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

xsw York. April 4.-Speculatlve In
,..sts apparently uncertain and unde-
sciaed as to the next deHnite trend OF
tne nr,ccs cmfwyp etaoin shrdlu cmfwy
OF p attitude in today's dealings with a
tslse . dull and irregular movement
Of prices. r,,os MORO penera,,v firm,
some short selling took place later IN
IN IN Shares, but this was abandoned
Oi n.n il failed to bring out stock in
VIZ" ,har quarters. Accumulation Of the
o. OUT shares toward noon was in antici-
ss"t;nn of unusually favorable earnings
Iil" was checked by the weakness of
Westinghouse Electric. which dropped
.hrce points On the announcement of
uaw financing. recovering about half Of
ne loss before the close.
lS The ne market turned decidedly dull in
.na afternoon. Some selling took place
..nnward the close on a revival of the
..tms.worn rumors of an increase in
.nn local re-discount rate. which again
failed to materialize.
'N The Bethlehem issues led the brief
r.ilv in the steel shares. the a. stock
ii~~ossing GS and closing SO higher at
S,l while the. 81 stock crossed 81 and
c cossd IL higher at 66l. L. S. Steel.
p"nnh,ic and Crucible all closed frac-
!!;epaily lower, willis Gulf States drop
nd more than point. The weekly
steel and iron trade reviews again
mand resulting from the recent in
crease in prices.
Uses ranging from small fractions
"a nearly .wo points also were regis
tered Ly such recent industrial favor
lies as Baldwin. Ameri1an Locomotive.
Shutting, Anaconda. Sinclair. Phillips
pn,roleum, Shell Union Oil. the Pan
american issues and California Petro-
'SWi. Mack Truck established another new
high at 9S. and then slid back to sls.
whrre it was up - on the day. Savage
arms also established new top at
80, in A. on the announcement that
thc company had abandoned negotia-
lions for a bond issue and instead had
snId 10 a syndicate OF bankers 100000
Of its per cent. preferred treasury
viii supply all requirements for work.
Al" Although there were few indepen-
d,nt points of strength. such as Della
yare & Hudson, up 81. and Lackawan-
70 and Lehigh Valley. each up l, the
rails generally moved within narrow
can money opened at S per cent,
EASEL off TO a. within an hour and
thence 10 4. where it closed. The final
rate was.tne lowest since February l6.
The abundance of call money resulted
in a sight casing of the time rates
With a moderate volume of business
transacted at )! Ter cent. A firmer ten
dency was noted in the market for
commercial paper with an increasing
number of prime names commanding
5, per cent.
Foreign exchanges were irregular,
but the fluctuations were small. De-
mand sterling dropped / of cent to
s46C S-16. and French francs cropped
five points to $50 cents. lntalian lire
held firm around five cents. another
new low record. in response to another
sharp drop in coffee prices
Decided improvements in the prices
ei bonds was noted in today'S early
active market. While there were some
exceptions to the general trend up
ward. notably i'll the case or I. ;. gov
eminent bonds. the demand was partlc-
uarly apparent among the rails and
high grade industrials. The better tone
was attributed largely to slight cas-
ing I'm time money.
l.. S. government issues. with the ex-
ception of the tax-eXempt SIS. which
we're unchanged. and the fourth Liber-
ty As. up 6-32 of a point. lost ground.
the drop ranging from 1-32 to o-3o of
point. Foreign government issues were
firm. Brazil SIS advancing II points
despite weakness of Brazilian eA-
change.
Advances of two points by Illinois
Central refundins As and y points by
Union Pacific rcfunding As. led the list
in the railroad group. other noteworthy
gains being Chicago. Burlington d
Quincy Iefunding As. l: Great North
ern rs. Il: New York Central 5s. II;
and Atchison adjustment As. stamped.
/. Delaware d Hudson refunding 5s.
off II. and Iowa Central As, off IL, were
outstanding heavy spots.
Buyers displayed interest in copper
and steel company liens. Makma Copper
is advancing !: Lsckawanna Steel IS
Of 1850. IL: Bethlehem Steel 5s /;
ard American Smelling SIS. !. West.
crn Union 6ls We're UP 4 and Union Oil
Of California 6s !. Virginia Caroline
Chemical las. with warrants. declined
two points. and Brar Hill Steel 5as
were of Ii. Public utilities were &C
tive. Northern Ohio Traction d Light
refunding IS gaining Il. while Column :
bia Gas e. Electric IS were down l..
Kansas City Terminal were up H..
Total sales. par value, were w.