East Oregonian : E.O. (Pendleton, OR) 1888-current, 1922-08-29
french Securities
Fake Another Drop

Fake Another Drop
| NEW YORK, Aug. Ga. P.)-
The sharp break in French securities
virtually all of which fell to new low
llevels, featured yesterdays stock eX-
change.
The municipal issues were the hard
est hit, extreme declines of approx
mately points taking place in the G
per cent issues Of Bordeaux, Lyons
and Marseilles, while losses of and 2
points were sustained by department
of Seine rs, Coissons 6s, Paris Lyons
Mediterranean 6s and French A1nri-
can rs.
| French 1-2s yielded points but
rallied somewhat with the other issues
| in the foreign group in later dealings.
| French 8s, which are supposed to be
| in stronger hands, offered more stub
born resistance to the selling pressure.
At yesterdays low prices, the various
French issues were to 13 points be-
low the high marks reached last April.
Speculative railroad mortgages also
suffered substantial losses in toGay's
dealings, declines of to hearly .
points being noted in tn" Sc bourd
Airline consolidated IS and the az
ljustment 5s.l st. Paul refundingS t2s
chesapeake & Ohio convertible 5s,
Chicago & Western Indiana As, Frisco
| income 6s and the Erie issues. Frisco
| as, st. Louis & Southwestern consoli-
dated As and Western Maryland IS, ali
at mooeiate gains, were Tho few ex-
crptions to the downward trend
In fbE ipducft,i11 and n,ibIio 1tili4y,
group, Eaussau Electro climbed !"
points to new high, While gains of II
Ipoint each We're scor1l by Detroit
Lnion hailways AVS. Rio jrande *
| Western collateral As AM Marine SIS.
Local traction issues vie I'D slightly
on announcement of the mayors plan
for taking over the transit systems
f"prrty is advanced - points, nut
hr other ss ues eascd b..
Total salcs (par vaiua) Wet $;2,-
SOS, 900
Unfavorable weekend develop
ments in the industrial situation, com
bined with aggressive short selling and
a slackening of demand, resulted in a
moderate recession of prices in to-
days stock market The sharp break
in French governmental and munici-
pal bonds also caused scme uneasi-
ness.
Pool operations forced up several
gas and tobacco shares to the highest
prices of the year, but the bidding up
of these stocks failed to check the de-
cline elsewhere. Consolidated Gas
sold above 140 for the first time in
nearly six years, probably in antci-
patton of capital readjustment Peo-
pies Gas, Brooklyn Edison, LaClede
Gas, North American and Columbia
Gas, of Baltimore, also broke through
to new top prices, but yielded slightly
In final dealings. American Tobacco
no reason other than the assertion
that it has sheen "out of line" with
other high priced industrias was
Forthcoming for its brisk rise in "a
generally reactionary market
Announcement that maintenance of
way men were demanding a minimum
wage of As cents an hour and the dec
laration of Federal Fuel Distributor
Spencer that the fuel situation was
again serious with many railroads
probably induced some selling of car
rier shares, which were down large
fractions to 1 1-2 points. Losses or
point or more were sustained by At
lantic Coast Line. st. Paul common
and preferred, Lackawanna, Lchigh
Pacific, Union Pacific and Reading.