Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-15
FINANCIAL NEWS

active stock market. although n few
special issues were bid UP TO now high
prices for the year.
Liquidation was influenced by higher
call money rates. Premier Bonar Laws
pesSimiStic remarks concerning the
French invasion of the Ruhr. a bad
break in Cuban raw sugar futures aft
er a strong opening, unconhrmrd re-
ports of the sinking of a French tor
pcdO boat at Smyrna and speculative
belief that the recent rise in a number
of issues had been Overdone.
Constructive factors, however. We're
not entirely lacking. One of the most
important Of these was the rise in the
price of copper to 154 cents n pound
the highest since october. 1920. reflect
ing an increased demand and steady
decrease in surplus stocks. This re-
suited in an active demand for copper
shares just before the close. Anaconda
and Inspiration rising a point each and
Utah i. The American Zinc Institute
also reported another decrease of stocks
on hand. bringing the surplus at the
end of last month to 1854 tons "a:
against 65.67S tons the year before.
The bad break in the active sugar
issues was a natural sequel to the wild
speculation in those shares during the
last few days. South Porto Rican SUI
gar dropped six points. Cuba Cane SUI
gar preferred was the next hardest hit.
fluctuating between aS5 and 53S and
closing at 55a for net loss of ~
points. Cuban American, Manti. Iunta
Allegro American and American Beet
Sugars all dropped two to three points.
Heavy selling of Baldwin, which got
as low as 1863 and closed at 1861 for
net loss of three points. was attrb-
utcd to speculative disappointment that
the annual report showed income from
operations of only S7.S7 a share on the
common stock. although this amount
was brought UP to over 81? share by
other income. Studebaker touched llIa
and then snapped back to 1lsa: where
it was off / on the day. L. 5. Steel
closed at 107, off I.
impressive Independent strength was
shown by American Can, which jumped
five points to 94i. a new high record
for The wear. closing slightly below
that figure New high records also were
established by Columbia Gas at ia
North American at 11Ss and Cosden at
57I. these prices being shaded slight
" at the close. j.
period of strength on reports of record
January car loadings. touching 'Ss, out
falling back later to 81. where 1t was
off fractionally on the day. Losses or
n point or more were recorded by ~.
Paul preferred. l-3ckaWanna ana Great
Northern preferred.
Money rates were firmer. Call money
onenod at ) per cent. and advanced to
81. where it closed A few time loans
were arranged at A for the shorter
maturltleS put most pdHkelS ueHi"h't'u
5 per cent. for all terms. CommcrcE'l
paper was moderately active with no
change in rates.
Foreign exchange rates were easier
Demand sterling held fairly steady
around Says. but French francs drop,
ped nearly IL points to 500 cents. and
RaIpian francs TO 5.26. German marks
continued their move to higher ground.
being quoted at .0045l cents as against
the recent extreme low. of .Oo2o cents.
TBond prices turned heavy today IN
response to lower foreign exchange
rates. a reaction in the stock market
and renewed liquidation of French
bonds. French SIS dropped II points to
a4s. Seine Is dropped II to S2s and
French Us sold at low as %. off one.
with losses of approximately point
each being recorded by Bcrnc SIS and
CZecho-SloVakian SIS.
Prof. taking made its appearance
among the sugar company liens, East