Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-26
FINANCIAL NEWS
NW
NEW YORK MARKET
Features cf the Days Dealings In All
tho Leading Stocks

New York, May 25-Prices contin-
ued their rise to higher ground in
today's active market despite some
intermittent selling Of the steel
shares. While the advance was not
as spectacular as that of yesterday,
gains OF to points were quite nu-
merOus throughout the list.
Spectators for the advance were
encouraged by the address of Ebert
IL. Gary before the American Iron
and Steel Institute which set forth
that there was nothing in sight to
indicate material slackening in the
demand for steel for at least six
months and criticized the apparently
deilberate and persistent attempt to
create an impression that there will
De In the near future a substantial
reduction in business activities"
vi shares were again the out
standing group with California Pc
troleum the individual feature. This
STOCK moved up to 112 IL, slipped
back to 100 IA on profit taking and
lhen shot up again to ia 5-8. closing
at net gain of nearly 1-2 points.
Galns of point or more also were
recorded by Standard Oil Of Califor-
ma, Cosden, Houston, Phillips Pc
tr0lcum. Simms and american.
Quarterly reports of three of the
pofphyry copper compa da.
Utah, and Ray--:ll showed improve
ment over the last quarter of 1922 in
the first quarter this year. Raw
showed the largest percentage of
gain, reporting earnings Of 80 cents
n share for the first quarter this wear
as against ~ cents the preceding
quarter. Utah reported $1.37 as
against s1.07 and Nevada q cents
as against 90. Most of the copper
shares showed small fractional gains
on the day.
some of the sugar shares became
quite active on reports of higher
commodity prices. Cuban American
jumped 2 IL points and American.
Cuba Cane preferred ana Manati, l
to points. American Beet advanced
4 points on a small turnover.
Considerable irrcgularity develop
cd in the rail shares with number
of active issues showing net losses at
the close.
Call money held at 4 IL percent
throughout the day. The demand and
supply Of time money is not large
with maturities up to four months
arranged at percent and bankers
asking 5 IA for the longer dates
Commercial paper was moderately
active. the bulk of the prime names
commanding 5 percent.
Slight weakness of French ex-
change, which dropped to $50 cents
in reflection of the cabinet crisis and
then rallied a point. was the feature
of the dull trading in the foreign ex-
cilInopc Ilpro,nn6 CT hot f,i,
l. steady around S4.62 ID and Ger
man marks around .0o1S IL cents.
Strength of railroad mortgages
featured the trading in bonds today
but moderate gains were registered
also throughout the list, with the eX-
ception Of L. $. Government secur
tics which closed slightly lower than
yesterdays final figures.
Recent strength and activity Of the
United States Government issues has
called forth many comments thai
Great Britain is in the market: the
bankers estimate that England cOGlC
save in the ncighborhOod Of $4,000,
900 by paying its next interest in.
ctallment on the debt to America iT
the IibertEs. which are acceptable a
par. Most OF these bonds moved up.
ward during the forenoon today, bu
cascd off in the later trading. Losse.
on the day, however were limited Il
3-32 of a point.
Gains of more than two points
each were recorded by Wabash frs
IS and Hudson and Manhattan in
come IS and a score of others in thi!
group made fractional advances
I Kansas City terminal As, which have
been strong for the past few days
| eascd n point. Most of the activit,
! in the industrial division centereo
around the utilities and the suga
company liens. Punta Allegro I:
gained a point and Detroit Ediso,
/ lefunding Is were up l IL. Morri
/ and Company 4 LIS advanced
! point.
Total sales (par value) were $11.
! 10000
There were reports in the financia
district of the early offering of $40.
/ 000, 600 Associated Simmonds Hard
ward Ten year & IL percent bonds
! st about 9S.