Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-16

FINANCIAL NEWS


prices in today's stock market. hut they
were hampcrod by a large volume cf
profit taking induced by the higher call
money rate. which opened at ). advanc-
ed to 81 and then &. and fell back to
again a the close. Fresh buying pow
CT conferred largely in tie Independent
steel. oil and copper company shares.
but number of spocialtics were bid UP
sharply for individual reasons
Foreign news developments worc
largely ignored. but the new years
high for sterling had cheerful effect
on sentiment Higher prices for crude
oil. zinc and copper. the latter being
quoted at new high record of l3}
cents a pound. stimulated the buying
of shares in those groups. The APP
parcntly chaotic condition of the Cuban
raw futures and refined sugar markets
impaired an Irregular trend to the SUI
gar company issues.
New high records for tho year We're
| made by number Of stocks. includ-
ing American Can at 39i. Cosdcn Oil
at 5Ss. Gulf States Steel at So. North
American at 11a. Westinghouse Eloc-
trio at 65-. Utah Copper al 69i. Chand
lcr Motors at ~, California Petroleum
at S5.. l.. s. Industrial Alcohol at 1ls.
Nanadrm Steel at 42S. Crucible Steel
at S2i. Rcploglc steel at BIZ. and Unit
cd states Smelling at 41b. but most of
these prices were shaded at the close.
, North American dropping to 111g for
a net loss Of II. and American Can to
9S1. where it was up nearly four points
on tho day.
| ncrca scd< vigor in all parts Of the list.
| California Petroleum was tho loader
of the oil group. trading IN which be-
! came more active on another increase
| of - cents barrel in the prices OF
| PENNSYLVANIA crude oil. tho sixth in
crease this year. and an average dec
crease of 1880 barrels daily in crude
oil production for the week ending
February 10.
prices noted i'm the weekly trade re-
views. combined with reports that
manufacturers were offering premiums
to Independent companies Tor prompt
SHIPMENTS drew attention to- the steel
shares. l.. s. steel common approaching
within small fraction of its years
high and the independent issues soar
ing to new high ground.
Some Of the other indiNidua r strong
spots were Atlantic refining. Tidewa-
ter Oil Kresae. Dupont. plttsbufg Coal
and Westinghouse Air Brake, i'll up
three to six points.
Trading in rail shares continued in
lcthargic fashion although the main
tendency was upward with Delaware
SNirHeI '' Plate" common and second
preferred. showing net gains of one to
Time money was offered at per
cont for all dates with brokers taking
some for 30 days and longer but bid,
ding only 4. for the shorter maturities
Iy active with the bulk of the prime
names commanding A. per cont.
Foreign exchanges were firm De
mand sterling reached new years
high at s4.6sa and French francs stiff
fcncd to above GOO cents. Marks
touched .O051t. or more than $50 per
cent above their extreme low, the re-
cent rise being attributed to German
government manipulation.
Irregular price movements took place
in todav's bond market. but the main
tendency was upward. Copper company
liens were bought at higher prices. SUI
oar company issues were reactionafE
in response to the irrcgularly lower
sock prices, municipal issues were in
good demand and United states GOV
nrnmcuA securities were inclined 70
o,aa il, responsa to thn delay in the
Senate vote on the debt fundi bill