Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-06-26
NEW YORK MARKET
features Of the Days Dealings in All
the Leading Stocks

Ecw York, June 2o.-PrOfesSlOnal
bear traders forced another sharp
reaction in todays stock market, net
losses of standard industrials rang
Ing from to ) Joints. While num-
Der Of loading stocks touched new
low records for the year, the volume
Of sales was relatively small, indi-
eating that the amount Of forced
lqudation was considerably below
that Of the bad break last Wednes-
lay.
Announcement of the failure of an
other stock exchange house which
was petitiOned into bankruptcy Sat
uTday afternoon, tended to depress
speculative sentiment, despite the
fact that the house was a small one
and had been comparatively inactive
for two years. the liabilities totalling
only $l2J, 1000 900.
Selling pressure was directed chief
" against the motor shares, Stude-
baker, Chandler and Pierce Arrow
preferred all dropping to new low
records for the year, the net losses
being So. 5 Is and l ga respec-
lively. Weakness of those issues
vas based on unconfirmed rumors of
price cuts particularly in some of
mellow priced cars.
Other industrials yielded in SYM
pathy and when hear traders Sensed
me absence of support in these is
sues they increased their offerings,
being encouraged somewhat by the
marking up of the call money rate to
eper cent. Baldwin was forced down
10 III and then rallied to 121 7-8
where, it was off 3 3-S on the day.
United States Steel got down as low
as VI is and showed a net loss of
d'S at the close. American Can
melted away from 90 to 80 3-S, los
ing more than points on the day.
Additional cuts in tire prices
brought selling into the rubber group.
Nelly Springfield dropping ga and
U. s. Rubber 1 1-2. Losses of 2
points or more also were recorded by
American Wooden, American Smelt-
ing ran American, Dupont, Houston,
Gulf States Steel, Mack Truck and
several others.
rails also lost ground despite the
iact mat the first May earnings re-
Mts were highly satisfactory. The
oouthern Pacific system reported net
vpeiatlng revenue of $23.160.155. as
-, ,sslnst $21,SS0,O33 in April and $751;
80, 1874 in May. 1922.
Vall money opened at 5, advanced
70 IL and thence to 6, where it
uosed. The time money and COM
a ~sicial paper markets were dull
",.h no change in rates.
,avrelgn exchange trading was quiet
nun hun only nominal changes in rates.
tssiahd sterling was quoted around
Wv, wv liz, French francs around 6.1S
oous and German marks at .000S 3-44
a,a nond prices. with few exceptions
SSppaycd a reactionary trend in to-
sot ss quiet dealings. Most of the
five five foreign issues registered frac-
, will recesSiOnS and L. S. Govern
o %.n. ponds dropped 1-32 to $50 of
one point.
,o virginia Carolina Chemical issues
r;.,s pressed for sales, the les
ma A warrants, dropping 1-2 points
dro. me rs rs. Cerro de Pasco SIS
nhWpped 3-S and American Tele-
tps ao.s convertible IS lost nearly 1-2.
W aI.ic Telephone refunding SIS and
v, nsoa and Company Z 1-2s each adj
p.u a ABOUT point.
A.. alroad mortgages failed to make
c,s,, response to the favorable May
lo.sungs reports being published,
istas ss Of point or more being reg
Ws.. ea oy Reading As. Norfolk and
instmsn convertible 6s. Katy" ad-
Nor.nnt os. International and Great
and ,. ne adjustment IS certificates
81 chesapeake and Ohio convertible
incc,,e" Orleans. Texas and Mexico
each.s os and Southern Railway IS,
Tia ~ about point, were among
down. issues to move against the
INWARD trend.
tod,r new offerings were made
900 in. .ne largest being the $4,000 J.
Der Ss OF federal land bank IL
eak bonds. Announcement of