Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-06-21
FINANCIAL NEWS w
,r,N YORK MARKET
. ~ the Days Dealings in All
s''' 10 The Leading Stocks

work. June 2O-Failure of
wv stock exchange demoralized
aen. . stock market and sent prices
a SSl;na to their lowest levels of
np nar Coming within "a hours
We nresident of the exchange
,ssued a statement that the
an;ttee on business conduct had
Una M the various names
seS nv rumor and in each case
sound no justification for any
I;a;on of weakness" the latest
s.Mntcy brought about vast
!, If liouidating orders by fright
~ ;nvestors which were increased
a sa heavy offerings Of profession
mort interests.
l Aod destined for a good rally
t nH me suspension of the bank
~ arm was announced. Support
nrders were rushed into the
.sst and the higher prices were
,,.ined for a time after the bad
~ had become known. The pres
became too great. however.
,uoted values began to crum BILE
wsr the list. The selling reached
olimax in the final hour when
~ than 100000 shares. comprise
mare than one-third of the days
i,sss changed hands. The tick
ia not stop recording quotations
N o minutes after the market
Yr,hty stocks including nearly all
leaders broke below their pre-
u, low prices for the year. net
.ss Of / to 4 points being quite
[~mon at the close. Among the
~ls 10 establish new minimum
Ms we're United States Steel at
IA off 23-S: Baldwin Locomotive
iN1.S, off 4: Studebaker at
his but rallied later to 1O3 3-S,
:: Anaconda at 50 IL, off 31-4
All. S. Rubber at "A IL. off /.
Rails held better than industrials
4 even this group showed an aver
loss of / Is points on the day.
ssiing New York Central, South
Delaware and Hudson. the
I, issues, Great Northern pre-
md. Atchison and a number of
hers lost / to > IL points and
,kawanna broke nearly five
irts.
rsl money held at five per cent
Dughout the day. Time money
3 quoted at 4 "a for the shorter
turities and five per cent for the
eNr dates with business quiet.
nmercial paper was still on a five
nent basis
Foreign exchanges held fairly
aiy. Demand sterling was quot
at S4.62 1-16. French francs
.snd 6.25 cents and German
rks at .00OS 5-Sc.
: Bond prices tumbled along with
stocks ilf-today's trading on the
h York Stock Exchange. fright
ID bond holders joining with
Tx investors in Offering their
Eurities Losses of a point or more
I be common throughout the list
7 III the exception of L. S. Govern
INT issues which held relatively
]. IN.
/ Foreign government bonds were
v freely at declines of from l to
FuE points, issues chiefly affect
I Including Prague Z lbs, Belgium
Denmark Us, Mexican Is and
= Serbian IS and Austrian Is.
\ Railroad mortgages We're hard hit,
{ ss Of a point or more being regis
I Ped by Colorado and Southern re-
Etng 41-cs. New Haven con-
'tl'le rs. Pennsylvania general
KS Katy adjustment IS, Kan
City Southern 5s. Erie general
and Delaware and Hudson re-
ndng Abs. marlborough Rapid
anslt Us and the refunding IS
Emped, sold off more than d point.
lTd Avenue rounding Is however,
Hanced 2 points.
B Among Industrial liens Pierce
now IS led with a drop of 37-S
nls Cerro de Pasco copper SIS
eded 3l-S and American Tele-
me and Telegraph convertible IS,
~ Losses of a point or more
re recorded by Armour and Com
Wy 4l-2s. Morris and Company
~ Wilson and Company TIPS.
Nlaern States Power is, Montana
NT o. and Virginia Carolina
emical lbs with warrants. Utah
ser and Light Company IS adj,
aeea and Pacific Telephone and
sgraph refunding is IS.
: b%a sales (par value) were $12,-