Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-11-29
FINANCIAL NEWS "
NEW YORk MARKET
Feakures Of thA Days Dealings In An
the Leading Stocks

New York, Nov. considerable
trregularitY developed In ,today's
stock market with chief speculative
interest again centering IN "a few
active specialties. Railroad shares
held relatively steady and most Of
the standard industfials showed only
slight reeeeeions.
Stromberg Carbhretor was the In.
dividuat feature, dropping five points
from an early high Of s6 Ia and then
soaring TO 81 on the announcement
OF an increase In the regular annual
dividend rate FROM "a to SS and the
declaration OF an extra dividend "A
S1.50, The stock closed at q net gain
OF points at So. Maxwell Motors
A, which has been fluctuating errat.
icaiiy on rumcfs or a merger or the
Maxwell and Gtudebaker Concerns,
moved within Q range OF 4 points but
closed. unchanged at 40 Sd. Dawson
Chemical closed Ia points higher
at q IA after moving within q l 80
point area.
Steel shares lost ground on re-
ports OF 2 subsistence in the demand
Tor pig iron, which has exceeded
miiiion tons IN the past two weeks.
Iron Age to the higher foundry irof,
prices and the fact that most of the
large consumers already have. PRO-
ytded for their needs of the first
quarter or next year. u. 8. Steel
common, selling ex-dividend / Ia
per cent including the extra. closed
at "a 3-4 after selling as high as
95 S.s, compared with SO IL, last
nights close,
Pan-American issues Yielded
slightly at the start on the announce
ment OF new financing, but soon re-
covered their loss and finally moved
20 higner ground with most of the
other oils. Pan American common
closed S-S points higher and Tide.
water and Producers and Refiners
each gained one point.
Revival of the demand for Jones
Brofhers Tea. National Biscuit and
Electric Storage Battery, ali of
which closed more than a point
higher, suggested resumption of
pool operations.
A brisk demand for Great Northern
preferred and the Erie issues, some
OF which touched new high records
Tor the year. featured the rail group.
buying on these stocks was based on
nlgh current earnings. Great North
33S. last month, as against 500
s27 Ia the corresponding month last
year.
A late demand for the shipping
shares resulted in gain of nearly
Two points In American International
Corporation and fractional irnproye-
fuent In Marine preferred. Inter
mittent heaviness took place in the
rubbers. tobaccos and chemicals.
Another bullish demonstration in
the cotton market sent spot and flu
ture prices to new high levels we'll
above 80 cents q pound.
CAN money opened at 50 Der
cent and then softened to 4 1.2. Time
money and commercial paper rstes
were unchanged.
Foreign exchanges were again re-
dictionary with the volume of bust
ness small. Demand sterling was Off
nearly TWO cents to around s4.35 IA
ana French francs eased few points
10 6.S5 cents. Other changes were
largely nominal
Public Offering of several stable
issues of new bonds and the absence
OF numerous traders, away for the
thanksgiving week end combined 10
SLOW down the volume Of transactions
IN tocaE,s bond market. Prices. how
ever generally held up we'll and
some Improvement was recorded nv
considerable number of bonds All
or the new issues. which included
~siz;ooe,0o0 Pan-American Petroleum
and transport company conyertihIe
ponds and 100000 Baltimore and
Ohio equipment trust certificates
were quickly subscribed.
:, French bonds were offered beyond
the immediate buying power OF the
market with the result that several
issues slipped downward moderate
~. Most of the o. S. Government is
levels. 'e"ei
Railroad mortgages continued ac-
1--we with some of the secondary ia
sues displaying moderate strength
tpe chief Influence being found in
!ne better earnings statements lust
Issued for the month of October.
Central Leather IS which hive
peep heavy for some time. rall;ed
more than point on fairly good buv-
ing ana Some of the other domestic
industrial liens moved up frantione
any. some of the oil company bonds
were inclined downward.