Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-12

NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

tVe Cedo'H9 otOCNS
New York. May 11-Concentrat-
ing their efforts on the steelS. equip
mcnts, and a few highly speculative
automotivc shares. professional in
terests succeeded in forcing another
sharp reaction in the price of in
dustrial stocks in todaN's market.
| They were aided by some heavy
, profit taking on the part of recent
! purchases and the diversion of
+: speculative interest on the long side
| of the market into the railroad
shares which showed moderate
strength. United States Steel COM
mon broke more than > points to
, oS "A. Il new low record for the
year and Bethlehem established a
, new bottom below % and then raj
! lied slightly. showing net low of
, IS. Crucible. Gulf States. Rep
logic and Republic lost one to > | 4
points. Cancellation of orders be
cause of the suspension of several
r"oposed building projects was one
OF the reasons assigned for the
weakness of these issues.
Baldwin dropped > points to
127 Il and Studebaker established n
new low price at Ill rs, rallying
later to H.. where it was off > IS
on the day. American Car. Amcri-
can and Lima Locomotives ana
General Electric yielded l to L.
points.
Other outstanding weak spots
among the active industrials were
Mack Truck. WHY'S Overland pre-
ferred, Hayes Wheel. International
Paper. Mathieson Alkali. Dupont,
Eastman Kodak. Associated Dry
Goods. American Cotton Oil pre-
ferred. american a Agricultural
Chemical. Dawson Chemical. Cuba
Cane Sugar preferred and L. s.
Realty. the losses ranging from >
to nearly 41-2 points. Woolworth
added 4 IL points to it's IL point
gain, yesterday. touching go II. a
new top and then broke to 30 for
n net loss of ten points. recent buy
ing being attributed to speculative
expectation of n stock dividend or
an increase in the regular.
Pere Marquette was one of the
leaders of the railroad group. touch
ing AZ. new top. and then dropping
back to Al 5-S, where it was up 5-S
on the day. Buying of this issue
was based on speculative eXpecta-
ton of an early declaration of a
dividend of 81 to 81 on the common
stock and attributed to the same in
terests which recently had been buy
ing Pittsburgh and West Virginia.
which incidentally reacted 33-4
points on profit taking. Chicago and
Eastern Illinois common and pre-
ferred and Chicago and Northwest
ern each advanced about point.
Call money held at Ala per cent
throughout the day. Little time
,opo,- cnp,a ipt tho market and
the demand was small. a few loans
being arranged at IA per cent for
three and four months maturity.
Prime commercial paper commands
5 and ia per cent.
The foreign exchange market dis
played better tone. Demand sterl-
ing advanced over cent to
S461 "a. and French francs again
sold. above ego cents. German
marks dropped below OOPS cents.
Swiss francs dropped to 1904 cents,
new low record for the year.
Bond prices continued firm with
| evidences of increasing demand for
| foreign securities and railroad mort
cages, in today's dealings on the
New York Stock Exchange. While
there were few gains of more than
large fractions, the undertone was
decidedly firm and prices seemed
benefited by the small valume of
new issues offered this week.
Active u. S. government bonds
were steady with the trading rela-
| lively quiet. Marseille Is led the
| advance in the foreign group. clos
ing up a point after rising nearly 2
points at one time.
Railroad mortgages were helped