Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-26
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings In All
the LEADING Stocks

New York. Oct. 25.-Prics readjust-
| ments in today's stock market were
largely downward. However. that
comparative stability of the custom
ly light volume Of trading were gen.
orally construed as indicating no
change in the recent uncertain specu-
lative outlook.
Selling pressure was concentrated
| principally on the low priced rails,
ties two score Of which were de-
| pressed to new low slevels for the year.
Among the stocks to break below their
previous resistance points, were such
issues as American Smelling. Anacon-
da. kennecott. Calumet Hecla. North
ern Pacific. st. Paul common and
preferred. Great Northern, Pere Mar
quette preferred, American Sugar COM
mon and preferred. Central Leather
preferred and U. S. Rubber common
and preferred.
Bear operators succeeded in forcing
the closing out of some weakly mar
gined accounts among the grangers
which were offered on the theory that
the contemplated reduction in grain
freight rates would materially. affect
earnings. President Byram of the ST.
Paul declared, however, that he could
| see no reason for the public's change
in attitude toward his road. Septem-
Der earnings Of which the best in three
running 100000 ahead of last year.
:. Liquidation of the coppers was in
| direct reflection Of the drop in the
PRICE. of the red metal to 12a cents a
pound. a new low for the year with
the demand Of big consumers limited
Loss of export business by recent de-
velopmentS along the Rhine has been
one OF the depressing factors in the
copper situation.
Statements of r. H. Gary before the
American Iron ond
that the business outlook was good
and inquiries for steel and iron unusu-
ally large were offset by announce
ment of reduction of 81 a ton in the
pig iron price at Chicago. The prin-
cipal steel stocks closed unchanged or
slightly lower.
Famous Players hardened on a de-
NAL of reports that the holdings of
! the principal officers had been materi-
ally reduced but it failed to hold its
gain. Declaration of a three hun
/ drcd percent stock dividend by Con-
goleum brought about profit taking
with consequent reduction in price.
! publication of trade agreement be-
Products resulted in a sharp recession
in the A and B issues of the latter
although the preferred established a
new top and held its gain.
Call money opened at A percent and
( then dropped to again before the
close. The time money market was
quiet although a fair amount of bust
ness at 60 and 90 DAYS was transacted
at five percent with bankers generally
holding out for 81. The commercial
paper market is broad with an easier
trend.
Foreign exchange sank on cabled
reports of an attempt to establish a
Palatinate republic in Germany but
was announced that two important ca
bic communications between the Unit
cd States and Great Britain on the
subject of reparations were to be made
public.
Demand sterling. which had eased
nearly one and half cents to s4.47a,
regained most of it's loss and French
francs, which had been off six points,
moved up to 5.s3A. German marks
were quoted around one cent a billion.
Bond traders were kept busy filling
orders for the higher grade railroad
mortgages OF the four percent issues.
More than score OF these bonds, sew
oral of them not listed on the New
York Stock Exchange. accordingly ad-
vanced from small fractions to nearly
, points. The buying was reported to
have come from Holland, Where
many. of the older railroad AIS are
also listed.
This greatly increased demand for
extend to the general run of railroad
bonds. and there was widespread sell
ing of Missouri Pacific and St. Paul
bonds. practically all of which touched
new lows for the year.
Buying and selling was about even
ly divided in the industrial and public
utility groups. the former inclining
upward slightly while the latter r,ovr
to lower ground. Price movements ~
the industrals We're influenced for the
most part by stock prices.
Active United States Government
bonds continued to be bought in size
able blocks. the tax exempt 33S NOV
ing above par for the first time in
two months.
An offering is expected soon of SIP
500 900 Pere Marquette first mortgage
bonds with a five percent coupon.
Total sales. par value. S14911 600.