Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-12
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days. Dealings in All
the Leading Stocks

New York, July 11.-With public
interest still at low ebb. professional
traders exerted intermittent. selling
pressure against today's stock mar
ket and prices lost more ground.
Trading was again relatively dull,
large traders showing a disposition
to await further developments in
the foreign political situation before
extending their commitments.
Lower commodity prices undoubt-
eddy were the most depressing in
auence on quoted Values, but some
Selling also was inspired by the Of
fetal announcement that a renewed
attempt would be made to unionize
the steel industry and by the de-
cision of some of the Big Four
brotherhoods to ask for an increase
in wages above the war time scale.
Wall Street was inclined to in
terpret the higher foreign exchange
rates as an indication that foreign
financial centers were still hopeful
Of a satisfactory solution of the rep
arations problem. Demand sterling
advanced one cent to $4.5S 5-16, but
French francs cancelled their early
gain and closed slightly lower. ltal-
ian lire and German marks showed
moderated Improvement.
United States Steel fiuctuated
within a radius of l point, coming
within a small fraction of ~ IA,
the years low. and closing 50 IS for
a net loss of 5-S on the day. While
Yesterdays tonnage report was dis
amounting, some observers inter-
preted it as showing that very. large
deliveries must have taken place IN
the quarter Just closed SO that the
earnings report should be impress
i've. Weekly steel trade reviews re-
port lessened steel production ana
further reductions in pig iron ana
scrap prices.
Railroad shares failed to make
any response, to the report OF record
car loadings. Hard coal carriers
were adversely affected by the de-
cision of the Interstate commerce
Commission to investigate antnra-
cite freight rates, Lehigh valles
dropping 2 3-S, Delaware and Huo-
son "a and Lackawanna 1.
Most of the standard industrlals
showed only fractional changes on
the day. Commission houses report
ed that a stable increase was noted
in the selling orders from western
points. holders of stock in that ter
ritory apparently having become
discouraged by wheat breaking pc
low 81 a bushel. International Har-
vester dropped points. Mail or
der shares also yielded, despite un-
usually large current earnings.
Call money opened at 5 percent
but fell to IL before the close
Time, money held firm with brokers
paying 5 IA percent for the longer
naturities. The commercial paper
market was quiet with no changes
IN rates except for a furry OF buy
ing in the foreign group this morn.
Ing. trading in today's bond market
was dull and listless with price
fluctuations narrow and irregular.
New offerings were again small IN
volume, investment bankers holding
back several important issues pend
ing more favorable market develop
ments
The higher opening foreign .ex-
change rates brought some buying
power into the French issues,
french IS and -Lyons-Medlter-
ianean SKIES each moving up point
put the gains were reduced in the
,ater trading. Seine Is closed 3-4
lower.
I. S. Government bonds held
steady.
Except for a gain of 1 SIS by Kan
sas City Terminal As and a loss OF
point in Denver and Rio Grande
.elunding IS, changes in the rail-
.oaa group were largely fractional
sha unimportant. The favorable eff
.ectsof record car holdings was
.souh!eracted by reports of early de-
= LANDS for higher wages by the
n,sner paid employees and by the in
, Jury into anthracite rates by the
ui,erstate commerce commission.
an the industrial division. Pierce
GROW IS and International Paper
,rs. series B. each lost about n point.
siiie the sugar, copper and inde-