Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-15
FINANCIAL NEWS
NEW YORK MARKET
4 .,,.. Of the Days Dealings in All
ths Leading Stocks

49, York, Aug. 14-Heavy SELL
Ns the oil shares, based on the
!. Pension of the gasoline price cut
~ war to 10 middle western and
s.,srn states, unsettled the early
NJ today's stock market but a
1s recovery set in towards the
s With net gains exceeding net
ss. in the final quotations.
;oridation of the oil shares was
a,nanied by reports of another
oinent cut in Mid Continent
.ae nrices and rumors that some
.he smaller refining companies
.rs on the verge of bankruptcy.
Asw low records were established
q. cosden, SINCLAIR common and
.i.sterred Phillips. Producers and
.sners, Marland, Middle States,
,i's-acaibo, Transcontinentfi Skelly,
rste Eagle and Invincible, the ex-
ne losses ranging from l to 3
.irts Substantial recovery from
H. INV prices of the day was made
Il most cases, however, before the
wall Street apparently is per-
,l.yed by recent developments in
Amrope. The reaction of the for
KIN exchanges which are general
II reearded as a good barometer of
IT, trend of business and political
+Eoueht abroad were slightly un-
lvorable. Demand sterling held
fssdv around S456 "a but French
les broke to J4S cents. another
Jaw low for all time. and Belgian
lancs registered a nominal loss.
1otb made partial recovery, later
Lille German marks actually show
j net gain OF Is points on the
Nv being quoted at 80 cents a mil
1The quick recovery in today's
.satket was regarded in many quar-
Is as proof of the markets sound
lchnical position. Baldwin, which
III sold as low as 112 5-S during
r. morning, rallied later to III.
losing at 11G IA for net gain of
f5-S on the day. L. S. Steel
Imped from 81 5-S to 50 rs,
having a net gain of l point at the
lose Similar recoveries were
4ade by a number of other stand
III shares in the industrial group.
american Can, Allied Chemical,
s. Rubber common and first pre-
bred Studebaker and Dupont
1pre among the shares to close at
net gains of to 3 points.
| Rails, while not as active as in
iustrials, also made good recov-
Iy St. Paul preferred and South
I'm Pacific, which had established
\ Ell low records for the day of "a
Is and 81 IA, respectively. actu-
4 lily closed at net gains of approx
lnately a point each.
Call money opened at 4 "a per
Sent and then eased off to IL
Where it closed. Time money and
Numerical paper rates were I'M
banged with 5 Ia per cent the
bling rate.
After displaying considerable
ttaviness through most Of the day
BOND prices rallied in sympathy
Nth the late upward movement Of
books and closing prices were
|pmewhat irregular.
Weakness of French and Belgian
Issues again featured the early trad
(g but a number of those bonds
Flosed above yesterdays final fig
pres. notably Paris. Lyons and Med
rerranean 6s. up . 3-4. and Bor-
Feaux Lyons and Marseilles 6s,
|ach up l Ia. French z 1-2s were
BIZ fractionally and Belgian SIS de-
lined Is. United States govern
nent bonds held relatively steady.
Net changes among railroad
mortgages were small, a drsp of )
points by st. Paul Is of 1917 featur-
Ing the trading in that group. In
lustrials were inclined to heaviness,
osses Of point each being record
ID by Sugar States of the Orient Is,
Sinclair Pipe Line 5s. Sinclair Oil
s and Kansas Gas and Electric 6s.
Marine 6s We're off l IL.