Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-28

NEW YORK MARKET
Features Of the Days Dealings In Az
= the Leading Stocks

New York, July 27-Findinr that
operators on the long side Of the
market were unable to make any
Roadway because Of the marked abb
sence OF public participa ton, profess
sional spectators for the decline took
command of today's stock market
and forced recessions of / to points
throughout the list. Nearly two score
| stocks established new low records
| for the year, United States Steel COM
| mon touching SO IA and Great
Northern Preferred and Northern Pa
| clfic selling at their lowest prices
since 1896.
Circulation Of reports that several
[ OIL companies are seeking temporary
financing to provide storage facilities
for their surplus product, lower QUO
| tat1ons for wheat, cottan and other
| important commodities and unfayor-
| able cable reports from abroad in
spired selling for both accounts. The
rapidity of the decline resulted in the
| closing out Of several weakened mar
ginal accounts, the full day session
in the last three weeks.
Selling was concentrated at first on
the Northwestern railroad shares,
| special emphasis being placed on the
| fact that some of the larger systems
| had not earned their fixed charges
, for several months, the prospect of
| reduced earnings this fall because of
the lower wheat prices and the in
creasing competition in coast to coast
business by the Panama Canal. Great
Northern preferred got as low as Sc
IL and Northern Pacific was down to
| So Is, the closing quotations being
| slightly above those figures.
Other rails also lost ground despite
another series of favorable June earn
| ings reports. Losses of points or
more were established by Canadian
Pacific, Reading, Chicago and North
western, Lehigh Valley and Texas
and Pacific.
Baldwin broke points to rs.
/ American Can was downs IA and SO
| at so.
Pan-American issues were among
the hardest hit in the oil group, the
E, 4 points. Marland broke 4 5-S and
Cosden. Producers and Refiners.
Standard Oil of California, Phillips
| Petroleum and General Asphalt were
off l to 3 1-2 points.
Call money held at per cent. all
day. Time money business was quiet
with brokers bidding per cent. and
bankers asking IA, few three and
four months maturities being ar
| ranged at the higher figure.
Foreign exchanges were heavy.
| demand sterling dropping about half
cent to S4:59, French francs drop
ping 5 points to sol cents and Italian
Lira dropping points to 4.38 cents.
German marks sold as low as SO
| cents million but rallied later to
| S1.05. After carrying a long list of
railroad bonds considerably lower
selling of these issues eased some
| what in later trading in today's bond
market and losses were comparative
| ly small at the close. Minneapolis and
| st. Louis issues and bonds of the
Iowa Central which it owns led in the
downward movement as a result of
receivership proceedings instituted in
| the Federal Court at Minneapolis.
! With the exception Of the Minneapo-
lis and st. Louis refunding As. which
closed a point higher. all of these is
sues were down several points.
Trading in other parts of the list
was a limited scale and price changes
relatively unimportant.
Cerro De Pasco copper IS declined
points and Marine IS were OF a
point in the industrial division.
Active United States government
bonds moved within narrow limits the
four Liberty issues closing fraction
ally lower. Foreign government issues
were quiet losses of a point each by
Prague LIS and Mexican IS being
the only outstanding changes.