Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-11
FINANCIAL NEWS W
NEW YORK MARKET
.....,s. Of the Days Dealings in All
~rs'' the Leading Stocks


New York. July 1o-Prices worked
:. lover levels in today's stock mar
" ". 4 response to q series OF unfav.
k shia domestic developments while
olscnlatiye uncertainty over the out
SUE ~ the Franco British impasse
eOlu ne reparations question was re-
on en.tsd in the usually small volume
- ,,sding, the dullest Of any full day
.Ssesion this year.
se ws,l street apparently is marking
49,. nending the. announcement of
.hs British policy on reparations
mitch il expected to be made in the
Tn"se of Commons by Premier Bald
s,;n IN Thursday. The governmental
s%on report indicating an increase of
az !, ma 600, 900 in crop values this year
as fayorably received by the finan-
wi community. Special significance
.-s. attached to the fact that practi-
s.Iv all Of the estimated increase Is
.snrasented by higher values for cot
I'm and corn with resultant benefit
N the southern and middle western
sections of the country.
The favorable effect Of the crop re-
,ort was counteracted, however, by a
Sscrease of nearly 100000 tons in the
SrNIled orders Of the United States
steel Corporation. further cuts in i'm
nortant commodity prices including
cheat. rubber, lead, sugar and Penn
.vivania Crude Oil and further indi-
cations Of decreasing productions in
,ther industries, notably the automo-
Sile field. While the untitled tonnage
~ the Steel Corporation was q dis
snpointing surprise to Wall street 1t
sctually had little effect on the steel
shares. u. S. Steel common lost
about q point on the day and the
leading independents yielded small
fractions. Upward revision of the
nrices of Bars by the Carnegie Steel
company attracted more than ordi-
nary interest. Coppers yielded with
ths rest Of the list but some encour-
aeement was drawn from the fact
hands of American producers de-
clined 100000 pounds to 1877, 100000
pounds in June bringing the total on
hand to less than 200,000,000 pounds
for the first time since the war. Oils
offered good resistance to selling
pressure despite the fact of another
In Continental prices.
Delaware and Hudson was run up
10 1903 1-2, or 10 points above Sat-
urday's low in further reflection Of
official assurance that no change in
the 80 dividend rate was under con-
slderation. The stock loaned at
premium, which is unusual for a rail-
road issue. Western Rails were
heavy.
Cali money opened at s IL per
cent but softened to 1-2 before the
close. Time money was somewhat
frmer with more loans arranged at
IA per cent.
Foreign exchanges showed marked
Improvement. Demand sterling ad-
yanced more than a cent to $4,57 5-16
and French francs jumped nearly 10
points to 5.95c. German marks were
81 a million as against 1897, the low
point yesterday.
Widespread uncertainty over the
ultimate trend of securities and COM
modties prices was reflected in the
irregular and listless trading in to-
days bond market. L. S. Govern
ment issues held firm. Foreign bonds
were mixed, the French governmental
and municipal issues showing slight
improvement in sympathy with the
higher exchange rates while Mexican
IS and Jurgen IS each dropped a
point 3s2
Further recovery of the New Hav-
en- franc Is and New York, Westches-
ter and Boston 4 las each gaining
about a point and New Haven con-
vertible 6s advancing 1-2. Liens of
some Of the western roads turned
heavy on the announcement of a
break in wheat prices.
Some good gains were recorded In
the public utilities section INTERIOR
ough Rapid Transit IS and refunding
Is stamped each gaining 2 IA points
with smaller gains by other local
traction bonds. Milwaukee Electric
Railway SIS also advanced a point.
Indications Of a price war in the
sugar industry accounted for the
leaviness of sugar company bonds,
punta Allegro rs dropping a point.
Marine 6s and American Agricultural
1-2s yielded large fractions.
Totals sale (par value) were 49,
10000.