Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-17
FINANCIAL NEWS M
NEW YORK MARKET
features Of the Days Dealings in All
the Leading Stocks

New York. Oct. 16.-Heavy selling
of the western railroad shares on pub
iiitcation Of washington dispatches
ssored reduction in freight rates on
vain and coal brought about another
s.harn reaction in today's stock mar
Sat the losses in active shares rum
Ming from ! to nearly 4 points. The
sverage of 20 leading industrial stocks
d 81 ppoints of the 1928 low. Wv"
New low prices for the year were
..,sblished by Northern Pacific at 500,
tsmaha at 81, 500" at so, Chicago and
Vnrthwestern at COZ, and the preferred
~ los. and Colorado Southern at 90
IN addition. Great Northern preferred
d an its previous low Of 5li. A
%sw issues made partial recovery be-
Tore the close. the net losses in this
group ranging from ! to 81 in the
Ease Of Northern Pacific and four for
chicago and northwestern preferred.
n4mpSn saver the m shGe
firm lone at the opening with spe-
%iaj attention being paid by buyers
m the steel, motor and tobacco shares.
wall Street began TO hear unfavorable
renorts about the western carriers be-
fore noon, however, and the pressing
f Tor sale of these issues brought about
a reduction or cancellation of the
r.rlv gains. which ran from l to 3
pnints in many issues and eventually
iurned the entire market downward.
Nearly score of industrials also
fell 10 new lows for the year, includ-
ii ng National Enameling, which lost
rround on unconfirmed rumors that
me common dividend was in danger;
Ajax, Goodrich. and Kelly-Springfield
Rubbers. which weakened in reflection
IF lower tire and crude rubber prices;
Bute Copper and Zinc. which was ad-
arin 10
the, rcd metal, and Central Leather
rrefcrred which has been under pres
sure as a result of unfavorable trade
conditions. Among the others to hit
new bottoms were Coco Cola. Armour
Of Delaware preferred. Pressed Steel
Car. MathieSon Alllali and United CT
Most Of the selling originated with
professional spectators for the de-
cline, who were quick to sieZe advan-
tage of this apparently unfavorable
development. There was a thin mar
with the result that the losses in some
cases were large enough to touch off
stop loss orders and cause some SELL
ing by frightened investors. Buying
support made its appearance in the
late trading but it failed to bring
Sugar shares developed fresh weak
ness on the failure of directors of
Punta Alogre to make an extra dis
bursement in addition to the resump-
ton Of the regular IS annual rate
Scattered gasoline price cuts and the
reported increase i'll production in the
Powell field in Texas accelerated the
liquidation of oil stocks.
Money rates were somewhat easier.
Funds on call opened at Al and eased
to a. while more time money was
available at 8! for the shorter ma
turtles.
Foreign exchange rates We're slight
" heavy, French francs dropping Q
points to 6,05 cents. Signs of weak
ness again developed in the Scandina-
Wan remittances. Norwegian and
Swedish kroner again establishing new
lows for the year.
outstanding features of the bond
market were tho strength and activity
Of New York railway bonds. due to
the announcement of the plan of re-
organization, and the greatly increased
volume of transactions.
Investment houses reported incrcas-
ing inquiries from western points for
high grade investment issues with a ,
few orders for second grade railroad
mortgages.
Moderate gains were recorded by ac-
tive United States government bonds.
giving rise anew to reports that Great
Britain is in tho market to her next
interest payment on the rtish debt
Price changes I'm the foreign group
generally were limited to fractions,
although some of the Scandinavian
issues receded on dissolution of the
syndicate which offered the Norway
Us, Yesterdays drop in Norwegian and
Danish exchange also probably had
some influence in the decline.
Practically all speculative issues
moved downward, both in railroad and
industrial groups, but net changes
were small.
There were reports in the financial
district that an offering will he made
soon Of $15.n00.0 900 Illinois Soldiers
Bonus bonds, carrying ~ per cent.
coupon.