Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-16
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

| New York, Oct. 15-The reaction
airy movement of stock prices. which
had been under way for eight sue
cessive days. was brought to a sud-
den halt today by a brisk rally which
carried most of the leaders ] to 8
points above Saturdays closing
prices. The recovery was not asso-
ciated with any outside develop
ments. being generally regarded as a
correction of an oversold condition
Considerable irregularity was APP
parent at the opening. Bear traders
continued to offer the steel. motor
and certain oil shares but they en-
counted good buying power and It
was not long before the market was
pointed upward with shorts bidding
against each other for stocks. One
commission house estimated today
that the market value OF stocks loan.
ed TO short interests now npproxi.
mated 500 100000,
Another focN of new low records
for the year were established by orr
dinarily inactive shares. Columbia
Graphonphone common and prefer
red touched new bottoms at DC and
81 Il share respectively. on the an
nounCement of rccevership proceed
lngs against that company. Among
the other issues to sell at their
lowest price Of the year were 800"
Colorado ami Southern. Ajax Rub
Der. Replogle Steel. Armour of Della
ware preferred. Producers and Ref
ners preferred, Magma Copper, But
tie Copper, and Zine, Central Lea
Their preferred and WorthinSton
Pump.
Strength OF tho tobacco issues was
associated with reports of heavy
buying by the Whelan interests.
Philip Morris was run up more than
> points 20 10 81. new high. and
gains of IL to IL points were
recorded by Lorilla"d, Liggett and
Myers, American Tobacco and Amer
lean Tobacco E.
L. S. Steel touched So IS and then
fell back to 81 II up ! Is on the
day. Net earnings OF the corpora
ton for the third quarter, soon to be
published. are unof1icially estimated
at between $40000.00Q and $4,000
600 Baldwin, Studehaker, Ameri-
can Can. Mack Truck, Strombcrg
Carburetor. Stewart Warner Speedo-
meter and Gulf States steel each
cloccd at net gain OF > points or
more.
One of tie most constructive de-
velopments of the day was the re-
sumption of dividends on Punta AL
ezra Sugar which had been suspend
ed since July 1871 The stock closed
Il point lower at 81 3 after hav-
ing sold as high as - IL Fisher
Body jumped - points to $50 on two
sales. fnlands Steel dropped nearly
) points on heavy ceiling Just before
the close.
Gains in the railroad group were
smaller than those in the induGtria3s.
Reading issues improved moderately
on stockholders approval of the Sc
gresation plan but Nickel Plate
preferred was heavy in unofficial re-
porst of another icsue of preferred
stock.
Call money opened at per cent
and then e2sad to + IL. The tine
loan market IS Virtually at stand
still with brokers bidding ) IA and
bankers asking IL Commercial
paper is holding steady at ) Ii for
prime names.
Except for the weakness of Danish
and Norwegian kroner. which touch
ed new lows for the year. foreign eX-
changes were firm. Demand sterling
held steady at &t.53 II. French
francs advanced 6 points to GIL
cents and Belgian francs advanced S
points to 6.J2 II cents.
Bond prices moved irregularly in
the trading on the stock exchange.
some of the industrial liens falling
OF TO new low prices for the year,
While moderate advances were &c
corded by numerous railroad mort
cages y majority of rails. however,
showed net recessionT, while the pre-
ponderance of industrial liens point
ed upward
closing prices were not far from
the final quotations of Saturday in
most cases. The four Liberty issues
OF the L. s, Government held steady
IN dun trading while the tax exempt
) LIS and Treasury 4 LIS were
bought heavily at advancing prices.
Few transactions were recorded
in the foreign group although the
undertone seemed firm. Speculative
interest was disriayed in the refund
ing As, certificates OF the New York
railways and tho bonds moved I'D
more than . points.
New low records for the year were
established by public service of New
jersey is. Cerro dc Pasco coprcr S,
and L. S. Rubber { lbs. Goodrich G
Is touched its previous low.
B?nhers reported a good sale Of
the Federal Land Bank issue of ST.
GOO. 600 and there We're reports of an
offering this vecl; OF st. Paul terni-
raj bonds. IN i.suo of $4,000 coo
cumulative & percent rrcfcrvcl ~tock
of the Nickel plato will hn offered
tomorrow at So IL to yield Csc pcr
cent.