Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-03-06
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. March with Congress
adjourned and the fear of hostile fed
eral legislation removed for several
months. spectators for tho advance re-
Sumed their opera tons with fresh con-
fdence and increased Nicor Iii tOdayS
stock market basing their campaigns
fo1 higher prices on the Federal Re-
serve Banks optimistic survey of bust
ness and money conditions. rising COM
modify prices and steadily expanding
earnings as revealed in the latest Sc
rles of sales and income reports.
Industrial averages again establish
cd new peak prices since the spring of
1920. Dividend paying railroad shares
INDUCED i'll temporary display of
strength carly in the session. but for
feitcd some or most of their gains in
the heavy profit taking sales which
took place late in the session.
Stewart Warner Speedometcr was
the individual feature. jumping nearly
II points to IL. a compared with THIS
years low of Isl, some of the buying
undoubtedly being based on report
that a substantial cash or stock divi-
dend would he declared at the next
meeting 10 be held April 3. Other mo-
tor accessories rose in sympathy.
StrombcrS Carburctor climbing 81
points and Bosch Magnetic nearly four.
All of these companies are reported
to be making large earnings.
Other automobile stocks also made
good progress. Studebaker being in
heavy demand at the close. touching
ia for net gain of 81 points. Mack
Truck touched ~, new high, and
Chandler. Moon and Hudson improved
fpac1 hd ~ IN Maxw@I vt Motors ot "a
closed J higher at 56l.
California, Petroleum. which had
been reactionary after its recent re-
markable rise. staged a quick come
back, jumping from 93s. its low of the
day, to 80. its high and closing price.
where it was 81 above Saturdays close.
net gain of more than a point. but the
other oils showed little change on the
day.
American Can was another individual
strong spot. f1uCtuating between 1913
and 106 and closing at 1854. up 81 on
the day. Some of the other strong spots
in the industrial list were United Rail
ways investment preferred. up Il. and
American Linseed, Associated Oil. Cen
trail Leather preferred. Pigyy Wiggly
and Remington Typewriter. all up Il
to - points.
500" preferred. up 4: Nickel Plate
first preferred. up A.; Cleveland, Chica-
go. Cincinnati & st. Louis. up 81. and
Delaware & Hudson. up ;. were the
outstanding railroad stocks. Establish
ment of new high at 1901 by New
York Central was another feature.
Call money held steady at per cent.
throughout the day. Time money con-
tinued firm with brokers willing to pay
81 per cent. for all maturitics and
loans arranged at that rate. Out-of-
town institutions are the principal buy
ers Of commercial paper. the ruling rate
for prime names being per cent.
Foreign exchanges eased slightly
with trading quiet; Demand, sterling
was quoted around S4.10 and French
francs around $40 cents. Weakness of
Eorweigian exchange. which dropped
from 1910 to 1924 cents. was attrib-
uted 20 the payment Of shipping claims.
Bond prices failed &c follow the
rapid increase in stock quotations in
today's market, but instead moved ir-
regularly WITHOUT any definite trend.
In the foreign list the European is
sues were generally higher. Serbian SIS
rising points, Jurgcn IS u. and
Dutch East Indies Is OF 1862 {. With
the exception of Uruguayan SIS. which
advanced point. the LatinAmerican