Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-02
FINANCIAL NEWS W
NEW YORK MARKET
Features Of tho Days Dealings in All
the Leading Stocks

Erratic price fluctuations took
place in today's stock market in re-
Election of the struggle for control
between opposing speculative forces.
Leading industrial issues showed
little change on the day but several
OF the rails showed moderate gains
on buying predicated on the excel
lent August earnings statements.
Spectators for the decline made
repeated assaults on individual is
sues in an effort to unsetle the gen.
eral list. They succeeded in forcing
more than a dozen stocks to new
low levels for the year but met stub
born resistance in other quarters
which induced considerable short
covering.
Among the stocks which estab-
lished new lows for the year were
Studebaker at SO "a, Kelly-Spring-
field at % IA. handler Motor at AS
Hupp Motors at TO- ga, Butte and
Superior at IL rs, American Zinc
ferred at 81 ga and National Enam-
cling at IS IA. Studebaker rallied
to "a 3-S. off ] IA on the day, but
most of the others closed around
their low levels.
Week end reports OF political dis
turhances in Germany and Premier
Poincare's speech setting forth that
France was disposed to wait until
Germany had translated her decision
to abandon passive resistance in the
Ruhr from words to deeds had q de-
pressing influence on the foreign
exchanges. Demand sterling drop
ped more than a cent to S4.53 ga,
French francs broke Is points to be-
low 500 cents. Belgian francs drop
ped 10 points to below SO cents
while German marks established a
new low record for all time at %
cents a hundred million and then
rallied to 3S cents.
Considerable heaviness developed
in the can shares, American slump
ing to IS "a and Continental to Al
7-8 but both showed good recupera-
tive power, American closing at SO
7-8, off IA on the day and Contin-
entail closing at As SIS off rs. AL
lied Chemical was offered freely on a
revival of an old report that a large
block Of the stock was for sale by
foreign interests, the closing price
of 60 Is representing net loss of
2 7-8 points.
Squeezing Of an over extended
short interest was the explanation
generally heard of the sharp run-up
In Dawson Chemical which closed 3
So points higher at As after having
fluctuated between ~ IS and AZ Ia.
Continued liquidation of the motor
shares was associated with rumors OF
more price cutting and competition
next year. Some of the conspicuous
strong spots We're General Electric.
Burns Brothers A and p. Houston
Oil and Woolworth, up 2 to IL
points and Lggett and Myers B, up
4 ga.
There were several strong spots in
the rail group, gains Of l to nearly
2 points being registered by ,Balti-
Canadian Pacific, Union Pacific, St.
Paul preferred, Nickel Plate New Or
leans, Texas and Mexico and Pitts
bursh and West Birginia. One of the
most interesting of the recent rail-
road earnings statements was that of
the Detroit Toledo and Ironton.
known as the Ford road" which
showed net operating income In Aug
ust Of s229,S35 as agaist a deficit OF
$30o,4o4 in August of last year.
Call money opened at IA per
cent and advanced. successfully, TO
51-2, 5 "a and 6, the stffening rates
being due to heavy Withdrawals in
connection with October first pay
rnents. The time money market is
dull with IL per cent the ruling
rate. Interior banks after the prin-
cipal takers Of commercial paper. the
bulk Of the prime names moving at
IA per cent.
Heavy selling Of United States
government issues again featured ir-
regular and relatively dull bond
dealing on the stock exchange. Bond
traders attributed some Of the selling
to banks and expressed the theory
that 1t was influenced by news re-
ports that the next Congress would
enact a soldiers bonus bill. The ta-t
exempt LIS touched new low for
the year in the forenoon but recov-
cred a part of the loss.
Industrial liens moved irregularlE
with most of these which displayed
hcaviness closing somewhat higher
than their lows for the day. TINS
was true of YOUNGSTOWN Sheet ana
Tube 6s which reacted ? points at
ono time but recovered more than
point of this recession before the
close.
The demand for railroad mort
cages was considerably greater than
for some time. Fluctuations, now
ever, were only nominal.
Only two bids were received at
Philadelphia for n $4,O0O.O0O 30 year
offering Of school district bonds at
a per cent, local bankers explain
ing that it was impossible to handle
the issue with that coupon rate.
None of the bids was accepted.