Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-10
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

ANEW 1Olh AhdS J.-HolOSh Pl lSCop
which had been hammered almost in
ceSsantly by bear traders during the
last ten days, made a quick and i'm
pressive recovery in today's market,
confirming the general impression
that the market had been oversold.
While the rebound was undoubtedly
due to technical conditions within
the market, Secretary Hoover's
speech predicting continued prosper
ity and another new high record of
car loadings for this season of the
year had cheerful effect on senti-
ment.
Short covering operations. induced
by the relatively small floating sup
port of stock available for loaning
purposes, provided the impetus for
the advance but there were further
indications of buying by strong in
tcrests and an increasing public de-
mand for the standard issues, al
though this outside participation is
not yet heavy enough to materially
enfluence the price movement.
Marked weakness on demand ster-
ling, which fell below $4.60 for the
first time this year. brought about
sympathetic declines in the other
principal foreign exchange rates and
in the prices of foreign bonds, but
it was without effect in tho other
securities and commodity markets.
Equipments again led the rally,
American Locomotive touching 13S-
IL, or within point of the years
high. and closing at 1873 IA. up 1-2
on the Day and r IL points above
Mondays low. Baldwin crossed 100
for a net gain of Is. American Car
advanced IA, New York Air Brake
"a. and Lima Locomtive 2 Is.
Punta Allegro Sugar advanced
IA points and the others, frac-
tionally, on higher prices for the raw
and refined products, which were
based on publication of reports of
eight more Cuban centrals showing
actual production less than earlier
estimates Denial of the govern
ments application for a temporary
restraining order against the New
York Coffee and Sugar Exchange wac
not made known until after the mar
ket had closed.
Some of the outstanding strong
spots in the industrial list were
American Water Works. Pierce Ar
row prior preferred, Railway Steel
Spring, Chicago Pneumatic Tool,
Kelsey Wheel, Stewart Warner
Speedometer and Stromberg Car
buretor, all up 3 to 5 points.
Rail shares were heavily bought.
Pittsburgh and West Virginia climb
ing 9 3-8 points. on buying attrl-
buted to soft coal mining interests.
Canadian Pacific. Baltimore and
Ohio, Reading. New Orleans. Texas
Mexico and Union Pacific all advanc-
ed l IA to nearly points.
,ffo nf hi
responsible for the cent drop in the
sterling rate. French francs dropped
4 points to below $50 cents and SIM
liar declines took place in the 1tal-
ian and Belgian rates. Norwegian
exchange dropped 20 points to 1858.
another new low, in further reflection
of financial troubles in that country.
South American rates were notice.
ably heavy.
Call money opened at "a per cent
but eased off to IL during the noon
hour, closing at that figure. Trading
in the time money market was quiet
with loans arranged at IA per cent
for the shorter maturities. The COM
mercial paper rates were unchanged,
prime names still commanding and
IA per cent.
Bond prices displayed a much
firmer hold in today's dealings with
some good buying noted in a num-
Der of high grade long term mort
cages. Some of the French bonds
yielded slightly in sympathy with the
drop in the principal foreign ex-
changes, but the net loss were held
to fractions. U. S. Government is
sues were steady, net changes be-
ing within 1892 of a point of yester-
days final prices. l.
New York Central IS. International
Great Northern adjustment 5 certi-
ficates, Denver and Rio Grande con-
solidated 1-2s. Atchison convert-
BILE As and New Haven Is, st. Paul
refunding 4 LIS and the As of 1925
each advanced to a point or more.