Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-19
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. April 1S.-Prices OF stocks
continued their rise to higher ground
in today's more active stock market
with the railroad shares giving the best
exhibition of group strength. While
short covering operations and pool ma
nipulation undoubtedly were an impor-
tant factor in the rise of many shares,
the volume of sales and the nature of
the buying indicated an increasing pub
lie interest in the market.
international buying also has been
an important factor in the recent ad-
vance. Much of the impetus for the
weeks lO-pont gain in Canadian Pa
cilic. which today touched l6o, new
high for the year. and an overnight
gain Of . points. has come from buy
ing orders originating in London and
Montreal General Motors. which cs-
tabhshed new high top at ~, and
Atchison. which closed II higher at
log, have been in demand by foreign
buyers. Sales of Anaconda Copper Tor
British account also We're reported by
loca brokers. Tho announced tax re-
ducti"ns in Great Britain are generally
believed to have been responsible Tor
q rcaWalcning of foreign interest IN
tie local securities marokts.
Speculative expectation of favorable
March traffic statements account IN
part for the revival of interest in the
rail group. Some of the outstanding
strong sputs were Union Pacific. up SO,
and New orleans. Texas d Mexico. Tex
as u Pacific. Delaware & Hudson, At
lantic Coast Line. Chicago X North
western common and preferred: 500,
Northern Pacific and the Reading is
sues all UP one to two points.
4 sharp break in German marks
hich sustained an overnight drop or
~ points to .uo33 cents. was the lea
turc OF the foreign exchange market.
While official explanations for the de-
clina were not available here. local OK
change ucalcrs were of the opinion ina
the German government, which had
kept the mark ''peggcd at .vniS cents
for nearly two months. had withdrawn
it's support or found is Ineffective under
tho tremendous flood of new paper
money French francs rallied eight
points TO G.C4 cents. hut tn" other Eu-
ropcan rates showed little change.
CaN honey opened at , per cent. put
casvi off to 44 Just before the close.
business in tho time money market was
confined almost entirely TO renewals
which We're arranged at - and 13 per
cent. depending upon maturity. inc
commercial paper market was less ac-
tive with no change in rates.
Impressive strength of the railroad
company liens was the feature of to-
which was firm. Foreign bonds were
slightly irregular. Toxic IS creating
rev high record on Il net gain of near,
~ a point. while Bolivian IS broke
points and the Mexican ISSUES yielded
fractionally. L. s. government secur-
tiles We're reactionary. Liberty 3as
showing slight gain but the old a
series registering losses of about OF
a point each.
Toledo. St Louis & Western As led
the advance in railroad ortsaGcs with
a gain of u. while Seaboard Air Line
refunding IS. Iere Marquette rcfunding
IS. Northern Pacific As. Baltimore d
Ohio convertible AS. Atchison con-
yertible As. Erie prior lien As. Canadian
Northern is and Central Pacific first
As closed to a point higher.
Higher commodity prices were re-
sponsible for the advance in sugar
bonds. Punta Allegro IS gaining. =
a good demand was noted for Armour
AS and Consolidated Coal of MARYLAND
Is. Montana Power IS, Ccrro de Pasco
SIS and Bethlehem Steel rcfunding 9s
were heavy. -,
Total sales, par value. were SILL
907. 000.
There were no large offerings today.