Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-30
FINANCIAL NEWS M
NEW YORK MARKET
e..,,,rss Of the Days Dealings in All
the Leading Stocks

x.w York, Aug. 29.--The rally in
~ prices, which began Monday
snOrning continued through today's
m ..sion with trading in larger volume
20 attending over broader lis.
o." Sneculators for the advance found
.,cpura cement in the statement of
ss.rles f. Mitchell, president of the
SSasional City Bank. that fall business
VAS opening up in an encouraging
W. and that business confidence was
;usttfied. Pool operations were again
- .v,dence in a number of issues, but
so.called public buying was still re-
oorted to be negligible although in
,srest IS increasing.
The report of American Agricul-
.,rsl Chemical Company showing net
VOLTS of $501,4S0 as against a deficit
pptsI1e4,071 in the previous fiscal
var was construed by operators on
;hs long side Of the market as an
,rS,cation that the chemical industry
h.s burned the corner" Dawson
rHssmical continued its sensational
.dyance. climbing 7ls points to So,
sw high record for the year, as
NV q low Of 297s last week. Vir-
s a;"ia Carolina Chemical preferred
syinhed five points and the common
American Agricultural preferred
advanced 2ss'
Two other reports that attracted at
..r,;on were the semi-annual state
ments of the Iron Products Corporal
.snn which showed net earnings Of
n,ore than s1,000,000. or at the annual
ate of s14. a share, and the Strmberg
Carburetor Company. which showed
net earnings of S620,959. or at the an
nual rate of sS.2S share. 2.
Railroad shares threw off recent
sugcishness and advanced with the
;ndustrials. the revival of interest be-
;nr attributed in some quarters to the
record August car loadings and the
suhstancial improvement shown by
the ,Julv earnings reports over those
of the same month last year.
r S. steel, selling eXdividend,
c,osed at 1884, which represents net
rain of la If allowance is made for
the dividend payment. Baldwin and
American Wooden each closed nearly
a point higher but Studebaker and
American Car closed at slight frac-
,ional losses. Gains Of to nearly 8
no,nts were scored by Cosdenoil pre-
ferred, United Railways investment
nreferred. General Asphalt, Kresge.
Market STREET Railway prior preferred
and few others.
Cali money held at 514 per cent. all
day Time money continued flrm
with all new business arranged at 512
per cent.
rarket was the weakness Of French
and Belgian francs and the creation
~ new low record for all time by
German marks at ten cents million.
French francs dropped Z points 10
5s7 cents and Belgian francs dropped
nearly Is points to 465l2 cents.
Bond prices displayed a strong tone
IN today's trading but closing prices
generally were little blow the hlgn-
est OF the day. This was true par
tcularly of foreign issues where price
moved I'd in many cases point or
more only to ease before the close.
however. most Of the French bonds
we're fractional above yesterday
final figures. .a.
held steady In dull trading.
81 Paul convertible 4i2s moved UP
o% and the refunding AIS rs, New
Haven convertible 6s, IL. and New
York Westchester and Boston 412s' 1.
Virginia Carolina Chemical mems
were active throughout the Gay tne
IT'S, with warrants, closing rs nlSh,
err. American Agricultural Chemlca,
us closed IL higher on the day ana
Marine IS advanced liz.