Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-24
FINANCIAL NEWS M
M
NEW YORh MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Oct 23.-Stock prices
generally failed to give any indica-
ton of a definite trend in todays quiet
market, most issues laundering irreg-
change, which carried it down to an
other new low level for the year, hao
depressing effect on sentiment, but it's
effect on stock prices was generally
held to be negligible. The financial
community. however. is paying close
attention to European cables which
have formed the major topic of mora
ing conferences in some of the largest
banks. Fluctuations in stock prices
continue to reflect the play of oppos-
ing speculative forces. Fresh weak
ness cropped out again today in the
rubber and leather issues most. or
which fell to new low records for the
year. and in a lew special stocks such
as American Sugar, Famous Players
and international Paper which also
sold at the years minimum prices.
Stocks of mail order houses. chain
stores and tobacco companies were in
sion, Woolworth. kresgc. May Depart
ment Stores. and General Baking
soaring to new high records for the
year. Discriminating purchases also
took place in other parts Of the list
Opening prices in today's market
were reactionary but the net losses
in the usual leaders We're small. Good
buying support appeared at the lower
levels and the market started to rally
but trading again became dull. North
western rails, particularly the Hill
roads. suffered another sinking speel
through renewal of speculative fear
of a reduction i'll freight rates with
resultant declines in net earnings. The
whole market improved in the last
hour on rather active short covering
in Baldwin, American Can, and L. S
Steel, all of which closed fractionally
higher.
Acute weakness of Central Leather
was directly traccable to the quarter
ly report published today. which dis
closed a deficit Of $3,S26.o34 in the
third quarter as compared with a
surplus of $75S,o74 in the correspond
ing period last year. Loss of export
the Ruhr was the explanation gener-
ally heard for the heavincss Of the
copperS.
Just before the close marked
cal and Coco Cola. each of which
closed at net gains of nearly points.
Demand sterling broke to a new low
of S4.47S in the early trading but rail-
lied later to $4.i9S on publication of
dispatches announcing the defeat of
scparatist forces j.. Various Cities. of
the tuhr. Continents! exchanges also
recovered after an early period of
heaNincss. German marks continued
their course toward the vanishing
point. being quoted at one cent a
billion.
Gail money opened at q pereen. and
then cased TO 4. More time money was
available today at ST percent for al!
naturities up TO 80 days but brokers
are still bidding fvc.
The. bond market displayed some
what heavier tone with the volume of
trading falling off slightly. Traders
attributed the general decline to senti-
mental selling under the leadership.
largely. of foreign government issues.
Renewal of the operations of the L.
5. Government sinking fund and
some buying attributed to British
tone, all of the active issues recording
small gains.
While most of the French govern
ment and municipal bonds reccded on
selling Influenced by overseas news
reports, the feature of trading in the
foreign group again today ccntered in
the Mexican bonds. The As fell off II
and the IS. %. both touching new low
prices for the year All of the papers
late afternoon statement by Thomas
w. Lamont OF the International com
mission of bankers on Mexico that
he believed Mexico would carry out
her agreement to resume interest pay
mentS but the response was further
SLING.
A few secondary railroad mortgages
moved forward but greater numbe.
moved lower. Traders reported thet
utility liens were continued large but
few sales were made. Rubber sugar
and copper company liens were offered
freely and several issues moved down
ward.
Total sales. par value. S9.0o9,oOO.