Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-04
NEW YORK MARKET
features Of the Days Dealings in All
the Leading Stocks

New York. May 3.-Another heavy
..il;ne movement launched by big bear
,r,ders in the last hour Of today's
s,ock market forced recessions of one
TO five points in a number Of active is
.nas and carried several Of the SO-called
%srket leaders to their yowest prices
~ the wear. Four successive DAYS of
faction this week. all Of which reach
IA their climax in the final hour, have
tt;ncd out virtually all of the years
Eat Al the close of business tonight both
,,a average of the 90 leading Industrial
.md the average of the 90 leading rail-
lads were at new low records for the
wear.
.sts has been based more on the fail
rre of the market TO respond to favor
III outside news developments and to
sniist widespread public support. rather
than on any disturbing trade news.
,odays selling was scntimentally in
snenced by additional cuts in crude oil
snd sugar prices. French rejection Of
The German reparation plan was OK
nec,ed By the financial community and
rs only visible effect was a slight reac-
lion in the price of French bonds and
German exchange.
sugar and equipment shares bore the
hrunt Of today's selling pressure. Buy
ers' strikes were held largely respon-
sble for the lower prices of sugar
PRODUCTS and sugar securities. Raw
sugar dropped cent today to six cents
Of a cent below the years high. The
,.w sugar futures dropped 40 to SIS
noints and prices of the refined pro-
duct were cut from !. to ] cent. Ma
uat Sugar stock broke 53 points. South
porto Rcan Al. Punta Allegro 4. Cuban
American - and Cuba Cane II.
Baldwin dropped nearly four points
10 1874 its low Of the year. the Ameri-
can Locomotive. American Car. Pull
man, Lima Locomotive and General
Electric all closed = to I. points low
or Some of the outstanding weak spots
were American Can. California Petro-
lam. Gulf States Steel. Republic Steel.
National Lead and L. :. Alcohol all off
!, TO five points. Pierce Oil preferred
was one Of the few outstanding indus
trial strong spots. gaining nearly four
points on the day.
Rail shares offered better resistance
10 selling pressure but most Of the
isaelers closed fractionally lower.
pttsburg & West Virginia moved
against the downward trend. geining
CAN money opened at - per cent,
sased off TO Al during the noon hour,
and thence to 4. where 1t closed. The
time money market was somewhat
cent for all maturities on both classes
of collateral. Comparatively little new
commercial paper came into the mar
lnt. the prime names commanding 80
{: per cent.
Demand sterling dropped : Of a cent
below s4.S3 Ekt French francs held
fairly steady around 6.6o cents. Ger
man marks broke a points to OOPS
cents but rallied alter to .00261.
With the exception of a slight in
creased demand for United States gov
eminent bonds and firmer prices for
railroad rtgagcs. prices in today's
trading in bonds were mixed with
majority of The foreign bonds moving
TO lower ground.
The French issues were offered free
" as the result of the French rejection
Of the German reparations offer. losses
ranging from l To Il points. Chinese
bonds IS were off II and Haiti 6s l.
L. s. government bonds were up from
49, to 5.32 of a point with the eXcep-
ton of the tax exempt SIS. which We're
off 2-32 of point and the Victory AIS
which were unchanged.
corded by Steel & Tube IS. Pierce Ar
row SIS. United Drug convertible S..
Illinois Steel AS and Consolidated
loal Of MARYLAND IS. Punta Allegro
Sugar IS sold off AZ points. New Eng
land Tel. d Tel. IS y. Virginia Caro-
lima Chemical rs with warrants :.
and International Merchant Marine Us
y.
In the railroad group New Haven Gss
advanced !. Erie consolidated As ID
and Illinois Central As I. while Mime
spolis & st Louis refurding As dropped
Il points and Hudson & Manhattan IN
come IS ]. 40
Total sales. par value. were So