Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-23
~ YORK MARKET
IS the Days Dealings in All
10 ~. Leading Stocks

-, Nav 22.-Persistent ham,
!, by bear traders 1s,,, sem rnoord nea Fly
g .are stocks to low leeords Ior
SYN today's stock market eerore
yesi huying support was Iortn-
gen; n check the reactionary trend
~ continued with Few inter
na SINCE the first week in March.
rn rally which followed the
t alscIine with its enormous turn
os suggestive OF the culmina-
va long reaction such as has oc-
q on many previous occasions In
tet n sSs market was at its lowest
1e9 me day around noon the aver-
q ~. ny barometric rails and indus
o. the we're near the low Of last
stocs' which witnessed the turn
nuei' ~ the previous major reac-
pint ~ rsscoycry was aided by a ma
Inc s,nV Of the call money rate.
sssonncd to 4 per cent. after
b oiuppwed at 81 the reported in
Lns r. is'ii, 7, cents a gallon in the
s. y nrice Of gasoline in the mid
men, ~ The The liquidation that came in.
1cn y, rt s This morning was forced
be nag a the closing out of weak
esen. .a;nal accounts and extensive
ma sr nnols no longer able to sup
rg ., ffavorites. Large blocks of
'se ia, common had to be absorb
sNs nov down to 50, q new low,
i hnr;nging about a turn.
re W ~ the other popular shares
PM .uched new bottom prices for
n ,ou we're Bethlehem and Republic
yesrro m and Utah coppers,
A'H nj of New Jersey, the Pan
hcaIu SIS issues. Texas Company and
enedTT osden and Sinclair oils. U. S.
hs IFS Alcohol, American Wool
pa , y and Chandler Motors.
StuS Sarrs, of New Jersey. Atchi-
ls Oh Pacific. Reading. Lack
illinois Central. st. Paul.
hn s;r,na. Rock Island and Erie
oaG a;tarncon rally started with
y al'1p stroleum and American
lOI OH COON spread to the rest Of the
aga sm svG Locomotive. Studeba-
Eelly-Springtield. Corn Produc.s
American Smelling snapped PACK
nearly 81 points anove Eester1,
snal figures. New York central
H. recovery in rails. climbing from
" III. where it was up II on the
very short time. Canadian
showed a net gain OF TWO points
be day. ss;a,ad Gov
rscsnt decline was the huge sums
~nial tied up in the enormous
III If new securities issued in the
rsar and in real estate mortgages
E.srnlstiye building projects. thus
! tsng the LIQUID funds usually avail
for supporting purposes.
rs money continues on a 6 per
~ bsss with plenty of funds avail
tor all but the longer maturities.
commercial paper is being re-
N in limiting volume, the bulk of
Fn, IN names commanding 5 per
{. feature Of the foreign exchange
It,. was the new low record OF
Vi cent established for German
Il Trading in the other foreign
,rges was quiet, demand sterling
fre steady around S4.633. and
m francs around e.65 cents.
(wpgth of L. S. government bonds,
/ a mich registered moderate gains
fke exception of the tax exempt
il featured today's trading in bonds
y, New York Stock Exchange. The
|ld of 4-32 Of a point. Treasury
6onds touched par at one time but
slightly and closed at 1926, a
4 Of 1852 Of point.
reign government bonds moved ir-
6hrH. some of the French issues
laying a reactionary trend. Rail-
Mortgages also We're irregular. st.
convertible Ais advanced a point
Chesapeake & Ohio convertible IS
4 a point.
he changes among the industrial
' we're for the most part unlmporsI
virginia-Carolina Chemical us,
warrants, gained a point. and 1lli-
Z Steel As dropped point. 1
Nal sales, par value, were $l2,-
( th Of the recent firmness of the
l market is attrihuted by market
q rers to the limited amount of new
b which have been offered. 1t is
csd in many quarters that public
ing will soon be increased greatly.
Offering of $170Oo.000 State of H.
bonds, consisting of $10.0n0.000
Y cent. bonus bonds and $7.000.000
cent roads bonds, probably will
lerd Friday.