Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-21
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. April 20-IIcavy
liquidation Of speculative holdings
caused sharp reac ton in today's
stock market. losses Of one to . -
points being sustained by recent in
dustrial and railroad faVOritcs.
Several factors contributed to the
reactionary trend. These included
reductions in the prices of gasolene,
kerosene and lead. break of 100
points in cotton prices. speculative
fear over the outcome of the govern
ments action to prevent speculation
in raw sugar. circulation Of bearisli
statement by n prominent stock
of Commences warning against over
expansion in business.
Industrials were the hardest hit.
such as popular issues as L. s. Steel.
Republic Steel. Baldwin. American
Locomotive. L. s. Rubber. American
Wooden. Studebaker. American Can.
American Smelling, Anaconda and
Cuba Cane Sugar preferred showing
material losses on the day. Rails
offered better resistance and the
losses in that group We're generally
limited to fractions. but few is
sues. notably Baltimore and Ohio,
Union Pacific. Chesapeake and ONO.
Great Northexp preferred end New
Orleans. Texas and Mexico register
cd rccessiOns OF to II points.
While the cut in gasoline prices
was regarded as natural result OF
the over-productiOn Of California
crude oil, it brought a large volume
of selling orders in oil shares. HOus-
ton breaking points. California Pc
troleum Is. General Asphalt IL
and most of the others point or
more Standard Oils of California
and New Jersey each dropped to
new low records for tile year.
Some sharp fluctuations also took
place in a number OF the specialties,
losses of ID to 4 points being Ne
corded by Stewart Warner. Strom-
berg Carburctor. REYNOLDS Spring.
Bosch Magnetic, Mack Truck and
Dupont Powder. Selling Of Stewart
Warner was in reflection of specu-
lativc disappointment over tho fail
urc of the directors to declare a
stock dividend.
Call money opened Mt 4 "a per
cent and caSed off successfully to
IL. 4 IA and 4. where it closed.
The time money market was some
what easier with more money avail
able at IA per cent for the shorter
maturities. Longer term loans were
made in limited volume at IL per
cent. The commercial paper market
was fairly active with the bulk OF
prime names moving at 5 IA per
cent and some exceptional paper
commanding per cent.
Trading in foreign exchanges was
quiet with no important changes in
rate. Demand sterling held fairly
steady around SAGE IL and French
francs at 665 cents. A moderate
rally in German marks sent the de-
mand rate to 0O3S as cents as
against the recent low Of ,0O33 cents
and the previous "pcgged" price of
.00i8 cents.
Bond prices remained fairly firm in
today's dealings despite the general
tendency downward in the stock mar
kct. Sugar company liens dropped from
large fractions to two points. and Ger
70 de Pasco SIS were off q points. 9th
er price changes in the lnduslrial group
were umimportant.
Railroad mortgages moved within
narrow limits. loss og II points ny
Norfolk & Western convertible Is be-
ing the only outstanding, change.
There was some activity among the
foreign group. French bonds were
81 ronger. the French SIS touching par
and the 7ls closing half point higher.
Zurich So gained a point: The Mex
lean issues We're in supply but the
losses were small. 80,
u. $. government bonds moved with
IN narrow limits. the fluctuations being
confined to 3-s2 Of a point.
Total sales, par value, we're $780,
334 900