Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-06-20
FINANCIAL NEWS
NEW YORK MARKET
lures Of the Days Dealings in All
the Leading Stocks

Jew York June 10-stock
ces displayed better tone In to-
IS active dealings on the New
rk Stock Exchange but there
re indications of frightened and
ced liquidation and short selling
.oughout the day which gave the
lrket a spotty appearance. Sever
Of the leaders tumbled to new
records before sufficient buying
pport set in to stem the tide of
ling orders.
Official denial OF the widespread
mors that several brokerage
,uses were in financial difficulties
d much to dispel the pessimism
at was so prevalent in yesterdays
te dealings. Spectators for the
.cline made repeated assaults on
ie list but in many instances they
lcountered substantial buying or
ars placed on the belief that the
,cent reaction had been overdone
nd that technical conditions war
anted rally.
Oils were rather unstable because
f unfavorable trade conditions. the
,an-American issues, Texas Com
ANY, California Petroleum. Produ-
ers and Refners. General Asphalt
md a number of others falling to
lew low prices for the year.
United States Steel touched
mother new 10 wat % IA and then
called to 927-S, up IA. Gulf States
and Replogle Steels, Consolidated
Gas, Cerro De Pasco and kennecott
Coppers, International Paper, Bald
win, L. S. Industrial Alcohol and
Central Leather were among the
more than three score other stocks
that sold at new minimum prices
for the year, but all rallied before
the close.
Rails held up we'll in the first few
hours of trading but they gave way
in the afternoon reaction and many
of them closed at net losses on the
day Chesapeake and Ohio. Lacka-
wanna Illinois Central, New Or
leans. Texas and Mexico, and Nor
folk and Southern dropped back l
to ; points.
Call money held at per cent all
today. The demand for time money
and commercial paper was again
quiet with no change in rate.
Foreign exchange rates showed
marked Improvement. Demand
sterling advanced ZIG to sag SO
and French francs climbed 71-2
points to CD Il cents. German
marks rallied from .OO06 IA, the
extreme low as established yester-
day, to .OO09 SIS cents.
Recessions ranging from large
fractions to more than a point were
general in the trading in bonds to-
day. Prices. however, held firmly
steady in the L. S. Government
group.
Copper Company liens were par
ticularly heavy. Cerro De Pasco SIS
dropping AIS points to 121 Is. a
new low for the year. Liggett-
Meyers SIS and American Telephone
and Telegraph convertible IS each
dropped a point. American Is
recorded a gain of 1 point.
Railroad mortgages also were
offered freely. losses of a point or
more being registered by Erie Cen
eral Is. Kansas City Southern Is and
Denver and Rio Grande refunding
rs. fractions slumped also, New
York Railways refunding As certi-
ficates and marlborough Rapid
Transit rs each declining /.
Selling of foreign government
issues continued throughout the day
but losses generally were small
Mexican As closed / IA lower and
Serbian SIS fell off nearly a point.
Total sales (par value) were
$12,570,000.
Public offering will be made. to-
morrow of $4,000 600 State of North
Carolina one year five percent high
way bonds at 100 Il.