Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-04-28
Stock Markets
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. April 27.-Recent reac-
tionary tendencies on the stock ex-
cnange became more accentuated to-
Day. Virtually every branch of the
IiSt inquired In the extreme declines of
one to three points on dealings approx
1mating 1,450,000 shares.
The coal strike, which affected fur
ther decrease of car loadings, persist
emu reports or freight rates reductions
by the Interstate Commerce Commits
sion and the favorable aspects in the
International situation We're among the
days restraining Influences. Rail-
road earnings arm were favorable, how,
Atchison showing large March gains.
Despite the substantial revival of
activity in the steel and iron trade,
gossip in trading circles dealt with
the dividend status of various promi-
nent companies in that line of indus
try.
Most of the steels and equipments
We're under pressure, as were also
utilities. tobaccos. food specialties and
numerous unclassified issues. Domestic
oils were comparatively steady, but
Mexicans and kindred shares sustained
additional losses.
Announcement Of the retention of
the regular dividend on Bethlehem
Steel common shares, made just be-
fore the markets close. helped to bring
about partial rally from lowest quo
tations. Net declines among leaders
a
losing / ga.
Among rails the only exceptions to
the setback were Lake Erie & Western
preferred and Chicago & Eastern ILL.,
nois new common and preferred. these
points. Lake Fries extreme rist of
five points was accompanied by re-
ports that new interests were seeking
control from the New York Central.
The money market held to its recent
do ,eyl,
out the session at 81 points. Time
funds were more plentiful. but I'M
changed as to rates for either the
short or long maturities.
Further buying OF sterling cotton
bills sustained the London quotation
in the local foreign exchange market.
but continental rates were irregular.
Francs eased Slightly. Belgian and
marks were firm and the Dutch quota
tions also were higher, other so-called
neutrals showing no material altcra-
ton.
Technical conditions accounted
mainly for the further irreguIarity
shown by today's bond market the
recent upward movement of prices
hating as new issues were being dis
tributed among investors.
Dealings in Liberties were large.
practically the entire series closing at
nomina! declines.
French governments and muncipals
were heaviest Of the foreign group.
There was nosdisposition to associate
their relatively moderate reaction with
developments in the international sit
uation.s Mexican and Brazilian issues
also eased, the latter probably being
Influenced by delay in the placing of
a new loan here
Coalers and underlying issues OF the
western and southwestern roads for
feited large fractions to I points and
profit taking contributed to the I'M
even tone OF local utilities. but the
market in general lost little Of its
powers Of absorption.
The days new undertakings includ-
ed s10.000.000 of Southern Railway
trust certificates and S4.500.000 of
Penn Public Service refunding bonds.
Total sales, par value, aggregated
So5ST9