Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-24
FINANCIAL. NEWS
NEW YORK MARKET
e..,urss Of the Days Dealings Ia All
r' tho Leading Stocks

.,r Rork, Aug. 23.-Irregular and
,.sonclusive price movements char
lnnS.ori,eH today's stock market with
a.. General list displaying a heavy
uA during most of the session. EN-
VIZ IN a few issues which were bid
Mp ar hammered down for individual
" ,sons. professional interests show
disposition to await further
developments bearing on the econom-
sitiiation before extending their
Commitments. Pool operations were
,,Irtnally suspended in a number of
,.sues and so-called public buying
sss again at low ebb.
VIZ Favorable coal strike and repa-
..,;ons news resulted in a rather
isrga volume Of overnight selling
".ssrs which gave the market
LEV appearance at the start These
Earrings were fairly we'll absorbed,
Snrever, although individual points
~ weakness continued to crop out
Snring the day
cuff State Steel was again pushed
-, nm southern buying. closing l IA
si,her at So 1-2. Bethlehem closed
trsctionally higher but the other in
asnendents showed little or no
shsnee on the day. L. s. Steel
.,oved within a radius of l point,
closing IA lower. Earnings of the
stea companies in the first half of
Tho third quarter We're reported to
compare favorably with the cor
rssnonding period of the second
ousrter. A slight falling off in the
iast half of the quarter is expected.
,.nSt1lf Of tho i,,n
eynense involved in the gradual eli
mnation of the II hour day. +. II.
cary. chairman of the L. s. Steel
corporation, declared. however. that
il will be three months before the
effect of the change in working day
an costs and price can be determin-
Cd Rail business for shipments next
year is being booked at present
prices
one of the features of today's ses-
sion was the heavy buying of Gen
eral Motors in the last hour. Several
blocks of 5000 shares each chang
ing hands at Is IL up IA. Mullins
Body also was fairly active. closing
~ points higher. Mack Truck
showed a net gain of points but
the other automotiye shares showed
little change.
Strength of the Erie issues was
based on reports that the railroads
coal company had perfected a new
selling arrangement for its coal
which would bring it increased in
come. Erie common touched IS, clos
ing slightly below that for a gain
Of 3-S, the first preferred advanced
2s.S and the second preferred l rs.
Recent earnings reports of the rail-
road also have been unusually good.
Famous Players, International
Harvester, Allied Chemical and Ma
tional Lead were Conspicuous weak
spots, losing I to points.
Call money held at 5 per cent all
day. The time money market was
dull with occasional loans made at
5 IA per cent, the highest rate that
brokers' were willing to pay. Out
flown banks are the principal TAX
ers OF commercial paper, the ruling
rate being IA per cent.
Foreign exchange rates were firm
er. Demand sterling held fairly
steady around S455 IA and French
francs lowered around $50 cents.
Strength Of the Erie Railroad is
sues and the weakness of the
French municipals were the out
standing features of today's bond
market. The rise in Erie liens
synchronized with higher stock
prices, buying of both classes of
securities heing based on the increas-
ed benefits expected to accrue to
the road by reason of a new selling
arrangement for its coal in the
northeastern territory. Erie As, series
A. led the advance with a gain of
Ia points while the prior lien As
and LIS and the As. series B. and
D., advanced l to points. st. Paul
convertible 4 1-2s dropped but 9TH
er changes in the railroad group
were largely fractional
Weakness of the French liens was
somewhat of a surprise in view of
the higher exchange rate. Losses of
| 10 Il points We're registered by
Bordeaux 6s, Lyons 6s. Marseilles IS,
Parls- ns-Dediterranean 6s and
Framerican 1-2, Serbian SIS also
were heavy
~ S. Government bonds were
slightly reactionary.
A drop of . points in Cerro De
fasco Is was the outstanding change
IN the industrial list. Oil company
liens continued sluggish.
Public Offering of the $4,000, 900
argentine loan probably will be made
early next week as several minor
"DETAILS must he smoothed out before
Of