Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-02
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Nov. stock prices
continued their move to higher
ground in today's market although
swift pace set in yesterdays spirited
session. The rapfdity of the ad-
vance in the leading industrials
however. encouraged intermittent
profit taking and a renewal of bear
selling but operators on the long side
found little difficulty in finding new
leaders when the old favorites show
ed signs of. hating. The days sales
again ran well over one million
shares.
Heavy buying of the railroad shares
was one of today's features. Ches-
apeake and Ohio was the individual
favorite, being pushed up 5 SIS
points to 73 Is on buying that ap-
parently was based on speculative
belief that the stock is shortly to be
placed on SC dividend basis. Sew
eral other low priced rails were taken
in hand just before. the close. net
gains of l to nearly 2 points being
registered by Baltimore and Ohio.
Reading, Southern Railway. Northern
Pacific, and Great Northern pre-
ferred.
Wall Street heard reports today
that strong financial interests were
behind the market, some observers
aSsociating the current advance with
the coming elections. Shorts. who
were unable to cover their commit
ments yesterday, found few oppor-
tunitieS to retreat with profit today.
the speculative favorites holding re-
latively steady whenever yesterdays
closing prices were reached. Expert
nnininY1 10 cti1l .yl.idaIy Divided
ever. as to whether the upward
movement can be maintained.
Fresh weakness cropped out dur
Ing the day in the oil. shares. Sell
ing of these issues was ascribed to
a variety of things. including con-
tinued overproduction particularly in
the new central Texas fields: rumors
of new financing by some of the
smaller, companies and fear of addi
tional downward rcadjustments of
gasoline and crude oil prices. Texas
Company was especially weak, falling
more than 3 points to SO Is. new
ing slightly before the close.
U. S. Steel closed fractionally
higher at 81 rs after having sold
half a point above that figure Stude-
baker crossed 101 but closed I'M
changed at 100 as. Baldwin ended
the day is lower at 121. October
shipments of the Baldwin Locomo-
tive works totalled S1.350000, a new
high record for the year. American
Can was the feature OF the indus
trials, touching SO IA, but closing
point below that figure for a net gain
of IL points. Congoleum advanced
Z 1-2 points to 1871 new top. and
Foundation Company jumped 1-2
nninfc RI a. Not poinS ~ m
points were scattered throughout the
list.
Foreign exchange trading was
quiet as n result of the annual
stock exchange holiday in London
and the observance of All Saints
Day on the continent and in South
America. Demand sterling dropped
nearly "a of a cent to SAT- IA,
French francs eased slightly to $50
cents and German marks fell to an
other low record. being quoted at four
billion for one cent.
Call money opened at A "a per
cent but fell to 1-2 before the close
The time money and commercial pa
per markets were quiet with no
change in rates.
The bond market reflected renew
ed and increased interest on the part
of investors, the buying being par
ticularly heavy in the secondary adj
justment and income issues of the
railroads. with marked increase
also in buying elsewhere in the list.
All of the averages recorded i'm
provement. the largest change being
in the secondary rail group. Traders
reported that telephone and wire in
quiries were exceptionally large and
that many. of these communications
We're translated into buying orders
before the close.
Rumors in the financial district in
dicated that agents of the British
governmentshad completed their pur-
chases OF u. S. Government bonds
to meet the next interest payment
on the British debt but movements
of the Liberty issues showed there
was considerable buying power aside
from that operation. for all of these
issues except the tax exempt 8 1-2s
moved upward.
Some Of the sugar and copper
company liens participated in the
improved prices. particularly the con-
vertibles which moved with the stock
market.
There were renewed reports that
public offering would be made soon
of an issue of southwestern Bell
Telephone Company bonds and an is
sue of s15.0o0,o0O Texas Company
bonds.