Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-13
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Dec. 12.-Speculators;
for the advance obtained control OF
today's stock market, staging builish
demonstrations in the food, motor,
steel, rubber and chemical shares
despite intermittent profit-taking in
various sections of the list. Net
gains in the active issues ranged
from large fractions to nearly q
points, with Corn Products the in
dividual feature.
Weekly steel and iron trade re-
views reported the appearance of
good buying for the first quarter of
next year, principally by the motor
car companies. This brought fresh
buying into the steel stocks although
the net gains were small. Rubbers
ton of reports that the next revi-
sion in tire prices would be upward,
Kelly-Springfield advancing l 5-S.
New York Central crossed 107 to
a new 1923 high on the announce
ment of distribution of its Read
ing rights to stockholders, but fell
back point later to 106 Ia on
profit taking. Chicago and North
western, which dropped 10 points
yesterday on the reduction of the
semi-annual dividend, recovered
| nearly points of its loss today on
the announcement of Vice President
Lynde that the change meant the
placing of the stock on a percent
basis and not percent basis as
reported yesterday.
Other northwestern rails improved
in sympathy, Northwestern, North
ern Pacific, Union Pacific and
| Great Northern Preferred each clos
ing about point higher.
Motor and motor accessory shares
| were heavily bought in anticipation
of good business and special divi-
dend distributions next year, gains
of a point or more being recorded
! by Studebaker, Maxwell Motors A,
! Stewart Warner. Thinker Roller
Bearing. Hayes Wheel and WHY'S
Overland preferred. the last named
| jumping . SIS points. Strength of
Pierce Arrow issues was directly
traceable to the company's an
nouncement that it had reduced its
bank loans $1000,O0O.
Some of the other strong spots
in the industrial list included COM
mercial Solvents A and B, the lat
ter up 81. u. S. Industrial AL
cohol, International Nickel. Ameri-
can Ice, American Snuff. Iron Pro-
l/ducts. National Lead and Kinney
Tobacco. Dawson Chemical f1uctu-
ated rather erratically. opening at
Is IL, advancing slightly. breaking
to Y Is and closing at II "a for
net gain of ! II points.
Announcement was made after the
market closed that the new no par
capital stock Of the William Wrig-
ley, Jr., Company. which has been
IN, hn ho hon1
mitted to the big Board"
Call money opened at 5 percent
but softened to "a before the
close The time money and CONNER
cial paper markets were only mod
erately active with five percent the
ruling rate.
Foreign exchanges lost ground.
Demand sterling dropped more than
a cent to $437 - and, French francs
were off nearly points at 5.31 cents.
Other currencies showed nominal re-
cessions.
Bond trading was quite active to-
day, with price movements restrict
ed to a relatively narrow range.
The selling movement which start
ed yesterday on announcement of
unfavorable dividend action by two
western carriers continued through
the forenoon. but buyers found mod
erately higher prices during the
| afternoon. The high grade invest
ment railroad mortgages closed the
| day at slightly better prices, but a
ma jority of the secondary issues
were somewhat below yesterdays
final figures.
Buyers were in the market in fair
volume for both public utility COM
pany bonds and domestic industrial
| liens. with the result that firm or
better prices prevailed at the close.
Sugar company bonds found ready
buyers.
The market for new issues con-
tinued good. Offering syndicates an
| nounced the books had been closed
on two siZeable offerings early in
the day-125.O00 shares of National
Dairy Products Corporation stock
and $J.000.O00 Virgin!an Railway
Company percent bonds.
Offering will be made tomorrow of
an issue of $4.000.0O0 2J-year 5 II
percent refunding mortgage bonds
of the Rochester Gas and Electric
Company.
Another offering scheduled for
tomorrow is an issue of $12,OO0.OOO
four to 26 year q IL percent first
mortgage bonds of the s. w. Straus
and Company's new building in Chi
cago.
Total bond sales (par value) Sill
$4,000.