Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-01
FINANCIAL NEWS
NEW YORK MARKET
Features Of tho Days Dealings in All
The Leading Stocks

New York, July s1-Fresh weak
rnss developed in today's stock mar
Let as result Of the overnight
tnrn for the worse in President
Hardings condition. Spectators for
the decline again offered large blocks
~ stocks, which were increased by
N. offerings of frightened investors.
Insses of / to points took place in
most of the speculative favorites. the
average Of industrial stocks again
establishing a new low record for
the year.
Selling pressure was most effective
against the oil. sugar, steel, equip
ment and automotive stocks although
a large number of rails and other
;ndustrials registered substantial re-
cessions on the day.
Liquidation of the oil shares, which
has been in progress for some time
because of the unfavorable conditions
in the industry, assumed large pro-
nortions in a few issues today on
reports that recently formed pools
we're breaking up after an unsuc-
cosden broke more than 3 points to
40 IA, new low. and then rallied to
A. Losses of 2 points or more also
we're established by Pan-American,
Houston, and Marland.
Further reductions in the price Of
raw and refined sugar brought fresh
selling into the sugar shares, Manati
breaking II points on one tram
saction and American, American
Beet, Cuban American and Cuba
cane common and preferred and
punta Allegro yielding l to points.
L. S. Steel common touched IS IL
another new low for they ear The
quarterly repor issued after the mar
ket closed showed total earnings of
s47S5S1S1 as against 34,1S0,069 in
the previous quarter. E. II. Gary,
chairman of tho board. in comment
inc on the steel business, declared
that he was we'll satisfied with pres
emit conditions and that while there
has been reasonable diminution in
new business, the corporations
plants could operate at practically
full capacity for long period. If
orders continued as large as they
were at present.
Baldwin broke 3 IL points to III
IA, also new low. while Stude-
baker, handler. Stromberg Carbure-
for Mack Truck, Dawson Chemical
and a number of other active issues
were off points or omre.
In the railroad group new lows
we're established BIZ st. Paul COM
mon and preferred, Atchison, Mis-
souri, Pacific common, and preferred.
and Texas and Pacific, while Great
Northern preferred and Northern
Pacific duplicated their previous
minimum prices.
Call money held at per cent all
day, the high rate also influenced
selling to some extent although 1t
was regarded as incidental to month
end settlements. The time money
and commercial paper markets were
quiet with no change in rates.
Foreign exchange displayed heavy
tone. Demand sterling was off near
" cent at $4.56 IA and French
francs were five points lower at 5.Sl
cents. German marks were again
below million.
Bond prices continued reacttonary
in today's trading, moderate ad-
vances in the late dealings falling
to overcome earlier losses.
Austria IS touched new low at
SO l-2 and Holland American 6s Off
| 1-2. also established new bottom
price. Gains of a point each were
registered in the foreign group by
Chinese SO, Rio De Janeiro So or
1947. and French 1-2s. Active
United States government bonds
held within narrow limits. The tax
exempt 1-2s moved up 1-32 of a
point. second and third Liberties
we're unchanged, and the others were
)ff fractionally.
Losses of a point or more were re-
corded in tho railroad group by Mis-
souri, Pacific As, Illinois Central
LIS and ST. Paul refunding IS. In
iustriaI liens were also heavy, East
ern Cuba Sugar Z 1-2s losing IA,
Carolina Chemical Z LIS.
Q is, Empire Gas and Fuel LIS.
| IL. and New York Telephone IS
Of 1941, and Cuba Cane Sugar SIS, 1
each