Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-09-26
FINANCIAL NEWS w
NEW YORK MARKET
....r.. of the Days Dealings in All
rss The Leading Stocks

tx,.w York. Sept. 25-A sharp reac-
YIN prices took place in today's
wv I'VE market, many of the leaders
sw V.;no at losses of l to 3 points on
The day. r,,,,, ,,
.nroof that domestic trade develop
Sppts were the paramount force in
meHJe Determination Of quoted values
p' .ha present time. The opening
strong in response to official re-
Voc that Germany had decided to
pySandon passive resistance in the
S n~hr but the rally was not sustained
i"d the market turned decidedly
s sa on publication of unfavorable
.rs and gossip concerning the do
nsostic trade situation.
Heavy selling of Studebaker, which
.,oke 8 ga points to 96 SIS, a new
,ow for the year, on unconfirmed
NV run,ors of a prospective cut in auto
lsices. eventually unsettled the gen.
vi list after a number Of food, cop
and miscellaneous shares had
Ssen run up to points. Baldwin,
tmerican Car, American Can, New
YORK Air Brake, Dupont. Goodrich
"a Woolforth all dropped 3 to 1-2
Sn,nts while Burns Brothers A broke
spoints. - eu
IL some of them succeeded in re-
ss;n,np part of their early gains. The
s.,ion of these stocks was clearly at
.rhutable to the reparations news as
.onner producers have repeatedly
.tsted that a settlement of the Ruhr
nrohlem would naturally be reflected
n an increased export demand for
the red metal.
oil shares, which have borne the
,runt of recent selling, pressure, also
Mia relatively we'll. Reports were
n,rculated in Wall street during the
s.v that some of the leading pro-
Smcers we're planninfi to pool their
ournlus product and issue certificates
.cainst it. similar to the copper ex-
rort financing plan a few years ago
a. Standard Oil officials disclaimed
.nv knowledge of such action and a
canvas of the leading independents
t.,led TO develop that any such plan
was under consideration. 1t was
ncinted out, however, that some of
Tho Pennsylvania producers had
tound this expedient in years past.
Irnited States Steel broke below Sc
,or new low ON the movement on
r.norts of a continued slackening of
demand. Independent steels saSged
IN sympathy. Gulf States closing
nsarly : points lower on the day.
Rails Welded with the industrials
Sssnite the publication of some very
favorable August earnings state
ments. Heaviness of Baltimore and
Ohio was associated with reports
that the resumption of the common
dividend would be DELAYED until the
and GA the year. the stock closing
I a lower at so 1-2. 1t Is under
.tood that the first declaration will
ha at the annual rate Of five per cent.
Foreign exchanges made good
r.snonse to the foreign political news
to which they are highly sensitive.
French francs advanced 10 points to
$40 IL cents and Belgian francs ad.
yanced u points to 5.54 cents, but
both reacted from the high quota
tions in later trading. Demand
sterling closed 3-S of cent higher at
S5e German marks also improved,
being quoted at 50 cents a hundred
million.
Call money opened at five per cent,
advanced to 5 IL and then fell back
10 nVe. i lille rates Wtlc uhSh"il5
Bond prices moved 1rregularly
within relatively narrow limits in to-
days trading on the New York STOCK
Exchange.
Active United States government
issues held steady in dull trading.
French and Belgian bonds improved
moderately on the favorable news
from abroad. Bordeaux 6s advancing
point, TOXIC SIS also gaining point.
Losses of point each were re-
corded by wheeling and Lake Erie
consolidated As. Western Maryland
first As and PETERBOROUGH Rapid
Transit IS. Industrial liens were
mixed Republic Steel LIS advanc-
ing nearly points and Fish Rubber
s. / 1-2. while Wilson and Company
convertible 6s dropped 1 "a and
Brooklyn Edison rs, series D, /.