Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-06
FINANCIAL NEWS w
NEW YORK MARKET
>. .,ure. Of the Days Dealings in All
'ts' the Leading Stocks

xaw York, July 5.-Prices
,,r,ned badly in today's early trad
sln IN the stock market and then
u aH,,;ed briskly. closing prices geIer-
In,, showing slight gains on the
~. The volume of sales was rela-
u .'.sv small, which was to be ex-
m stsd after a holiday.
The increase in the bank of Eng
land discount rate from 3 to 4 per-
.snt the apparent Franco-British
,mnasse over the Ruhr problem and
@"rther cuts in gulf coast crude oil
W. lud lead prices accounted, in part,
~. the pessimistic sentiment at the
."orinr. Bear traders offered the
uai leaders freely and succeeded
" forcing three score stocks to new
~. isyels for the year. including
,,v.r wv states Steel common at
81 Si "a Baldwin at ia IL. Union
r,.iae At 125 ga and Northern Pa
einc at So ga.
aiming back, however, L. S. Steel
.ouching 81 and closing at a gain
', TO Baldwin rallying to lit ga
and closing at III 3-S, up /: Union
pacific closing 1 higher at 12S IL
and Northern Pacific closing SIS
higher at IS IL.
Selling of some of the high priced
rails during the morning was re-
norted to be for the account of Eu-
ropean interests. Jersey Central
hroke S points and Delaware and
,Irdson, four, the latter recovering
=. Ioss and closing at L slight gain.
New Haven sold as low as 8 5-S, an
ortreme low for all time, and then
rallied to 10.
Some of the conspicuous heavy
.nots we're Brown Shoe common and
nreferred, General Electric, New Or
iaans. Texas and Mexico, LacLedge
Gas Western Union, Woolworth,
American Zinc preferred and Chi
eago and Eastern Illinois, off 2 to 5
noints, Dupont was one of the few
strong spots.
Foreign exchanges were weak be-
cause of the disturbing political de-
yelopments abroad. Demand sterling
established a new low for the year
at 1856 lie and French francs
dropped six points to 5.S6 ii cents.
Italian lire also touched a new low
At 431 IL cents. off IL. German
marks were quoted at .0005 Is cent,
or nearly 100000 to the American
dollar.
Call money opened at four and
one-half percent but advanced to 3
before the close. Time money bust
ness was quiet with five bid and
8 IA asked, a few loans being re-
ported at the higher figure. Out of
town banks are still the principal
takers of commercial paper, prime
names ruling at five percent.
In the absence of any effective
buying support. bond prices con-
tinued reactionary in today's rela-
lively quiet dealings. Weakness of
the New Haven issues was the out
standing feature, net losses of . to
5 IA points being recorded by the
active liens on that road.
There were n few gains recorded
in the foreign list but most foreign
bonds were reactionary in sympathy
with the lower exchange rates. Ser
bian IS dropped l IA and most of
the French issues recorded fraction
al losses on the day., u. S. govern
''Nhe SoLuo opCliCd III Ill bdC CdoCo
slightly in the later dealings.
In addition to the New Haven
Issues the weak spots of the rail-
road list were Minneapolis and st.
Louis refunding Is, off . II, and
Seaboard Air Line adjustment Is,
New Orleans, Texas and Mexico in
come 5s. Union Pacific convertible
As and st. Paul refunding 4 lbs,
off "a to ] IA points. Atchison ad-
]ustment As stamped gained nearly
point. Local fractions were heavy.
Wickwire Spencer Steel Is, Steel
and Tube Is, Marine 6s and Armour
4 LIS all yielded J. to 1 IL points
on the day but Montana Power IS
and Tobacco Products Is registered
good gains.
81 Total sales (par value) were S.