Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-16
FINANCIAL NEWS W
NEW YORK MARKET
s..,urss Of the Days Dealings In All
the Leading Stocks

New York. Aug. 15.-Prices in to-
laws stock market displayed a
s,rong undertone despite the heavy
sslIiug OF oil shares based on the
sytension of the gasoline price cut
ting war to eastern territory. The
; roume of sales was the largest in
che last two weeks. While short
covering operations were responsible
for most of the buying powers, COM
mission houses reported an increase
IN outside participation particularly
IN the part of small investors.
puying for both accounts was in
Auenced somewhat by official assur-
ance that no extra session of Con-
rress was contemplated this fall, re-
opening Of the coal conference and
the prebabilitity of the early recocni-
tjon Of Mexico.
The recessioas in Oil shares ran
from to 3 points with producers
and refiners and the Mexican Sea-
hoard issues the heaviest losers, SELL
ing of the latter being based on the
nassing of the dividend at yester-
davis meeting of the board of direc-
tors. New low records for the year
were established during the day by
Sinclair common and preferred. Cos
den, Marland, Middle States, Skelly,
White Eagle. Pierce Oil preferred,
Transcontincntal and invincible.
L. S. Steel closed 1-2 higher at
90 IA. after having sold as low as
"a ga Baldwin f1uctuated between
ll5 3-S and us SIS. closing l IL
higher at Il ga Pressed Steel Car
was pushed up IA. Dupont, Ameri-
ran Car and Foundry. General
Electric Foundation Company. Ma
tional Biscuit, Loose Wiles Biscuit,
Montana Power and Nanadium Steel
advanced to 3 IL points while
American Locomotive, Bethlehem
and Republic Steels and American
Can were among the score or more
stocks to rise a point or more on the
day.
Rails also displayed moderate
strength Delaware and Hudson,
leading the advance in that group
with a gain of "a. Great Northern
preferred climbed 1 "a and New
York Central. Union Pacific and New
Orleans, Texas and Mexico l each.
Call money held at ga per cent
all day. The time money market
was extremely dull with a few 90
day loans arranged at IA per cent.
Commercial paper rates were I'M
changed with the bulk of prime
names commanding 5 IA per cent.
With the Faris Bourse and some
of the other continental exchanges
closed for a holiday. trading in the
foreign exchanges was quiet with
little changes in rates. Demand
sterling held fairly steady around
s456 ga but French francs sold at
SAB 1-2 cents, new low record.
German marks dropped five points to
IS cents a million.
Price movements were highly ir-
regular with losses slightly outnum-
bering the gains in today's bond
trading.
French and Belgian issues sold
lower in the early trading but gen.
orally recovered to about the same
levels as yesterdays final figures.
Norway 6s declined 2 Is to a new
low for the year, probably in refec-
ton of the new s20,000000 loan to
that government. Denmark IS and
Swiss IS each dropped a point while
Copenhagen and Mexican IS moved
up point.
United States government bonds
improved slightly with the exception
Of the second Liberty las and
Treasury 4 las which eased frac-
tionally.
Katy" adjustment IS gained / on
the strong probability that the road
will authorize the semi-annual in
terest of 2 IL per cent. At the dir
ectoTS' meeting next week Losses of
point cach We're recorded by sew
eral other railroad mortgages includ-
ing Atchison general As and st. Paul
As of 1925. A drop of 2 points by
Wilson and Company convertible IS
was the only outstanding change
among tho industrial liens.
S. w. Straus and Company an
nounced a public Offering of an issue
of $4,000 first mortgages 1-2 per
cent. 8. to 10 year serial gold bonds
of the 277 Park Avenue Inc, recent
ly formed to erect a II story apart
ment building.