Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-09-05
NEW. YORK MARKET
Failures of the Days Dealings in All
the Leading Stocks

New York, Sept. 4.-Today's mod
.rate reaction in the stock market
,ras generally attributed to the jan
anese disaster. Other contributing
Influences were cabled reports stating
that italy had challenged the League
~ Nations authority to intervene in
10 dispute with Greece, the suspen-
.ion of hard coal mining and rela-
lively firm money rates.
The chief rejection Of the earth
ruake was found in the bond market,
city of Toxic 5s dropping 10 points
snd the Japanese government issues
N points, but all recovering part
n their losses before the close.
Wall Street was considerably en-
outraged by reports that American
Insurance companies would incur no
snrh heavy losses IS they experien-
cod in the San Francisco disaster in
19Os when thy were unprotected by
exemption clauses covering direct
end indirect losses from earthquake
damage. The market therefore will
moi have to absorb any such load of
sscurities as were thrown upon it at
ter the San Francisco fire.
While American losses in Japan
undoubtedly will be great, 1t was
nonted out today that many COM
panies are bound to profit by the in
creased demand for materials needed
in relief and reconstruction work.
Among the active industrial issues
,osses of to points were recorded
Nv Baldwin Loco, American Can,
culf states Steel. American Smelt-
,nr Bethlehem Steel and Beechnut
Packing.
Dayison Chemical gave another err
rstic performance, opening unchang-
od at &c. dropping to 3012 and then
snurting to 421a for a net gain Of 6ia
points on the day.
favorable trade and industrial de-
relopments during the day included
.be raising of the annual dividend
rote on Mack Truck from 81 to So,
Publication of a report of the Hayes
Wheel Company net earnings of over
e. ono 600 in the first eight month this
year as against 1876, 900 in the en-
rive wear 1922 and the declaration of
an extra dividend of 2 per cent. by
the National City Company.
Stock of the Canadian Pacific Rail-
road. which has large property inter-
ests in the orient, dropped Ia points.
Other rails also were heavy. losses OF
noint or more being established by
Union Pacific, New York Central,
Chesaneake and Ohio, st. Paul COM
mon and preferred. Chicago North
western and several others.
Call money ruled steady at 5A per
cent. The none and commercial pa
uer rates were unchanged.
Demand sterling touched"'a new
bottom for the year at S4.52. off "a
cents. and German marks sold as low
as Ga, cents a million. The Scandl-
navian exchanges were heavy and
Snanish pesetas dropped 111a points
IN 1885, cents. but only nominal
changes took place in other European
currencles.
Weakness of the japanese issues in
direct reflection of the earthquake
disaster was the outstanding feature
of todav's bond market, which dis
nlaved a somewhat reactionary tone.
CITY of Toxic IS dropped 10 points to-
e. and then rallied to 6G1a while loss
es of to 3 1-3 points were sustained
hv Janpanese government As, first
and second 41as and the Oriental De-
yelopment debenture 6s. III
Considerable interest also was at
tracted. however, by the heaviness or
British liens which lost ground as
result of a sharp drop in demand
sterling to s4.52, n new low record Tor
the year. United Kingdom 51as or
1920 dropped IA to 40, new low
for the year, while the 512s of 1887
duplicated their previous low OF lol.
So-called speculative issues were
the hardest hit in the railroad group:
Great Northern 51as dropped rs ana
the st. Paul Frisco and southern
Railway issues yielded fractionally.
A drop of point in Marine 6s fea-
tured the industrial division. Pubic
Utility bonds were heavy.