Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-24

- We 49, -1ss,-'

posal regarding the Mosul oil fields
! and a>scnsational break in FISHER Body
stock. which dropped from 2t3 to 162
and then rallied to IL for net loss
of Is! points.
The reaction was halted by a hullish
demonstration in the rubber shares.
which accompa nied announcement of
another increase in the price of crude
| rubber to 81 cents round. the high
est since the middle of 1920 and more
than double the price in the carly
| weeks of last year. There was also a
heavy accumulation of railroad shares
just before the close. several invest
mont issues gaining one to u points.
Trading continued to he largely a
professional affair the volume of sales
being even lower than that of Ncst"r-
day. which was the Sma Hest full day
session since tho middle of last August.
Baldwin and Studebaker were again
the most active of the leading indus
trials, the former closing at q slight
a point and gains Of point or moro
also were registered by such prominent
industrals AS American Tobacco. Con-
solidated Gas. Crncible steel. Maxwell
Motors a and II. Tobacco Products A.
steel IL Tube preferred. United Fruit.
! L. s. Rubber and Corn Products. Hem
doc Manufacturing, Manati Sugar end
.Mackay Companies also were strong,
each gaining two points or more.
Woolworth was one of the most con-
spicuous weak spots. dropping to 2o1
for net loss of liz points. Fcech-
nut Packing. which has been hid un
recently on speculatly" expectation OF
an increase in the dividend, dropped
~ points on announcement by the
president of the company that no i'm
! mediate increase in diYidcnds was con-
tomplated. California Petroleum closed
y lower.
No special reason was assigned for
tho heavy buying of rail shares in the
final dealings Jersey Central advanc-
4 80
nearly two points were scored by Bal
timore & Ohio. Canadian Pacific. st.
Paul. Lehigh Valley. Now York Cen
trail. Pcrc Marquette. Union Pacific and
Western Maryland second preferred.
Call money opened at per cent, adj
vanccd to 4a in the late afternoon and
thence to >: where It closed. Govern
mcnt Withdrawals from local banks
during the day amounted to S29,500.o 600
, with heavy Withdrawals also reported
by interior institutions. Trading was
active in the time money market ana
the tone was somewhat easier. large
amounts being offered at ~ per cent.
for the shorter maturiticss ard at Al
for the longer periods. with brokers
still holding out for AZ for the TOUR
and SIX months loans. The commercial
fair sized volume of new paper being
received and disposed of quickly. The
bulk of the prime names commanded
II per cent.
A brisk rally took place in most for
eign exchange rates. Demand sterling
advanced ono cent to S4.G6s and French
checks rose rs points to 6o" with more
moderate advances in the Belgian ana
Italian rates. Danish exchange. which
dropped to 1859 Yesterday. as against
1924 on Saturday. jumped today to
1910. Calcutta exchange established
another new high record. the rupee
being quoted at $685. cents.
Both prices exhibited a firmer tone
in todays market. but a number OF
weak spots in the rails and public utll-
tiles gave it spotty appearance at
the close. Except for a>drop Of IA
government bonds were either higher
or unchanged. the gains ranging from
two to 16 cents. tho highest in the sec
ond as. which ordinarily arc inactive.
There was Suspension OF liquida-