Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-16
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. May 15.-Heavy selling Of
the steel stocks again upset today's
stock market after . relatively firm
opening. Trading was unusually dull
ing which reflected the shifting atti-
tude of speculative interests.
United States and Bethlehem steels
each dropped to within small frac-
ton Of the years low prices, closing
at net losses Of II to II points. respec-
lively. Suspension and cancellation OF
large building projects has been DIS
turbing factor in the trade and has
caused some uneaSineSS on the part OF
holders of steelS to contracts.
Republic and Gulf States steels also
lost point or more on the day.
A concerted bear attack on Stude-
baker, which was aided by some prOfit
taking on. the part of recent traders;
forced 1T below 10 to a new price Of
the year. but it rallied later to 1lOa
where it was off 81 points on the day.
Other automotive shares also lost
ground, Stewart-Warner dropping %
points and stromberg Carburetor Rey-
rolds Spring. General Motors. Chandler
and Mack Truck from small fractions
to II points.
Other so-called key stocks such as
Wooden. were sold rather freely by the
short interests. but they offered more
stubborn resistance to pressure than
they did last week. Baldwin was de-
pressed TO lIo4 ana tne!l "a iileu nan 4"
point for net loss of "a American
Can was off i at ga. and American
Wooden was off / at 81.
A decline in copper metal prices In
London was followed by easing of the
price here. small quantities of the red
low the years high. Copper shares
eased in sympathy. American Smelling
dropping ~ points, and kennecott.
Chile. Utah. Anaconda. to T. Zinc
tA tN No t
Of the American Zinc Institute showing
that surplus stocks of the metal at the
end of April totalled only 1916 tons,
the smallest in years. This compares
with 10.o21 last month and 51,12S tons
a year ago.
Several of the high grade railroad
shares were buoyant at the opening
but they declined with the rest of the
list in the later trading. Delawarc ~
Hudson dropped 81 points and Canadian
also Wv We're e recorded by New York CEN
trail, Chesapeake q OHIO. Atkinson.
New Orleans. Texas &, Mexico. New
Haven and Great Northern preferred.
Moolworth dropped nearly five points
and Dupont closed II lower after fluc-
tuating within a siX-point radius wall
Street heard rumorS of distribution
of the General Motor stock held by the
Dupont Company. Otis Elevator drop
ped 81.
called money again held at a per
cent. throughout the session. Inc
time money market was dull with only
a few loans arranged at 81 per cent.
the bankers asking price. Brokers are
looking for a per cent. market before,
long. The bulk of prime commerclal
paper continues to move at per cent
Higher rates again prevailed in the
foreign exchange market. Demand
sterling advanced of a cent to sf.622'
and French francs sold points hlfhGr
at 6.67 cents. German marks also raj
lied slightly to. .0022Y cents. Another
new low was made by Norwegian kro-
ner ut 1886 cent. off five points.
Bond prices displayed somewhat
firmcr tone in today'S quiet trading,
rrjcc changes generally being of frac-