Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-31
FINANCIAL NEWS ~
NEW YORK MARKET
r,..urss Of tho Days Dealings In All
tho Leading Stocks

New York, July 30-Prices rallied
.sarnlv in the latter part Of today's
s s.~ct market upon the lifting of SELL
80 ~ nress,Ire which had been in evil
i snnce since Friday morning. Open
,ng nrices were heavy, due to an ac-
.n"mr,ulation of week selling or
sars hut many of the standard in
s,s,rials exhibited a rallying ten
Sancv from the start and the rapid
..r NJ their advance indicated a
.s,,norarily over-sold condition.
Much of the selling this morning
.ome from professional traders but
. Commission house liquidation also
was ouite extensive. particularly from
w,ostern points. This was influenced.
N mart. by the Presidents illness,
.hs unfavorable condition of the
rseat market and the pessimistic
raws from abroad, which was also
reaected in the lower foreign ex-
change rates.
One OF the interesting events of
,,e session was the establishment of
another new low for the year by u.
c steel common, which touched IS
"a and then rallied to 81 1-8 for a
slight fractional gain on the day.
Teaviness of this issue apparently
Was influenced by reports that 80
Mast furnaces had closed down in
tha pittsburg district. However, the
quarterly report of the corporation
which is to be issued after the close
~ business tomorrow is expected to
show a substantial increase in earn
,ngs over the first quarter.
New low records for the year also
we're established by Texas and Pa
ciac. which suffered as the result of a
u uoor lime earnings statement:
Northern Pacific, Great Northern
western. WHY'S Overland preferred
Jumped 4 points to a new high.
BALDWIN touched q new low at 112
and then rallied to 115 for net gain
Of IA on the day. Gains Of 2 to
8 IL points also We're established by
the American issues, Stude-
baker American Can, Stromberg
Carburetor. Stewart Warner Speed
omter, Mack Truck, Houston Oil and
q number Of others.
Rails, as a rule. We're more irregu-
lar although Delaware and Hudson
climbed IL points and Reading
IL. Combined net June earnings
Of IS class one railroads total $751;
O23.000 as against $74S4S,00 in May.
The semi annual report Of the
American Locomotive company, made
public tonight, shows gross earnings
of s45,226,526 as compared with $21,-
722,179 in the six months ending De-
cember 81, 1922.
Shifting of funds incidental to
month end settlements resulted in a
somewhat SITTER rate for call money,
which opened at five per cent, ad-
vanced to 1-2 and thence to 6. Time
money was scarce with some business
being done in the longer maturities
at the Ia per cent. rate.
Taking their lead from London and
Paris the foreign exchange rates were
slightly lower. Demand sterling was
off nearly a cent at S4.57 sis and
French francs dropped 2 points to
5S6 cents. Marks held fairly steady
around 81 a million.
Bond prices slumped badly in to-
days market, numerous issues fall
ing to new low figures for the year.
In the foreign group new lows
were established by Austrian rs. Off i
Copenhagen 1-2s, off !, Mexican As
off 1-2, Holland American IS. off
) Ia and RIO DE JanelrO IS, Oh 1Jf {,
off !. Other losses in that group in
Guided Bordeaux 6s. Lyons 6s and
Serbian SIS, each off 2, Brazil rs, of
ID and Jurgen 6s. Marseille 6s
Seine IS and Paris-Lyons and Medi-
terranean 6s each off /.
Active L S. government bonds
moved somewhat slower losses being
limited to 1872 of point.
Reading as, up !, was almost thu
only railroad mortgage to record az
advance on the day. Losses of
point or more We're registered by Lee
high Valley 6s. Chicago Great Wes-
tern As, st. Paul refunding LIS and
the convertible les and Fricso in
come IS. Interborough Rapid Tran
sit Is dropped 6 points.
Price changes among the industrial
liens were mixed, losses of l "a ane
1-3 being recorded respectively by
Pierce Arrow SIS and .Marland Oil 8:
while New York Telephone refundine
IS Of 1871 advanced q point ant
Colorado Gas and Electric IS moved
10 ! Id