Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-08-09
FINANCIAL NEWS ga
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Aug. S.-Two reactionary
periods In today's stock market caused
q general unSettiement Of prices. but
the undertone was strong and most
losses were of a fractional nature. In
ability of pools to attract an outside
following at the higher levels. com
hined with profit taking and L weak
cncd technical position. encouraged the
bear attacks, which We're directed
principally against the motors, oils
and shippings.
Favorable overnight developments
regarding the coal strike impaired
of coal companies and -eoal-carrying
railroads but irregularity developed
under heavy selling pressure in later
dealings.
recorded on the upward movement.
notably by Omaha. Chicago Il North
western. Pere Marquette and Lacka-
wanna Railroad, Corn Products. May
Department stores and Detroit Edison.
Weakness of shipping shares was as
crbed TO reports of a visual abandon
ment Of The ship subsidy bin. Amtri-
can International Corpora ton dropping
three points and Marine preferred
about a poiuLt. Chandler and Stude-
baker also sold off on the assumption
that they had lost their speculative
flavor.
Mexican Petroleum fuctuatrd within
A range Of nearly nine points. closing
at a net loss OF six points for the
day Royal Dutch. General Asphalt
and other foreign oils reacted in sym
pathI despite the ratification of the
Mexican dcht agreement which II was
believed would strengthen their po-
sitionS.
Total sales were approximately
I15 00n shares.
Foreign exchange rates were again
rcactionary on comparatively ligh:
dealings.
however. in Runanian exchange. which
was nearly double its quotations a
week ago.
can MONEY opened at 81 per cont.
and hardened 10 4 in the afternoon
The time loan market continued quiet
with little change IN rates Some i'm
prUNenent was noted i'll the Noium"
Of business for prime hank accept
ances.
Strength of speculative railroad
bonds was the outstanding develop
ment in today's bond market
Under the stimulus of heavy buying
tho seven 81. Paul issues reached new
top levels for 1922 at average gains
Of one point, hut they sagsed sIishtIly
dated IS and san Francisco adjustment
6s also broke through for new highs
white q good demand WAS noted for
chica go 4 Alton 33S. Missouri Pacific
general 4s. Rock Island refunding As.
issues.
The Ccro de rasca SIS responded 70
the better prices for that companNs
stock. while Pacific Gas Electric GO.
IS improved on publication of good
earnings report.
Mexican gov eminent issues, espe
cially the IS ended upward on an
noImcnmcnt that President obrcg"n
had ratified the debt agreement. Bra
lillian issues improved fractionaltN,
~ fry,, roll 4
lv backward. Liberty issues cased
slightly on fairly active dealings.
Total sales. par value. We're APP
proXimatcl% Sl2,341. 00n.
Two large in dustrial issues Were
offered TODAY. $+.00o,a oo per cent. so
year first mortgage sinking fund go!d
bonds. series A of the General E@rrac-
tories 90. which were offered at $50
TO Weld 80" per cont. aud $4,000; GOO
6 per cent lI-Ntar first mortgage sink
ing fund gold bonds Of the Wardman
Park Hotel, Inc. Of Washington, u.
G., which were offered at par