Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-31

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NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York. Oct. S0.-Heavy selling
of the oil shares, based on a further
reduction in Mid-Continent crude oil
prices. impaired a reactionary tone to
the decline was influenced also by
the relatively high renewal rate for
call money, lower refined sugar prices,
and the cut in the National Enameling
dividend from Sc to 81 annually.
Declaration of an extra dividend Of
Of the United States Steel Corpora
tion proved to be one of Wall Streets
most carefully guarded secrets. The
announcement was made after the
loss of IL at seq. the final quotation.
Chairman Gary declared that while
new business was only one-half of
productive capacity. inquiries were
belief. that many of them would be
translated into actual contracts in the
near future.
Wall Street also was cheered by the
report that Great Britain had accept
ed Frances terms for conference of
ity to pay. Foreign exchanges held
steady, demand sterling being quoted
| around S.45s French francs around
5S7 cents. and Italian lire around $50
| cents. German marks fell back to ono
cent billion.
when the market opened with most
of the leading industrials displaying
a firm tone. The cut in prices an
nounccd by the Magnolia Petroleum
Company was ignored for time. but
| before noon the selling orders. IN the
| oil group increased and losses in the
low priced shares ran from l to %
points, with Marland and Producers
and Ref1ners sagging to new low levels
for the year. Rumors of new finan-
n ho
panieS also were circulated during the
day.
National Enamclinc dropped 2s
! points in direct reflection It the re-
duced dividend. American Wooden
was in supply on reports that the re-
! stimulate any great amount of now
! business. Dupont. in which a pool
! is reported to be operating. slipped
back SO points. Stewart-Warner had
points just before the close. Chain
Stores and Shippings, which have been
strong lately, yielded with the rest
of the list. Woolworth dropping 81
points, Marine preferred L. and AM
erican International Corporation II.
A moderate inquiry developed in the
| carly part of the session for some of
the low priced rails. but this died
dow" before the close. New low records
| for the year were established by Hi
nois Central common and preferred
Chicago and Northwestern preferred.
Union Pacific preferred. and Louisville
and Nashville.
Call money opened at 8 percent
| eased off to Al and thence to four
where it closed Time money was
dul! and easier. brokers bidding 4? for
so and 60 day funds ard bankers hold
ing out for 5.
The bond market was practically
fcatureless and prices changed little
from Yesterday. Traders reported
some activity in railroad mort cages
OF The higher grade. but buying com
ing mostly from banking institutions.
This buying, however failed to off
set stable selling orders.
Wheeling ard Lake Erie and West
crn Maryland issues both were unusu-
ally active, due. il was understood
to reports that both roads may ulti-
/ mately become 4 rart Of tho New York
Central system.
There was n somewhat heavier Of
fering of various industrials influenced
largely by declining stoc. prices. The
s percent bonds of Producers and Re
flners were bid up nearly points due
20 the speculative opinion that the
bonds have been STRENGTHENED through