded that stock loans are
at or near the peak of the year.
over night news developments
seemingly had little effect on the &C.
onomc situation and were disregar-
ded as market factors. Even the
government cotton ginning and con-
dition reports, which brought about
100 point rise, followed by a sub
seQuent $50 point drop and a partial
recovery in cotton prices. failed to
stimulate any interest in stocks.
United States and Bethlehem
etepls, Baldwin and American Can.
generally regarded as pivotal stocks.
all fluctu2ted within an area OF one
noint and closed at slight fractional
CtvIp no ken. which Il
the target of considerable bear pres
sure lately closed 81 higher ut %
and is after having sold as low as
q or within IA of the years mimi
mum.
one Of the most conspicuous weak
spots was National Enamelinc.
which was depressed nearly four
points to -. a new lew for the wear.
on the circulation OF unconfirmed
reports that the dividend might be
raised at the directors meeting
later in the month. The sock
bounded back to - before the c,oHe
Considerable short covering was
in evidence in Allied Chemical and
Dawson Chemical, the former cos
ing IS hi~hcr at s. l. and the
latter showing a net gain of l J-S at
& IS after having touched IS II.
There were few other strong spots
in the industrial list, namely, Iron
Products. |. S. Cast Iron Pipe, Wells
Fargo, Savage Arms and Liggett
ard Nye~s. Up = to y points.
Rails showed more consistent
strength than tho inGustrials with
special attention being paid to the
big dividend paying systems. Balti-
more and Ohio YES run up l point
70 IS. a new top for the year, and
Cleveland. Cincinnati. Chicago and
81. Louis jumped q II points to %
md l., also q new top. Wabash
Preferred WCs anotehr active feat
uro.
C1l money OPENED ~ ) Ii per-
cent, e2scd to > around noon. and
thence TO I II where it closed. The
time money market was extremely
'ull with a sight Gtiffoning in rates.
Tanhcrs are asking ) 3D. percent for
the longer r&turities with brokers
bidding ) II for all dates.
Foreign exchange business was
ESQ quiet. Demand sterling i'm
proved IS of a cent to S4.54 is
but most of the other European cur
rencies Voc slightly rc2ctionary.
French francs being quoted around
19S cents. Belgian francs around
3Gl cents and German marks at
y cents a hundred million.
After all early fi.mnoss accom-
panied b. unusual activity in the
r2iIrccd division, bond prices slump
On in the late trading and closing
prices generally shaded those of
Nc-torday. Nov lows for the year
a~ain were touched by the tax eX-
emit :; LIS OF The I. s. government /
and the Youngstown Sheet and
Tube G'G. recently freed from the
protection OF the Offering syndicate.
Bond traders declared the move
ncnt indicated a condition of indie
geGtiCn AMI that the BUYERS are in
cined to sell Quickly for a small
nrofit thus returning the bonds to
the market, Uncertain stock prices
nave Influenced some selling of
bonds on the downward trend for
fear the holders would suctain fur
Their Losses.
Instances of quick profit taking on
fractional gains were evidenced in
totay's movement of sugar. oil end |
steel company liens, all of which adj !
vanced in the forenoon and sold off {!
later. The same situation prevailed I
II the railroad group
Bankers continue to hold in obey |
ance several large bond issues |
winch are reported to have been |
ready for some time.