Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-11
Financial
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York. May 10-Bear traders
made persistent efforts to depress
prices in today's active stock market
and succeeded in uncovering several
weak spots, particularly in the steels
and equipments but they encounter
ed much better buying support than
they did last week. Operations for
the rise were conducted in the sugar
shares and a number of special is
sues but net losses slightly exceeded
net gains at the close.
Profit taking in American LOGON
! tive on the announcement Of an in
crease in the dividend from 81 to
$40 annually and an increase in the
common stock from 100000 shares
Of SlOo r>r to 100000 shares of no
par resulted in short interests in
creasing their offerings, in other
parts OF the list, giving the market
a weak appearance around noon.
American Locomotive which had
crossed 1879 to within a small frac-
ton q it's years high. dropped to
1875 Ia and then rallied l point for
a net loss of two on the day. Bald
| win dropped from 49, IA to 127 rs
and rallied to 129 IL in the last hour
OF trading.
| Some selling came into the steel
d
reduction of 114.S23 tons in the un-
filled orders of the corporation,
rumors OF new financing later de-
MED by the Bethlehem Steel Cor
poration and the s spension Of sew
eral large Nbuilding projects, U. S
| Steel common broke below par for
the second time this year but rallied
| later to 101, where it was off only
/ fractionally on the day. In some
! steel circles the suspension of build
! ing in non essential lines is regard
| ed with favor because it is expected
that much delayed business will fill
the gaps that would otherwise occur
with slackened production in
other lines.
Dismissal of the governments suit
against the New York Coffee and
Sugar Exchange was reflected in
higher commodity and securities
! prices. Spot raws advanced Is of
a cent pound and futures about
! Is points. Cuba cane preferred and
/ Cuban American common and pre-
ferred each closed about a point
higher but Punta Allegro. Maniti and
American forfeited their earlier
gains on profit taking.
| Woolworth was the individual
feature, jumping 16 IL points to
235, a new high record. California
/ Petroleum touched g. and then re-
acted to 80 IA where it was up
IA on buying predicted on re-
dend from 81 to IS. American Can
moved up more than 3 points in
speculative expectation of an extra
dividend disbursement in the near
future Pittsburgh and West Nir-
ginia which was heavily bought by
soft coal mining interests. touched
| SO IL, new top, and then slipped
back to 40 ga, up 4 rs on the day.
Union Bag and Paper, National
Cloak and Suit and Atlantic Refin-
ing also were conspicuously strong.
Railroad shares generally failed to
make any response to the publica-
ton Of the total March earnings of
class 1 roads showing a return of
5.S4 per cent on valuation.
Call money opened and held at
4 IL per cent all day. Time money
continued quiet with some loans for
three and four months maturitic3
made at IA per cent. CONNER
cial paper was in fair demand with
prime names about evenly divided
between and "A per cent.
Foreign exchanges Exhibited a
somewhat f1rmer tone demand ster-
! ling held steady around $4.60a and
| French francs lowered around $50
cents. German marks eased slight
ly to .0O26s cent. Little business
was done in the exchanges OF
| Latin American countries because
Of the observance of the religious
holiday.
! Investment bonds moved to higher
levels in today's trading and specu-
lative liens also improved. Dealings
were only moderate, the unsettled
fluctuations in stocks causing buy
ers to limit operations until the
immediate course of the stock mar
ket was more sharply defined.
| Dismissal Of the government In
junction suit to restrict trading IN
sugar futures, and higher prices for
the raw product were Instrumental
in carrying the sugar issues strong
ly upward. :,
Higher sterling and continental
exchange rates infused strength to
the foreign issues. especially the
French and Swiss obligations.
Quite number Of seasoned rail-
road mortgages moved up in a spir--
led fashion, the diminished demand
A.