Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-07
FINANCIAL NEWS
IVA
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, July 6.-Stock prices
displayed a frmer tone in today's
relatively dull market. Some heavi-
ness was apparent in Baldwin,
Studebaker and few other stand
ard issues at the opening, but when
bears discovered that the floating
supply of stocks was scarce they be-
gan to bid up prices. The advance
| was halted for time by the weak
ness OF Delaware and Hudson, which
broke z points to 95 3-S, the lowest
since 1921, and then rallied to 96.
The recovery, while it ran from
| one to three points in a number of
standard issues, was not regarded
| as conclusive proof of definite up
ward trend. The rapidity of the
| advance in a number of stocks,
however, indicated a temporarily
| over-sold condition.
One of the most interesting de-
velopments of the day was the decla-
ration of E. H. Gary, chairman of
the United States Steel Corporation,
that the elimination of the 12-hour
day In the steel industry. which has
been promised to President Hard
ing, would necessitate 10000 addi-
| t1onal workers and increase operat-
>-o ~OSNS 49, pSASSllIs
Steel shares moved to higher
ground after the announcement was
made, apparently on speculative be-
lief that increased costs would be
met by higher prices rather than
through reduction in earnings.
Vanadlum led the list with a net
gam OF three points, while United
states Steel common, Bethlehem.
Gulf States and Republic gained a
point or so.
NO ofnclal explanation was forth
coming Tor the weakness of Della
ware and Hudson, but selling of
the stock gave rise to reports that
the nine-dollar dividend was in dam
ger and also that the offerings were
Tor the account of foreign interests.
new Haven appears to have ended
lts reactlonary course, meeting good
resistance around 10. New Orleans
Texas and Mexico advanced thirty
points and number of others gain
ed a point or more, including Balti-
more and Ohio. Chesapeake and
ONO. Northern Pacific, Canadian
Paclf1c. Pere Marquette and Illinois
Central.
Some good gains were recorded in
the motor and motor accessories
group. Hayes Wheel reported net
earnings for the first six months of
the year after all charges and de-
probation. but before taxes. of more
than $l,OOO,0OO against dividend re-
qulrements of 100000. A new high
record for sales was .esta blisbed in
June, when gross business aggregat-
ed over $1,900,0O0 Reynolds Spring
advanced two and flve-eighths and
Mack Truck two.
Bond prices continued to point
upward in today's. dull session.
Most of the foreign bonds made
moderate recoveries from recent
heavlness. the French governmental
and municipal issues leading the
advance with gains of point or
SO. United States government bonds
were steady.
Renewed weakness was shown nv
most of the New Haven issues. The
franc sevens broke nearly five points
to fifty-three. The convertible skies
advanced slightly. Seaboard Air
Line issues and Missouri Pacific reg
istered moderate gains. Local trac-
tons were strong.
Some fair sized gains were re-
corded by the public utilities. Ma
rine skies up 1 IL and Armour
lbs up one. were the strong spots
of the active industrial mortgages
The Nirginia-Carolina Chemical is
sues were again heavy.
Total sales (par value) were ST.
100000.