Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-14
" FINANCIAL NE WIS
NEW YORK MARKET
e..,ure, Of the Days Dealings in All
'' tho Leading Stocks

Nam York, Aug. 13-Prices moved
-;,s;n a narrow and irregular
We in today's stock market, one
ne duliest full day sessions this
w. Trading was almost entire
| professional affair with little
| Es,.nosition to extend commitments
Ss;ps shown by either the bear or
bull operators.
The unfavorable weekend politi-
al developments in Europe had no
EJECT on stock prices but resulted
n french francs dropping to
rsv low record for all time and
hroueht about some sharp feces-
SONS in the French and Belgian
Sonds French francs were quoted
as low as 5.53 IA cents. Demand
s.erIing held steady around S456
"a and Belgian francs advanced
uearly ten points on reports of $780,
oO000O franc loan from France to
belgium. German marks dropped
trom IS to % cents a million and
hen recovered to thirty three cents.
production of crude oil in the Cali
tornia fields. have been we'll dis
counted by the oil shares, some of
which are reported to be in an
oyersold condition. This probably
occounts for the caution exercised
bv professional bear traders in ex-
tending their operations in this
group.
Widespread agitations for lower
easolene prices, which has resulted
in state intervention in South Da-
kota, was held responsible for the
liouidation Of oil shares by fright
ened investors but the recessions
in active issues were held to a
nont or less. The unfavorable
trade developments in the oil In
Gustry. arising from the heavy
reproduction Of crude oil in the
california fields have been we'll dis
counted.
L. S. Steel was in fairly good de-
mand during the morning, touch
ing 50 IS, but it dropped back la
fer to IS 3-4 where it was up 3-S
on the day. A furry of buying also
took place in Baldwin, which reg
stered a similar net gain on the
day. American Locomotive, Stude-
baker and American Can register
ed nominal losses.
Rubbers again yielded to pres
sure, L. S. Rubber commend drop
ping SIS and the first preferred
breaking 3 points to new low rec
ord for the year. Kelly-Springfeld
yielded IA on the day. Coppers
we're firm, Utah closing a point
higher. July copper shipments,
foreign and domestic, by American
Producers Appropriated 1S7.5O0,-
600 in June and 195,000,000 in May.
Total shipments for the first seven
months of the year approximate
1,935000000 pounds, the highest for
any similar peace time shipments in
the history of the industry.
Rails showed little change on the
day.
Call money held at 4 3-4 per
cent all day. The time money
market was dull with plenty Of
fered at IA per cent for all ma
turtles. The demand for COM
mercial paper was brisk with the
bulk of the prime names command
ing 5 IA per cent. Out of town
banks are the principal takers.
French and Belgian bonds de-
cliped one to nearly four points in
moderate trading on the New York
successive declines, Influenced by
the drop Of French francs to a new
low level for all time and the news
from abroad, there was no evidence
Of general liquidation. Offerings
were in small volume but sellers
had to take substantial losses to
fine buyers.
Domestic bonds were little affec-
ted high grade investment issues
holding firm while the more specu-
lative bonds moved irregularly.
Mexican Is advanced a point.
Net changes among railroad
mortgages generally were small.
Central Pacific first tours moved up
l IA. while Northern Pacific prior
lien As fell off = points and the st.
Paul issues yielded a point or more.
Industrial liens were dull and prices
relatively unimportant.
Active United States government
bonds held relatively firm. f1uctua-
tons being confined to 2-32 of a
point.