Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-15
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks


the Leading Stocks
New York, Nov. 14--Stock prices
lsclosed slightly lower after an all day
struggle between opposing specula-
tive forces in today's stock market.
Special strength again developed,
however. in some of the low priced
rails, particularly the Erie issues,
and in a number of Industrial spec
ialties.
Extensive profit-taking and short
selling was in advance in the indus
trial list on the theory rapidity and
, extent of the recent advance war
| ranted further reaction, solely on
technical grounds, but offerings were
| well absorbed, the recessions in most
of the standard industrials being
) limited to fractions. Fresh buying
! power was comparatively light des-
pite special dividend payments by
Eastman Kodak, Ingersoll- Rand,
Vacuum Oil, Bucyrus Company, Es-
sex Company, and U. S. Gypsum Cor
poration.
Heavy buying of the Erie issues,
, which comprised more than one
eighth of the days total transact
tons. gave rise to reports of COM
petitive bidding for the stock in the
open market, the New York Central.
Lackawanna and Van Sweringen
interests being mentioned in this
connection, but these lacked vertical
ton. Some observers declared that
the earnings alone justified an ap-
probation in the market value of the
stocks. All three classes touched
new highs. the common at 10 SIS,
the first preferred at 20 S-S and the
second preferred at 90 "a, but the
clncinO "a IN I .
points below these figures.
The weekly iron and. steel trade
reviews feature the growing activity
in raw materials. Iron Age reported
today that the pig iron market has
furnished the real news stating that
Enquiries are the larges' in months.
while actual buying by discerning
consumers at 81 a ton or more below
last weeks price is especially signif-
icant after a $40 decline in seven
months"
Z. S. Steel closed slightly higher
at "a but the independent steels
showed slight recessions. Studebaker
also registered a slight gain while
Baldwin and American Can lost
ground.
One of the features of the indus
trial list was the sharp rise in the
Maxwell Motor issues, the A stock
jumping points to So and the B
climbing 1-2 to II 3-S, each clos
ing slightly below the top figures
OF the day. Buying of these issues
was based on reports of negotia-
tons for the merger of the Maxwell
and Studebaker Companies, but these
were later denied by a Maxwell 6i-
rector.
Congoleum, which has risen As
points in the few months it has been
traded in on the "big board broke
I points today but recovered all but
before the close. American Wooden
was sold freely on the announcement
of the company's intention to float
S5,000.000 bond issue to paw for
improvements. the stock closing l
ga on the day lower.
Call money opened at 4 "a per
cent but advanced to five in the late
afternoon. The time money market
was quiet with no change in rates.
takers of commercial paper. prime
cent.
Foreign exchanges again lost
ground. Demand sterling was ex-
tremely weak falling cents to $4.SS
7--6. new low record for the year.
French francs dropped 16 .1-2 points
to $50 IL cents, which approximates
the low record for all time. Sharp
recessions also took place in the
Dutch and Norwegian currencies.
Led by foreign government issues
which were sold on further declines
in foreign exchange rates, the gen.
eral list turned slightly reactionary
in the bond market. Traders thought
the recent large volume of new bonds
absorbed by the market was a con-
tributing factor in today's recession.
which however was not marked in
any division.
The trading in speculative rail-
road mortgages continued unusually
active and advances were recorded
by numerous bonds in that class.
Buving of New Have" IS. Francs.
pushed that issue up 8 points. Erie
liens also continued to register gains.
The days offerings of new bonds
tota1led we'll above $S0000,00O of
which sa0.O00000 consisted of rail-
road issues. Offering syndicctes re-
ported a ready sale of all of the new
bonds. but investment houses were
OF the opinion actual absorption by
investors NAV be slower.
The continued decline in sterling
Influenced enough selling of United
Kingdam of Great Britain and Ire
land bonds to carry the 5 LIS OF
1929 off l IA to a new low.
Trading in active U. S. govern
ment bonds was dull with several
issues slightly off on the day.
Dangers stated that negotiations
were under way for an issue of S.
500. 900 Webster Mill notes. This is
a subsidiary of the American Wool
en- Company IT was reported also
that the long delayed issue of st.
Paul Union Depot bonds may be Of
fered tomorrow. Proceeds of the
proposed issue would he used to- re-
fund s9,500,0o0 notes falling due De-
cenlher is.
Total bond sales (par value) ST.
$4,000.