Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-14
FINANCIAL NEWS
NEW YORK MARKET !.
Features OF the Days Dealings in All
the Leading Stocks H.


New York, Nov. 13-Specnlators
for the advance succeeded in bidding
up the railroad shares In today's
STOCK market, but were unable to
completely check the liquidation OF
lndustrials, which continued to yield
on profit taking and a renewal OF
pear selling in some speculative fav-
orltes. Recessions in such pivotal
industrial shares as U. s. Steel,
baldwin, Studebaker and American.
Can were held to hall a point each,
put they ran as high as three points
IN some of the automotive and chem
zeal shares, which bore the brunt of
the selling pressure.
New Haven was selected as the
leader of the railroad group today.
occupying the position held by the
Erie issues yesterday and Southern
Hallway on Saturday. New Haven
was pushed up IL points to II IL,
closing slightly below that figure the
buying of this and other carrier Is
sues being based on expectations of
nigh October earnings statements,
soon to be published. Increasing OPP
timism of railroad executives In the
immediate future of business, as re-
Elected in the recent decision to again
spend huge sums on equipment next
year. also have been a factor in the
steady accumulation Of these issues.
Gains of point or more were re-
corded by New York Central, Erie
common, and first preferred. st. Paul
command and preferred, Northern
Pacific, Rock Island six per cent pre-
ferred, Texas and Pacific, Nickel
Plate" and New Orleans, Texas and
Mexico.
Further downward readjustment of
NrIl6o Nd nf oil
ditionalx gasoline price cuts had a
somewhat unsettling effect on the oil
shares, Tidewater Oil breaking nearly
5 points and losses of q point or
more being recorded by Pan Aneri-
can A and B and Marland. with frac-
tional recessions elsewhere.
The heavy spots in the motor and
chemical groups were Nash Motors,
Kelsey Wheel, Gray and Davis.
Pierce Arrow prior preferred, Am
erican Agricultural Chemical prefer
turnover in many cases was small.
American Tobacco, Sloss Sheffield
and United Fruit also yielded easily.
losing about two points each on the
day.
There were several strong spots
among tho specialties, notably Inter-
national Telephone, Jones Brothers
Tea. Jewel Tea preferred and Twin
City Rapid Transit. up to IL
points.
Copper shares showed a tendency
to strengthen on reports of rising
trend in the price of the red metal.
An advance in lead prices also helped
those shares.
Call money opened at 1 "a per cent
but again eased to IL before the
close. The United States govern
ment withdrew $3,110.000 from local
banks today and will draw another
$5,433.000 on Thursdav. Time money
was available at 5 pei cent for ma
turtles up to 9 days and at IA
for the longer periods. Trading was
dull.
Foreign exchanges showed moder-
ate Improvement. despite the unfav-
orable nature of the foreign political
news Demand sterling held fairly
steady just under $4.37 9-s and
French francs sold around SIS cents.
The bond market was unusually
active. with good buying evident in
he railroad group. All groups with
the exception of foreign issues and
the high grade rails recorded gains.
in averages figured on ten bonds in
each division.
Traders reported several large pur-
CnaScS Oh DlOCkS Vi lHNeStHSHN oN
curities for the accounts Of banks.
while commission houses stated buy
ing orders were plentiful for second
airy issues from individuals and pro-
fessional traders. Securities of the
New Haven, Erie, and st. Paul roads
registered moderate improvement,
the convertible skies of the first
named company gaining more than
2 points.
New issues offered today Included
a $4,000, 600 issue of the Southern
Railway, $4,000 900 Los An eles bonds
and 100000 of the City of Akron
sold readily. members of the Offering
syndicate reported Books were
closed about noon on the southern
railway issues. J. p. Morgan and
Company announcing the issue over
subscribed.
Announcement at Washington that
the next interest and principal pay
ment on the British war debt would
be paid entirely in Liberty bonds
stimulated trading in United States
government issues at firm prices.
Interest in the industrial group
was divided with some of the oils
selling lower: Rubber company liens
improved slightly. "a
Public offering of a $15.250.000 is
sue of first and refunding mortgage