Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-23
Financial
NEW YORK MARKET
Features Of the Days, Dealings In Al
the Leading Stocks ~ i

New York, Aug. 22.-Concerted SELL
ing Of the railroad shares unsettled to-
days stock market after an early pc
riod Of pronounced strength in a num-
Der Of industrial stocks.
Net changes. however, were largely
Of fractional character
Reports Of another deadlock in the
coal miners wage conference brought q
substantial volume of overnight SELL
ing orders into the market and impart-
cd a heavy tone to the initial dealings
These offerings, however. were well abb
sorbed and the market was not long in
resuming its recent upward trend.
Equipments led the rally and gains Of
two or more points were not uncommon
Hefore noon.
The rally was accompanied by the
Usual bulllsh rumors and tips which in
&C uded reports Of mergers dividend in
ercases and higher metal prices. The
Ion Age in it's weekly review declares
that rail buying is the main point of
J, crest in a market that has not yet
&'Scn definite advance signs of fall ac-
ity." The blowing out Of six blast
naces in the Pittsburg and Youngs-
e, n districts. it says, has made more
;;,,n available for the third shift at the
nils thereby acting as sabilizing
il fluence.
The relatively poor Union Pacific
S.rnings report for July combined with
til, failure of the carrier shares to
r.ticipate extensively in the recent
.r;vance, furnished an excuse for the
/, ling Of those shares. Union Pacific
st IL on the day; Delaware & Hudson
y; Canadian Pacific II. and Northern
icifc 1. Omaha touched a new low
the year.
Baldwin was one Of the early strong
pots, touching 1899 and then falling
Lack to 1922, UP on the day. Gulf
States Steel sold between 79s and s3s.
closing at S2s for small fractional
close. National Lead jumped five
points to 1914, Sinclair preferred
dropped five points to 81, new low for
the year, and Foundation Company
slumped more than six points before
the close.
For the first time in nearly three
weeks call loans were renewed at 5 per
cent. but the rate softened to ~ in
the last half hour. Bankers continued
to ask 81 per cent. for time money
with brokers bidding 81 and arranging
few loans at the lower figure. Com
mercial paper was moderately active
with 81 per cent. the ruling rate.
eACHdnSeS were
with principal interest centered in the
French franc. which dropped seven
, points to 5.564 cents. Demand sterling
held fairly steady around $4.55. Greek
drachmas jumped nearly Is points to
191 cents. but the other rates showed
only nominal changes.
Bond prices moved within narrow
Units in today's trading, which again
as in comparative small volume.
Active U. S. Government bonds were
ither unchanged or slightly improved.
here was some selling of the French
'1ues on speculative apprehension over
ne European outlook but the losses
a:ere not large. Mexican IS declined
II!
Railroad mortgages held relatively
| firm in quiet trading. Great Northern
! 53s, series B. dropped one on reports
of ne wfinancing. Third Avenue refund
ing As were in fair demand, closing IL
| higher.
Aside from the movement Of several
speculative issues there was little ac-
tivity among industrial liens. Cerro de
Pasco Copper SIS moved up point and
Virginia Carolina Chemical 73s with
warrants dropped II.
1t was reported that s25.O00,0 900
Brazilian loan may be offered in the
New York market soon. There were
reports also of a 100000 issue by
the Public Service Company of Colora-
do to be offered shortly.