Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-02
FINANCIAL NEWS
EN
NEW. YORK MARKET
Features OF tho Days Dealings in All
the Leading Stocks

New York, Aug. 1.-Extensive
snort covering operations. impaired
Dy Nthe marked overnight improve
ment In the Presidents condition,
publication Of several favorable
earnings reports and bullish gov
eminent cotton report, brought
about a sharp recovery in prices
IN today's stock market. Most of
the popular rail and industrial lead
ers closed at net gains Of / to 2 IL
points.
The opening was the strongest in
several months. 1t indicated the
presence OF a large short interest
which apparently had become I'M
wieldly. While there was some buy
Ing by so-called bargain hunters"
the bulk of the business was of pro-
fessional origin.
Earnings of the steel corporation
were nearly 100000 above earlier
estimates and this fact, together
with an optimistic statement by
Chairman E. H. Gary on the busi-
nesS outlook, brought about heavy
buying OF the steel shares. u. s. Steel
common was pushed up more than
points to 81 ga and then fell back
to 81 IA. Bethlehem, Cfucible, Re-
public and Gulf States steels closed
! 3-8 to 2 1-8 points higher on the
day.
Rubber and sugar shares develop
ed temporary weakness, the former
ON reports of impending tire. cuts
which were later denied and the lat
ter on further reductions in the raw
and refined products. Both U. S. Rub
Der and Kelly-Springfield, establish
ed new lows for the year.
Baldwin, Studebaker, Corn Pro-
ducts, American Car and Foundry,
Du Pont, General Electric, Houston,
the Pan American issues, Pullman,
Sears Roebuck, Stromberg Carbure-
tor and Maxwell Motors were among
the active issues to show net gains
of l "a to 3 points on the day.
Rails alsb moved to higher ground,
but the rains, as a rule. were limit
ed to a point or 80. Great Northern
preferred, Rock Island common and
the two classes of preferred, North
ern Pacific, Baltimore and Ohio
and New York Central were con-
spicuously strong.
Call money renewed at six per
cent but softened to 5 IL and thence
to 5. confirming an impression that
the higher rate was merely incidental
to month-end settlements. Time
money was somewhat scarcer with
some of the longer maturities be-
ing arranged at 5 IA per cent.
Weakness of the French francs
whic! dropped IL points to 5.73
cents, new low for tie year. was
the feature OF the irregular foreign
exchange market. Belgian francs
also touched a new lot at 4.66 1-2
cents. Sterling held steady around
$456 SIS.
Sentiment among investors SEEM
cd greatly improved today and bond
prices generally moved onward. High
grade investment issues and the
United States government bonds
were relatively steady, but numerous
other issues registered moderate
gains. Chief interest today ccntered
in the offering of s20000,00O Swiss
government notes, the issue being
Trading in Railroad mortgages
was on a more active scale and adj
vanceS of a point or more were re-
corded by New York Westminster and
Boston 4 1-2s, Frisco income IS,
Hudson and Manhattan refunding SIS
and katy adjustment 5s. st. Paul
refunding LIS moved up IL
points and the convertible 1-2s, 2.
Industrial liens moved somewhat
irregularly. Cerro de Pasco Copper
SIS gained 2 IA points. Virginia
Carolina Chemical z 1-2s with war
rants. lost 3 1-2 and Marine IS and
Fisk Rubber IS yielded l IA and l.
IL respectively.
Foreign government bonds moved
within narrow limits with the tone
somewhat improved. City Of Greater
PRgue Z LIS closed 1 IL higher.