Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-06-22
FINANCIAL NEWS w
NEW YORK MARKET
..,-.. Of the Days Dealings in All
Fs''' tho Leading Stocks

x.v York, June transporting
sars placed at the opening of to-
oiu prs stock market started a rally
o as,ch reached fair proportions be-
VIZ VIZ the close. Recognition of such
W. ,.rs influence aggressive support
giving operations and there was
..one evidence of buying by So
. ..,ied bargain hunters"
apecurrent liquidation of impaired
rcinal accounts resulting from
i'nSss.erday's smash in prices gave the
...orket a spotty appearance until
!sa final hour when practically the
nv l.;re list turned upward. Feeling
en' Tho financial district undoubtedly
u naed for the better in the early
en because of the evidence of
AJ .hsta ntial support and some of this
ss.songth was transferred to the
reaker shares.
NToday's rise was confined to no
.,rticular class of stock but extend
70 y '.hroughout the list with here and
:. .sere a share falling off because of
. .ome Development affecting it in
sividually. Baldwin moved up 4 IA
noints. American Locomotive =,
ttmerican Can 4. Studebaker is.
pan American pa, l. s. Steel ,,
md Kelly-Springtield H..
railroad shares shared in the up
~ard movement. gains ranging from
mint to more than four points.
delaware and Lackawanna gained
I1.o points and half a dozen others
sdvanced one point or more.
sugar shares reflected the i'm
,royed outlook in the commodity
market, American Sugar, American
Rect Punta Allegro, and Cuba Cane
nreferred rising one to three points.
Foreign exchanges ruled slightly
lower. Demand sterling slumped "a
10 S461 SIG and French francs fell
NJ 51-2 points to 6.l9 cents. Ger
man marks held relatively steady at
MAS, Most of the other Euro
mean exchanges were easier than
yesterday.
Call money again held steady
throughout the day at > per cent.
The time money market was dull.
being confined almost entirely to re-
newals. quoted rates We're un-
changed at il to D per cent for
the shorter maturities and . per
cent for the longer terms. a small
amount of commercial paper
changed hands at Il per cent but
the rates were steady at D per cent
for prime names and / 3-4 for ex-
optional ones.
The bond market today failed to
participate to any pronounced extent
in the strength shown by stocks. At
intervals during the morning selling
pressure was applied very persist
emily against varied list of domeS-
tic issues and foreign bonds, losses
running in some instances from l to
points.
In the last half of the session the
complexion of the market UNDER
went decided change for the bet
Ter. much of the earlier decides be-
ag reduced to small proportions.
while many popular liens sold ma
terialy above yesterdays final fig
ures.
1t is becoming more generally
recognized that considerable of the
recent pressure arose from selling
by interests who had to sacrifice
their holdings to bolster up Specula-
tite commitments in stocks. In addi-
ton there is always Il cOnSidera bile
volume of short selling in active
issues which commonly move in uni
son with the course of stocks with
which they are identified.
Signs that much OF the recent
selling through causes of a specific
nature were completed were not
wanting in the closing dealings.
when the more active issues were
moving up in a spirited fashion. Rel
atively little change occurred in L.
s Government obligations. loss of
S-39nds in the Liberty ) 1-2S and
rise of a similar amount in the
Treasury As furnishing the eX-
IRENE movement