Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-06-14

NEW YORK MARKET
...,.. 81 tho Days Dealings In All
Fsa'' tho Leading Stocks

i 49, York, June 13-Stock prices
N.'",Iw. displayed heavy tone
genera e great part of today's
durlns. despite another series OF
nstnstde dividend developments.
favo.ss,r the raising Of the New
, TerS Central rate from 20 to -
.asr,al. basis. PROFESSIONAL bear
snIa.mseontinued their attacks on
I.0 r1arket and succeeded IN fore
inc .cne material recessions In the
ING oils. equipments. rubbers and
@es snr. but many Of these rallied a
mG. nov or so before the close. Sales
po.a.ded the million mark for the
.t time since May 20.
MS ~, the theory that 1t reflected the
Veal Judgment on present and
nn 1..rs business conditions Of the
ii a.s.s Baker, Vanderbilt and
otSer powerful financial interests.
! osaI increased New York Central div
Nv. :asrd was regarded In many quar-
. luz. "a one of the most constructive
YER, .,sst developments in many
ms ..h. The stock which closed at
mvn' yesterday. advanced TO 1O2 in
20. early trading but dropped back
NV o01. 4 on circulation OF reports
.,Is the directors were in session
W. w.. Tho new rate would not be over
t - md that the rate might not be
|,noed at all. The announcement
caa no x7 rate came as a surprise.
w.. y. .tock soaring to 104 1-S. new
,;sh often jumping half point be-
.~sen sales. Approximately $4,000
s .ssres changed hands during the
s.r the closing price Of 1O3 3-4 rep
u usssnting a net gain Of 1874.
During the markets reactionary
,oriods another flock of new low
psscorda were made. including such
..octs as L. S. Steel common, Beth
isssm steel, General Asphalt. STAN
sard Oil of New Jersey. Sinclair.
producers and Refiners. U. S. Rub
hsr Kelly Springfield. Goodyear.
Goodrich, American Sumatra Tobac-
N and Consolidated Textile.
American Can sold as low as
G3.4 Woolworth was strong until
.Ss directors announced that there
No. no intention Of increasing the
S;vidend. the stock dropping from
SS1.2 to 231 IA. California Petro-
lsum closed nearly a point higher.
southern Railway was again ac-
five. closing nearly a point higher.
Oher carriers showed mixed
!. changes but they were mainly high
Call money opened at 4 "a, eased
on to 41-2 and thence to 4, where
Il closed. The time money market
WAS dull with a few loans arranged
At 43.4 but bankers asking five for
all maturities. The bulk of the COM
mercial paper business continues at
FIVE percent.
Renewed weakness Of German
marks which fell below .0O10 cents
for the first time was the feature Of
the quiet and irregular foreign mar
ket Demand sterling sold just above
461 and French francs eased slight
ly to 836 cents.
After opening dull and slightly
lower bond prices turned upward on
announcement of the higher divi-
dend rate on New York Central
common stock but reacted some
what at the close. Net changes on
the day were small with majority
Of the listed issues yielding.
New York Central IS climbed
more than two points but failed to
hold at this level and closed about
"a higher than yesterdays final
quotation. Many Of the other rail-
road mortgages showed signs OF
strength around midday but closed
Nationally lower. Third Avenue
adjustment IS were off point.
Industrial liens moved irregularly
within narrow limits, a loss Of l
point by Empire Gas and Fuel Z lbs
being the only outstanding change.
United States government bonds
were slightly reactionary. losses
ranging from 2-32 to 3-32 of q point.
Foreign government issues also were
somewhat heavy although net
changes were small. The new Aus
tralian Is continued in demand with
sfew odd lot sales going as high as
all-2.
Total sales (par value) were $1O,-
1N0f0