Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-06
ga FINANCIAL NEWS


below the previous transaction
Numerous other weak spots crop
ped out during the session, includ-
ing American Writing Paper pre-
ferred, producers and refiners,
Foundation Company and Burns
Brothers preferred, all off two points
or more.
Wall Street heard reports during
the day that some of the big cop
per companies were contemplating
the shutting down of their mills
from Friday night until Monday
morning until such time as the met
al market became more stabilized.
Such action, it was pointed out.
probably would mean a 20 percent
reduction in output. Copper stocks
on hand were now reported to be
equivalent to one months supply.
Special strength was again shown
by certain of the tobacco shares. To-
bacco Products and the A stock and
American Tobacco B closing about
points higher and Iisgett and
Myers r jumping ten points. One
sale OF United Cigar stores was made
at $50, or 20 points below the previ-
Gus transaction. L. S. Cast Iron
Pipe common and preferred broke
through 10 new UlSll SIOullu Oh le-
ports that current earnings were
running at the rate of SO a share.
Chesapeake and Ohio assumed the
leadership of the rail group in the
late dealings. jumped > IA points
to 60 IA. This rally revived uncon-
| firmed rumors of an increased diVi-
dend in the near future. New York
Central was again pushed above 1O2
but failed to maintain its gain.
The weekly mercantile reviews
, threw little new light on the bust
ness situation Bradstreet's report
! cd an expansion in fall obbing and
retail trade demands, particulrly in
the south. but added that caution
/ and conservatism are still the guild
! ing elements. Dun's declares that
| the situation is uneven. and presents
! many contrasts. yet a large business
| is being done in many quarters at
| prices above those of a year ago.
! and there are indications that some
! buyers who are not active in the
markets now may before long find it
! necessary to replenish stocks of
! goods.
/ Call money opened at 4 ID but
! advanced to five before the close.
| Time money and commercial paper
/ =
! in rates. Foreign exchanges We're
! tirmer, demand sterling being quoted
around 800 . and French francs
around 80 cents.
The bond market displayed a dis
| tinCtly better tone although closing
| prices in many instances were below
! the days best levels. At the same
! time investment bankers and bond
/ statesmen reported brisk increase
. in public buying for investment pur-
poses.
| The apparent change in sentiment
in the bond market despite fur
Their falling off in stock prices. was
attributed by bankers to the ready
response which met the unusually
large Offering of new bonds on
Wednesday.
Active United States government
bonds either held steady or improved
with the single exception of the
Treasury 4 LIS. which eased slight
ly. Foreign bonds were dull and
irregular
The major portion of the days
trading was Centered in the railroad
group. where the favorable earnings
statements for class l roads for Au-
gust Influenced a healthy demand
for wide assortment of issues. In
dustrials were inclined to be heavy.
although Marine Is moved up IL
points at one time, only to lose prac-