Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-06-28
NEW YORK MARKET
e.,turss Of the Days Dealings in All
the Leading Stocks

New York, June 27-Quoted values
.ontinued to melt away in today's
sstiye stock market under the slim.
.ins Of heavy professional short SELL
:ns and more extensive commission
sanse liquidation of weakened mar
~;nal accounts. Both the industrial
snd railroad averages broke through
sas low levels of last November.
one hundred stocks established
,sw low records for the year during
the days trading, the largest number
,or any single day in many months.
rhe list included such stocks as Uni
,.d states, Bethlehem. Republic and
Iuf States Steels. Baldwin, Stude.
Ssker. L. S. Rubber, American Sugar.
american Wooden, American Tobac-
"a California Petroleum, Famous
pl.vers. International Paper, North
s,n Pacific. Southern Pacific, Chesa-
wake and Ohio, Lehigh Valley,
pennsylvania and Norfolk and West
En.
,,rded as one Of the most disturbing
ssatures Of the day. apparently was
hased on speculative expectation OF
,nrreased wage demands by the big
rour" brotherhoods. The unusually
favorable nature of the May earnings
,enorts, now being published, was
,irely ignored. The New York Gen.
.r,l system sowed net earnings last
month more than double those a year
.so hut the stock broke to 80 Ia.
.iosing slightly above that figure for
net loss Of nearly 2 points on the
day.
,rt some Of the industrials made
rnoderate gains in the first hour on
.hort covering operations. The VOL
r,,e of LIQUIDATION in the rails and
.he absence of fresh buying power
s.ewhere indicated general short
saInp which resulted in recessions
nj TO 4, points throughout the list.
~ some parts Of the list there were
.Jhstantial recoveries in the last
sour hut the list, as a whole, did not
nsneAt much from the support Of
tsr.d Considerable buying on a
s..h basis was reported during the
day.
! ,,d italian lire, both Of which ad-
r.nced slightly, was the feature Of
inc foreign exchange market. De-
wand sterling yielded 3-8 Of a cent to
IS0 SIS and German marks after
sailing around .0006 cent rallied to
.MO7 Ia.
.ent and advanced to before the
slose. The time money market was
somewhat firmer with bids put in at
Sva ner cent. for all maturities but
business confined largely to renew
ala The ruling rate for prime COM
mercal paper continues at per cent.
price recessions of unusual size
md extending through the entire list
we're recorded in today's trading in
honds, the weakness of the stock
market having spread to the invest
wont securities. While railroad
Mortgages were hardest hit. indus
,ria, liens also were offered freely
md foreign government bonds also
| sagged. .ar
.,bne found buyers at small declines
and these issues closed at nearly
Yesterdays final quotations.
.ln,ost the entire list of foreign
honds moved downward one pom
and Lyons 6s and the MEXICAN -
sank more than two points.
'' More than a score of the railroad
mortgages yielded a point or more
and in few instances losses OF
1.e TO 8 points were recoroeu c
fractions slumpcd along win t,le
rails Third Avenue adjustment ss
dropping 6 points and 1nterbofouena
Rapid Transit IS stamped Ia
points. o,a rreelv
Industrial liens were SOLD Freely
but extreme losses were not so grea'
a. those Of the rest. e.,
Total sales (par value) were sll'-
ACC nm