Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-10

NEW YORK MARKET
r..tures Of the Days Dealings in All
rs'' the Leading Stocks

N.w York, Nov. 9-The main up
I'd movement in the stock market
N maintained today despite the
favorable overnight political news
s.on, Germany and intermittent pro-
q, taking in the recent leaders.
While cotton features and the for
.sn exchanges fell sharply on the
Ssrraan news, the stock market vir-
.~slIv ignored it and continued to
.ssnond to constructive domestic de-
rsIonments. Total sales again ap-
nroximated one and one quarter mil
lion shares.
R,iying in today's market was in
suenced by the announcement of an
intensive development program next
wear by the American Railway Asso-
ciation, higher brass, copper, zinc and
refined sugar prices reports of a con-
tipuation Of unusually heavy freight
traffic.
General baking was pushed up
nearly 2 1-2 points to 103 1-8 in
speculative expectation Of an extra
distribution to stockholders before
Christmas time. Kresge, CongQleum,
and Savage Arms also touched new
high levels for the year.
u. S. Steel, Baldwin and American
Can closed fractionally lower, due
largely to a heavy volume of week
end profit taking. Baldwin previous
" had touched a new high of 1875 La
on the current movement. Studebak-
er, selling eX-2 IL percent dividend,
showed a small net gain on the day.
StrOmberg Carburetor, up 3 1-2
points, was the feature Of the motor
group.
Copper shares made a quick re-
Spouse to higher metal prices and
the announcement that October ship
ments were 100000 pounds greater
than September and the second larg-
est in peace times. Utah, Kennecott
and Magma each closed a point or
more higher, while the others i'm
proved fractionally.
Oil shares held relatively firm des-
pte further readjustments in crude
oil prices. California Petroleum, up
l u points. was the outstanding
feature. buying Of this issue being
based on an unusually large increase
in earning in the first nine months
Of this year.
Railroad shares continued to lag
behind the industrials although
there were few strong spots, no.
tably Jersey Central which jumped
points and Delaware and Hudson,
which climbed 2 1-2. 500. which has
been heavy lately, dropped to u new
low record for the year.
Foreign exchanges reacted sharply
on news of the monarchistic uprising
IN Bavaria. but made partial recov-
cry later on the announcement that
the revolt had been suppressed. De-
mand sterling fell below S4.40 to a
new low record for the year, an
overnight drop of 3 Il cents and
French francs dropped points to
35S 3-4c. The Scandinavian issues
also were heavy.
Call money opened at five percent,
dropped to 1-2 and then advanced
10 again. The time money market
was again quiet with rates quoted at
, and > IA percent depending upon
maturity. Commercial paper was
moderately active at five to IA
percent with some names command
ing IL.
Bond traders recorded mixed sem
timents in today's market, the for
egn government isues falling lower
on overseas news, railroads declining
slightly and industrial and public
utility liens improving moderately.
The sharp break in foreign ex-
changes early today influenced a con-
siderable selling movement by hold
efs OF French. Belgian and Scandi-
haVIan bonds. but in a few instances
later recoveries resulted in fractional
cams ON the day. Specialists on rail-
ROAD mortgages reported some dis
eliminating buying of individual is
sues OF both the high grade invest
lhent mortgages and the more spec
uiauFe classes but generally both
h'nds receded slightly.
Bonds of the copper, rubber and
tather companies were in demand
throughout the day while the sugars
ana some of the oils fell off in siza-
Die offerings
Inc market for active L. S. Liberty
ponds was little affected by the DAYS
Jews closing prices being near the
'', M leVels of yesterday.
IT, !otal bond sales (par valued $40.