Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-19

NEW YORK MARKET
features Of the Days Dealings in All
the Leading Stocks


! New York.. May 1S-Selling pres
sure. exerted throughout the day on
the chemical. fertilizer and cotton Oil
securities resulted in further liauida-
ton i'll the general list in today's
stock market, more than q score of
shares recording new low prices for
/ The year. In q few instances buying
support was encountered at the ex-
tIcme low prices and those made
Slight fiains at the close.
Outstanding weak spot, outside of
the agricultures, included Famous
Players off 1-2, Dupont, off 5,
American Writing Paper preferred,
off a and Central Leather preferred,
Off 3. Sears Roebuck, which to-
| 2ether with Montgomery Ward, reg
! istcred new lows for the year, closed
Il points lower after dipping at
| one time IL points below ycster-
| days closing quotation.
| The smash in the chemical, fertili-
ger and cotton Oil issues took in al
! most the entire list. the following, off
| from / Il to more than points,
/ ro @isteling new low prices for the
year: Allied Chemical and Dye,
American Agricultural Chemical,
; common and preferred. Virginia.
! Carolina Chemical. common and pre-
| ferred, American Cotton Oil, common
and preferred and Dawson Checimal
| HeavincsS of International Harvcs-
ter and Advance Rumley was be-
| lieved to be due to sympathetic sell
| ing of these stocks, both of which es-
! tablishcd new lows. Among the oils
Few low prices were recorded by
Standard Oil of New Jersey, Middle
| States, Trans continental, Texas
Company, Pierce Oil and CONSOLIDATE
Led Oil.
; There were n few strong spots in
| the market. notably among the sugar
, and copper shares. the former in
| flucncCd by reiterated statements as
to the shortage of the Cuban crop
ana the latter by better demand for
| the red metal.
The local Federal Reserve an
rounced the withdrawal Monday from
member banks in this district of
about $S1 900 900 to meet the retire
lnent of the last of the Victory bonds.
Withdrawals throughout the country
CT that date Will aggregate apprCXi-
matcly $500. 900. 900.
call money held steady at 4 10
per cent. Trading in time. money
was somewhat more active with rates
unchanged at per cent. for the
shorter nla;uritiCS and a few leans
being placed at IA for the longer
maturities. \ small amount of COM
mercial paper entered the market.
prime names commanding 5 to l 4
per cent.
a drop of I is points in German
marks brought the rate 10 .00o0 as
cents at the close to the low record of
az time of .0020 cent. Demand sterl
ing was steady around SAGE is and
French francs were easier at 6.65 ga
ctnts. Norwegian exchange dropped
is points to 1870 cents.
, Bond prices continued firm in to-
days dealings. which were relatively
small Easy money conditions and
continuation Of the slackcncd Offering
of now bonds were perhaps the deter
mining factor in the bond market.
Some of the speculative issues fol-
| lowed the course of stocks downward.
Active L. :. government bonds
with the exception of the tax exempt
3 l-2s which receded 1872 of point.
II adG small gains. again pointing to
possibility that the British govern
mcnt is in the market to meet an
carly interest payment on its dent to
this country. Foreign government
bonds were somewhat irregular. Rio
Crandc Doe SUI SIS dropping two and
Mexican as l l.. CZecho- Slovahian
S. were up /.
Railroad mortgages continued in
good demand. gains of point or
more being recorded by Pcrc Mar
puctte IS. Northern Pacific refu .lding
IS. and Delaware and Hudson re-
funding As. Copper and sugar COM
pany liens followed the upward trend
OF these stocks. Ccrro De Pasco SIS
advancing l and punta Allegro IS
IL Virginia Carolina Chemical rs
were depressed. losing l II points.
Total sales (par valued were 3d.
S.l 0Og.