Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-17
NEW YORK MARKET
features Of the Days Dealings in All
tho Leading Stocks

~
bear traders launched another sharp
drive against the steel shares in to-
days stock market, forcing most OF the
leaders to new low records for the year.
Their failure to bring out any extern
tve forced liquidation in other quar-
ters however. led to covering move
ment in the early afternoon in which
much of the ground lost during the
morning was recovered.
Scattered selling took place through
cut the session in individual stocks
subject to special influences, new low
prices for the year being recorded by
Postum Cereal. off Il points; Famous
Players off 81 points: and Standard
Oil Of New Jersey, International Har-
vester, Worthington Pump. American
Agricultural Chemical common and
Roebuck, the net losses in these issues
ranging from small fractions to three
points.
Just before the close short interests
started drive against the copper
stocks. which were particularly sus-
ceptible to pressure because of the re-
laxng price tendency of the red metal
now quoted at 15s cents a pound. or
two cents below the years high. Utah
broke y points, kennecott !. and the
others fractonally. Heaviness of these
issues brought about some selling IN
other quarters net losses largely eX
ceeding net gains at the close.
Weekly iron and steel trade reviews
again emphasize the restricted nature
ne Wbuying and the resultant falling
on in forward business. No significant
changes are reported. however. in the
price OF standard products. L. S. Steel
common dropped today to 96s, the low
est price this year. and then rallied to
~, off I en- the day. Bethlehem and
Crucibe steels also established new
lows. but the net losses were limited to
fractions.
Publication OF statistics showing
lhat railway freight traffic the first
quarter of this year was the greatest
III me history of the period failed to
arouse any interest in the rail shares,
ThI declined with the rest of the list.
Inc iosses. as a rule, We're small. al
though Canadian Pacific. Lacliawan
shd western Maryland preferred each
.loSed point or more below yester-
DAYS final prices.
Csll money opened at A per cent. but
oIopped TO in the early afternoon.
cioslng at that figure. Time money
Mas optainable on a per cent. basis.
M large sums being available at that fig
n ur' me bulk OF prime commercial
pdpsr continues to move at per cent.
ro!eign exchange rates were slightly
sssier despite the fact that imports
rWn weed exports during the last month.
VINE this would have resulted in
hhsavy colds from this center. it has
"a .n tounteracted by the vast sums
, Ma. mere by Great Britain on her
; re. ueo', ~ the enormous decrea Sc in
tH; .s payments on American secure
.ies owned abroad, and by the sizcable
, r.. i'll ocean freight indebted
,rd ~ aue TO slump in foreign trade
s enu me greater activity of the Ameri-
e merchant marine. Demand sterl-
rEs dropped Of cert to s4.6o4 and
IA as0cn francs slipped three points to
~ n oen's. German marks sold at
e.trn v million or within s1.5n Of the
exch .,ne low for all time. Norwegian
~ ',nssnge established another new low
Al 1892 cents.
MI .ohnicting price movements took
rsnnr, ~ tooaEs bond market with the
,s sn,sal undertonc firm despite some
i rs"ea sharp fluctuations in individual
Sos, es. Trading was again quiet. in
mari. is prcierring to stay out OF the
stahS,i . uh'll stock prices became more
lfio., ', -. Many issues have been
"'pu ny foreign buying.
ananntrr in China is held m~;rIv re-
/ ii" IN ,Si Tor the further onc-point dro
MA M aCninese 1s. Mexican Is also dlup-
t,y, point Other changes in the for.
rn lsa group We're fractional and unim-
Slightly. o'ci'ii''ch' pohoS easeo
We. tssngth OF Scaboard Air Line issues
ccn con- ons ad feature Of the railroad list. The
adinstMsted Us jumped 81 points. the
iIss'uS S.t IS Il and the refunding as
v:nce edar p no;, Clincht!eld & Ohio IS ad-
were 'v ws "a points; New Haven issues
ponr , weak in belated response to the
in sr report Sps for the first quarter show
,s IS aeiicit Of s4.70o.OOo. The France
lis Of 1osSd z point and the convertible
( R Ri is4s I. New York. Westminster
HE : Sem rs rs, which are guaranteed by
pon; Jew Haven road. dropped two
>III IN * 4 Great Western is /.
rel"nhhnnee industrial group. American
|rcnt TO- convertible As advanced a
ssn;ss IN the face Of reports that new
Drus. Ss W. was contemplated. United
|llsos al, Ss and Union Bag & Paper Is
p ,rv adssaneed a point each. Cerro dc
md ko Is broke Sls' nearly three points.
Arrow :. Springfield SIS and Pierce
rot.,e IS yielded a point.
'O'ai sales. par value, s11,44o,Ooo.