Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-09-27
FINANCIAL NEWS
NEW YORK MARKET
e.,tures of tho Days Dealings in All
the Leading Stocks

New York, Sept. 26.-Stock prices
rsre sluggish during the greater
VT of today's session but turned
pSruntiy upward in the afternoon on
az resumption of dividends by the
po,,imore and Ohio Railroad. There
Ere other favorable news factors
curing the day, such as another Sc
uas Of excellent August railroad
Clements and the publication OF
sn official proclamation ending
aa.s;ye resistance in the Ruhr. but
these had failed to stimulate the
huying of stocks.
Declaration of quarterly divi-
iond of l IA percent on Baltimore
Nd Ohio came somewhat as a sur
srise as Wall Street previously had
Sssn led to believe that the pay
rsnt would be deferred until the
snd of the year, although it was
rstter of common knowledge that
.Ss dividend was being fully earned.
More than 10000 shares of the stock
changed hands during the day. the
closing price of 90 representing a
NET gain of 4 IL points.
: The dividend action had tonic
effect on the rest of the market.
other rail stocks were bid up and
number of industrial issues, which
previously had shown marked heavi-
ness. such as the steels and the mo-
tors were bid up l to 2 points above
Yesterdays closing prices.
Sugar shares again gave one of
The best exhibitions of group
strength, buying of these issues be-
ing predicated on another advance
in the raw and refined products. Gu
han American and Cuba Cane Pre-
ferred closed at net gains of about
Weekly reviews of the steel in
dustry report slight quickening of
interest but more optimism is ex-
messed by the United States Steel
Corporation, which reports an in
crease in operations from S1.3 per-
cent a week ago to 90.3 percent.
This week L. S. Steel closed point
higher at 81 IA and most of the
others showed fractional improve
ment on the day.
American Can. which has been
under pressure lately, snapped back
IL points on circulation of re-
ports that an extra disbursement
probably will be declared in Decem-
Der. Baldwin. Dupont and Dawson
Chemical, all of which have been the
target of bear traders, closed at net
gains of . points or more on what
was ostensibly short covering opera
tons.
Call money opening at 5 IA per-
cent but advanced to 5 1-2 before
the close. The time money market
was quiet with brokers bidding Ia
and bankers asking 5 1-2, a few
short term loans being arranged at
the lower figure.
Foreign exchanges lost ground on
profit taking by spectators who
bought bills recently in expectation
Of favorable reparations develop
ments. Demand sterling held fairly
steady around $4.55 3-4. but French
francs dropped 4 IL points to 600
cents and Belgian francs dropped
points to $50 IL cents. Norwegian
and Danish exchanges also were
heavy.
Bond prices were reactionary in
dull trading. The upward turn of
the final few minutes in the stock
market had little or no effect on
the bond market, Baltimore and
!
ally, being the only strong spot in
the railroad group.
Losses Of a point each were re-
corded by st. Paul refunding a lbs,
Atchson adjustment Is and Chesa-
peake and Ohio convertible 4s. In
terborough rapid transit refunding
BIS declined nearly a point.
Industrial liens also fell off mod
erately, Republic Steel 5 lbs reced-
ing 2 Is to new low for the year.
Fisk Rubber So and American Tele-
phone and Telegraph convertible is
each dropped /. Sugar bonds adj
ranced fractionally.
Trading in both United States gov
eminent and foreign bonds was
rather dull and price changes small.
The tax exempt 3 1-os of the U. S.
government declined 4-3o of point.
Other changes We're limited 20 1-32
OF point. Bordeaux 6s up ]. was
the strong spot of the foreign di-
vision.