Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-02
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, May 1.-Professional spec
ulatoTs for the decline continued in
control of today's stock market, re-
by staging another last hour raid
which carried number of the popu-
lad industrials half to two points be-
low Yesterdays final figures. The
Stewart Warner Speedometer was de-
buretor ~. Rails offered good resist
ance to selling pressure, the averages
showing slight gain in the. day.
Closing out of weakened marginal
investors was largely responsible for
the heaviness at the opening. Some
experimental short selling also took
place in the early dealings but the gen.
eral list offered fairly good resistance
the selling pressure. Kelly Springfield
selling more than 8 points above yes
terGays close in the first hour and
Baldwin, Studebaker and other favor
ties gaining point or so. Trading
became dull or the rally; hoWtver., and
and succeeded in touching off more
Stop-loSS orders.
Prices zigzagged back and forth un-
til just before the close when the
ings. Studebaker. which had sold as
high as 1903. was the Individual tar
get and was forced down to 117i where
it was off q points on the days t0her
motors ana motor accessories ylelUeO
in sympathy. Chandler. Bosch Magnetic
and Hupp each dropping about points
and Reynolds Springs IL.
Another flock Of new low records for
the year were established during the
session. some of the most important
being U. S. Steel at 1929. American Ex-
press at lis. Austin Nichols at 20. Gen
eral Electric at 172. General Asphalt
at 400. Dawson Chemical at 81 and New
York Central at 912. closing prices fen
orally being around the lowest Of the
day.
G God investment buying of selected
stocks was reported at the lower lev
els. Some of the active issues to close
above Yesterdays final figures were
Kelly Springfield. American Car. At
lantic Coast Line. Canadian Pacific. Pa
cific Oil, Pan American, the Virginia
Carolina Chemical issues and lnterIfa-
tional Paper.
Call money opened at 50 per cent. and
eased off to 81 and thence to 5. where
it closed. The time money market was
virtually dcadlocked with brokers bid
ding and 81 per cent. depending, upon
maturity. and bankers asking 81 and
81. Prime names on commercial paper
discount at and 81 per cent. with
more paper moving at the higher rate.
Trading in the foreign exchanges was
abroad. Rates were irregular. De-
mand sterling advanced cent to
s463a and French francs eased slightly
to 673 cents. Danish kroner responded
to an Increase in the official Danish
bank rate from to per cent with q
gain of 81 points to 1885 cents. Nor
wegian kroner dropped 80 points to
/ II, 90 cents, ne wlow record for the
year.
Bond prices in todey's trading on
the New York Stock Exchange were
| definitely downward. with some of the
oil Cd caCl1ritioS and most of the
active L. S. government issuese holding
| firm.
Holland American IS. off %. led the
| downward movement in the forelg!
group. in which several Of the French
| issues showed the effect of the sterling
trend. City of Greater Prague 7As and
Paris, Lyons and Mediterranean 6s
| each dropped point. Fluctuations II
| the active U. S. government bonds were
| limited to 3-32 Of a point.
Railroad mortgages were offered free
| ~, losses of one to two points being
recorded by New Haven 6s certificates
and st. Paul refunding AIS and the
convertible AIS. marlborough Rapit
Transit IS yielded II points.
| While most Of the gilt-edge indus
J trial issues held fairly firm some OF
the sugar and copper company lien:
| were heavy, Punta Allegro Sugar Is ant
Eastern Cubar 7as dropping .poin
| each and Cerro dc Pasco Copper IS de
| Ginning II.
| Total sales. par value. were $40.
$4,000.