Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-08-26
3 FINANCIAL NEWS w
NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

New York, Aug. o5.-The stock mar
ket, after an early display OF strength.
turned decidedly heavy in the final
hour today in response to extensive
selling pressure exerted upon the an
nouncement that the strike conference
between certain railroad executives
and brotherhood chiefs. acting as me-
diators had been definitely broken off.
Most of the days gains were cam
celled and many new stocks were de-
pressed one to two points below yes
terday's closing quotations.
Liquidation was directed principally
against railroad shares, Steels and
equipments on the theory that those
industries would suffer most by the
prolonged labor trouble. However,
rails offered stubborn resistance in the
face of an announcement by, B. NJ.
Jewell, shop crafts leader that it
would be fight to the finish" Stocks
like Northern Pacific. Chicago &
Northwestern and Atchison. which had
advanced materially in the last few
DAYS, sold off more than a point while
citic. Reading and Erie. which We're in
a better technical position, yielded
only fractionally. louisville & Nash
vile. Omaha & Ann Arbor preferred
the day but receded with the general
list at the close.
United States Steel was pushed up
to 1853. the highest price in two years.
but sold off half a point at the close.
Crucible and Nanadium also estab-
lished peak prices and managed to hold
part of their gains. Activity in steel
shares was attributed to the announce
ment of higher prices for steel and
iron products, which is expected to find
reflection in forthcoming earnings
statements.
Public utilities issues. especially
gas shares. were in active demand. new
high records for 1922 We're made by
~, IAt -.
North American Co. and LaClede Gas.
feathers were also strong. peak prices
being reached by Central Leather COM
mon and preferred and American Hide
d Leather preferred.
Speculative attention was confined
largely to special stock Lima Loco
motive was pushed up to new high
on the announcement that it had re-
ceived an order for 45 locomotives
from the Katy system, and Ameri-
can Telephone recovered most of its
recent loss when further study of the
proposed Sis, 900, 900 new stock issue
revealed that the proceeds would be
used largely for business expansion.
which. in turn, would undoubtedly
mean increased earnings.
Call money again opened at 81 per
cent. but hardened to 4 at the close.
Time money was quiet, with funds
available for G090 days at TO Al
per cent.
Failure Of the rcparations commits
sion 70 reach an agreement with the
German government caused a violent
decline in continental exchange rates.
German marks fell to the extreme low
French francs reacted sc points to a
new low record of the year with
slightly smaller declines in tho Bel
gian and Italian rates. Swedish kro-
nrer touched par for the first time in
three years, but reacted later. Czccho-
SloNakian crowns rose 10 points to
another new high level.
Total sales for the day were 900, 900
shares.
Pronounced weakness of French
government and municipal issues was
the outstanding development in the
moro restricted dealing in bonds in
todaN's market. Declines of one to u
points We're registered by French 75s
and IS. Bordeaux Is, and MarScilles 6s
with substantial fractional declines in
all other French issues. rejecting the
decided slump in French exchange
japanese and Mexican governments
tubas IS of 1914 were relatively
strong. Our own Liberty issues Weld
cd slightly.
In the industrial list Maine eS re-
covered more than point following
the recent decline which was attributed
to reports of prospective cuts in trans
Atlantic passenger rates. Cerro dc
PaSco S. also scored substantial adj
vance. nut American Telephone con
Nertiblo SIS were heavy under the damp
cning influence of an carly offering of
$ll5,000,000 additional stock.
Rails We're in much less demand
and mixed changes prevailed. New
York State Railways AS advanced -
in light dealings. whilo gains of one to
II points took place in Chicago. Burl-
ington 4 Quincy. Illinois division 39s,
Minneapolis x st. Louis rcfunding Is
Texas & Pacific ffrsts ard Western Ma