Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-20
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Nov. 19-All speculative
markets moved briskly upward to-
day. chiefly on the announcement
that break between Great Britain
and France had been averted, at least
temporarily. The outstanding feat
ure was the sensational 10 cent jump
in sterling exchange, which had es-
tabliShed a new low record Of
$4.26 Ia earlier in the day. Stock
prices advanced 1 to 4 points, active
industrials and railroad bonds moved
up point or more, cotton futures
sold at the highest prices in three
years and grain quotations averaged
about half cent higher.
The upward movement in stock
prices also was aided by a series of
favorable dividend developments in
Guiding the initial payment of SO
cents share on Calumet and Hecla,
the increase from Sc to IS in the an
nual rate on Dupont and the increas Sc
from So to $2.S5 in the quarterly dis
bursement by the Childs Company,
by reports that President Coolidge
had approved Secretary MELONS
tax reduction program and by the in
crease in pig iron prices.
Shorts, who had sold the specula-
tive favorites freely last week on
the theory that breakup of the en-
tente was unavoidable, fastened to
cover when the morning cables an
nounced that the council of ambas-
sailors had reached u tentative agree
ment at their first meeting. Baldwin.
Studebaker, American Can and Gulf
States Steel closed or more points
higher and Dawson showed net
gain of 4 points, buying of this issue
being predicated on reports that ne
gotta tons for the use of the Silica
Gel process were being carried on
with other refining companies of the
STANDARD Oil group, n contract with
Vacuum having been closed last
week.
Steel shares were slightly heavy at
the opening but they soon moved up
with the rest of the list, u. S. Steel
common closing l IL points higher
and Crucible, Republic and Betli1e-
hem showing net gains of 1 to .
points. The best demonstrations of
group strength, however, were given
by the equipments, tobaccos and
motors. Pool operations were re-
sumed with increased Vigor in vari-
Gus sections of the list and were re-
sponsible for some extended gains,
particularly among the specialties.
Rails Jagged somewhat behind the
industrials. Erie issues were again
heavily bought on unotficiaN reports
that gross income for October had
exceeded $12,000,000 and that oper-
ating expenses had been reduced.
Baltimore & Ohio was strong on
President Wizards favorable esti-
mate of earnings.
United Cigar Stores was one Of
the high spots of the tobacco group.
jumping Il points. Schultz advanced
is and Lorillard 3. Dupont touch
ed ISL IA on. announcement of the
hihger dividend but eased later to
$50, up ga on the day. Other out
standing strong spots included Cen
eral Electric, Ann Arbor preferred,
Big Four" Stromberg Carburetor,
Superior Steel and Tidewater Oil, up
3 to = IL points.
Demand sterling touched s4.36 and
then dropped back to $4.32 1-2.
French francs jumped rs points TO
5.4S cents and then slid off 10 5.3l.
Similarly erratic changes took place
in other rails.
Call money opened at T. "a percent
an dthen advanced to 5. Time money
and conlmercial paper rates were I'M
changed.
Today's investment market was
featured by sharp rise in European
bonds, Influenced by dispatches from
ABROAD lI!c III SdlSllCu
break between the allies had been
avoided. Some of the French mu
nicipals advanced beyond their levels
on last Friday when they broke bad
ly in active selling.
The balance of the listed bonds
held close to Saturdays prices. with
some improvement in some of the
industrial liens, notably steels, sugars
and Coppers, active United States
government bonds generally gave
ground but recesSions were small.
French government I LIS and SIS
moved up IA and 3-S points re-
spectively while some of the French
municipals sold more than 3 points
higher. Belgian government bonds
advanced in excess of one point.
Better prices prevailed also for other
European government issues and
Bolivia IS advanced a point.
The market continued to absorb
stable offerings of new securities,
bankers reporting several issues ag-
gregating more than $20.000,0O0 as
having been subscribed today.
Bids will be opened at Lansing,
Mich, Mich, tomorrow for an issue
of $3,000,000 IL percent Michigan
state highway bonds.
Total bond sales par value So
$4,000.