Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-14
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York. April 13.-Stock
prices pursued an uneven course in
today's market with net gains OK
ceedlng net losses, at the close.
Further reductions in rcdiscountS
and note circulation shown in the
weekly federal reserve statement,
easier money rates and the substan-
tial increase in March exports
caused a revivcl of bullish enthus-
iasm in the carly dealings with gains
Of to 3 points being recorded by
large number of widely diversified
issues. This buying power was soon
spent, however, and trading slacken-
cd materially. Operators for the de-
cline succeeded in picking out a few
weak spots but they failed to make
much Roadway except in the last
1hour when they forced material re-
eessions i'll some Of the shipping
shares.
Marine preferred dropped 2 IL
points to SO. a new low record for the
year. weakness of.th issue rejecting
speculative fears for the next divl-
dend. American Ship and Commerce
and American International Corpora
ton yielded in sympathy.
Most of the usual leaders showed
@little change. U. S. Steel, Republic.
Baldwin, Studebakcr, Sinclair and
American Can all closing within a
quarter of Il point of yesterdays
final figures. Tobacco stocks were
strong, Reynolds Tobacco closing
81 higher and United Retail
Stores, General Cigar, American
Tobacco and the 8 stock gaining IA
TO points.
Some of the motor accessories also
were heavily bought, Stewart War
ner rising nearly 3 l. points and
Bosch Magnetic. Stromberg Carbur-
3 otor and Reynolds Springs / to ,
points Other strong spots in the
industrial list were SlosS Sheffield
Steel. United Fruit. Texas Gulf,
Sulphur. Crucibie Steel. American
Brake Shoe and Bccchnut Packing,
all up | 81 points or more.
Rails were again mixed but some
good buying power developed in a
number of the low priced issues,
notably Pore Marquette. Pittsburg
and West Virginia and Missouri Pa
ctic preferred. Delaware and Hud-
son continued under pressure,
dropping Il points to 10 IL, or
II points below the years high.
y Cali money held at IL per cent
throughout the day. Banks We're
still demanding ) IL per cent for
'lme money but accommodations were
made at Ia per cent for most 80
land some 60 day maturities. New
commercial paper was received in
ialr Value with prime names COM
.ihandlnS and ) IA per cent.
trading in foreign exchanges was
uuIl with price movements the mar
ioWest in some time. Demand sterl-
ing eased slightly to s4.65 1-2 and
french francs held fairly steady
slaround go cents.
Few important changes took place
III today's irregular and dull bond
market.
Reports were circulated in the
financial district that Great Britain
had placed an order to buy 100000
WORTH Of Liberty bonds earlier in
.he week. Under the terms of the
aeht refunding agreement these
= uohds Will be accepted at par in the
PAYMENT of principal and interest,
' dn next installmcnt of which comes
. IN June. Price fluctuations in
,,nese securities today were extreme
~ hafrow, closing prices either be
,'s 80 unchanged or showing losses OF
o., 10 3-32 of one point.
con me ihdecisivc movements i'll the
sseneral list were ascribed to the
b",se amount of undigcsted securities
saasihg over the market. Since the
t mst or the year new offerings have
oIed approximately $1;250, 100000.
noyut $2o0,000,000 of which are re-
yea TO be on dealers shelves.
.uVe foreign bonds showed only
f ooaal changes on the day. Sugar
st,pany liens were moderately
r rog in sympathy with higher COM
dUuity prices and some of the in
.nra pelident steel company issues i'm
~. g, lractionally. However. DON
,n aoi steel refunding rs dropped 1 IA
fh rnn1s and u. S. steel IS yielded
2 of..,iohaily. Erie Railroad and some
~ en-, ehe local fractions were heavy.
rsc.oina' Clinchfield and Ohio 6s.
low ently offered at 96 1-2. dropped as
de- as 81 on reports that the syn
Tu was about to be dissolved.
$3.50 ooo sales (par value) were