Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-15
FINANCIAL NEWS w
NEW YORK MARKET
Features Of the Days Dealings In All
the LEADING Stocks

tVc Gcdu'u9 StOCk0
New York, May 14.-Failure of the
bear operators to bring about any
extensive forced liquidation as a re-
sult of Saturdays sharp decline in
stock PRIZES at the opening today,
brought about rather heavy short
covering which was partly conceal
ed for time by the weakness of a
few special issues, particularly
among the chemical shares. The
hesitancy Of traders in extending
their commitments wore Off around
noon. however, and prices rallied
sharply with the closing quotations
around the highest Of the day.
The recovery was most effective
in the steels. motors and equipments
but some unusually good buying was
noted in the old line rails in the last
half hour. Gains of from l to 2
points were recorded by New York
Central, Union Pacific Canadian
Pacific. Reading. Chesapeake and
ONO. Baltimore and Ohio, Atchison
st. Paul, Great Northern preferred,
katy" preferred and New Orleans.
Texas and Mexico.
Another cut of Is cents a barrel
in the price of Pennsylvania crude
the third within the last six weeks
and reports of cut in other fields,
were without effect on the oil shares,
which rallied with the rest of the
list. California Petroleum jumped
nearly four points and gains of l to
points were recorded by Cosden.
Standard Oil of California. General
Asphalt, Pan American "A" and B."
Sinclair Houston, Producers and Re-
fners. Royal Dutch and Phillips
Petroleum.
Baldwin and Studebaker. in each
of which large short interest is
reported to have been built up, rose
IA to 3-S points respectively as
bears bid against each other for the
stock. American Can jumped 5 IA
points on sales exceeding $4,000
shares. Some of the other outstand-
ing strong spots in the industrial
and Republic Steels Kelly-S Spring
field. Corn Products, Bosch Magnetic,
American Wooden, Stewart Warner
Speodometer. Stromberg Carburetor
Bosch Magnetic, Mack Truck, Beech
nut Packing. Associated Dry Goods,
WHY'S Overland preferred Columbia
Gas and Marine preferred all up 2 to
nearly IL points. Woolworth
jumped points and Du Pont IA.
New low records for the year were
made during the session by Ameri-
can Agricultural and Virginia
Carolina Chemical. Allied Chemical
and Dye and American Writing Pa
per preferred. Heaviness of the
chemical shares was attributed to
reports of poor current earnings.
Call money held steady through
out the session at 4 1-2 per cent. The
tone in the time money market was
somewhat easier with brokers bid
ding five per cent for all maturities
and bankers asking 5 IA. A few
loans and renewals were arraigned
at the higher rate. The bulk of the
prime commercial paper commands
five per cent.
Foreign exchanges were firm with
good buying reported in this center.
Demand sterling opened a cent high
er at S4.62 ga but reacted to $4.62 3-8
before the close. French francs
lowered between 663 and 665 cents.
German marks continued reaction
airy. dropping 1 point to .O022 1-2
cents, the weekly increase in the
Reichsbank's note circulation being
l17,llS 100000 marks bringing the
total circulation nearly to six and
three quarters trillion marks.
Trading in bonds was rather quiet
today with the heavy over-su bscrip-
ton of the latest offering of U. S.
Treasury notes imparting a firm note
to listed L. S. government securities,
which advanced 1-32 to 5-32 of a
point. Foreign bonds showed few
changes, some of the French issues
Improving slightly in sympathy with
the higher exchange rate. Mexican
IS advanced a point.
: In the railroad group, New Haven
Is advanced point and Chicago and
Great Western as dropped one, most
OF the other changes being of frac-
tional character. Attention was call
ed by several bond houses today to
the over-supply of railroad equip
ment trust certificates which has re-
suited in a number of high class is
sues selling at prices to yield $50 to
5.43 per cent. More activity is be-
ing noted in Atchison convertible As
OF 1860 the conversion feature of
which expires May 81.
Except for the reactionary ten
dency of a few steel and sugar COM
pany bonds, there was nothing of
particular interest in the industrial
list.
There were several small offerings
today. the largest of which was the
100000 issue Of general and re-