Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-09

NEW YORK MARKET
Features Of the Days Dealings in All
the Leadinn Stocks

New York, Nov. Stock prices.
which have been climbing upward
Tor more than q week, made another
brisk advance In today's broad and
active market leading industrials
rising 3 to IL points above their lows
OF last week to new high levels on
the movement. The days net gains
10 active issues ranged from 1 to 8
points.
Another series of favorable do
mestic Developments furnished the
impetus for the rise but much of, the
buying was reported as coming from
trapped short interests who had
been stubbornly contesting the ad-
vance. Commission houses reported
an increased public interest although
the buying of small investors is still
a relatively negligible factor.
Higher prices for copper metal,
brass. and rubber. increased, pig iron
production, decreased Oil production
and imports, an optimistic survey of
the packing industry by j. Ogden
Armour and another series of ex-
cellen, earnings statements, particu-
larry by some of the automotive COM
panies, furnished ammunition for the
campaign of spectators for the ad-
vance.
There were a few unfavorable de-
velopments such as another cut in
mid continent crude Oil prices and
the further weakness of sterling ex-
change but these were largely ig-
nored.
U. S. Steel closed 1 "a points high
err at "a 5-8 after having sold slight
ly above that figure. Baldwin, Stude-
baker and American Can, all of
which reached new highs on the cur
mt 4l1
ly IA points higher on the day.
Stromberg jumped points on the
declaration of an extra dividend, net
gains of to nearly points also were
registered by Chandler Motors,
Stewart Warner. Hayes Wheel. Fa-
nous Players, American Tobacco 3,
American Agricultural Chemical pre-
ferred, General Baking, General
Cigar, International Paper, the Mar
ket Street Railway. issues. United
Railways, Investment preferred, Tide
water Oil, Woolworth and few
others.
in the early dealings but they de-
veloped strength towards the close
with good buying making it's appear
ance in New York Central, Wabash
preferred A and Union Pacific.
Northern Pacific and Illinois Central
were heavy, the latter touching a new
low for the year.
Call money again held at five per-
cent all day. The time money and
commerciahpaper markets were quiet
with no change in rates.
Demand sterling dropped to an
other new low for thes&ear in ref1ec-
ton on the large volume of bills
again thrown on the market. Other
nXnha m y1,ivnd TNrnnnt1 fpo &c
developing moderate strength while
Norwegian and Danish kroner drop
ped sharply to new lows for the
year.
There was some falling off in the
volume of trading in the bond divi-
sion of the stock exchange, due
probably to the unusually large
amount of new offerings out this
week. The tone. however. generally
held firm.
The more notable trading was in
the high grade investment railroad
issues. Traders indicated much of
the buying of that class of security
was Of foreign origin while bargain
hunters in this country continued to
bid for the secondary railroad mort
cages.
Market Street Railway bonds were
quite lively at moderately higher
prices in sympathy with the better
tone of tn stock. Local transactions
also were in fair demand.
| Some of the industrial liens were
inclined to give ground on stable
offerings at concessions but price
movements generally were irregular.
Buying orders for public utilities
continued to exceed offerings but
numerous bonds inthis group moved
lower.
The market for active U. S. Gov
eminent bonds slowed down some
what and net changes were relatively
unimportant. There was better
demand for foreign issues. several
of the recently heavy South Ameri-
can bonds pointing upward.
Total bond sales (par value) were
50, $50, 900.