Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-10
FINANCIAL NEWS w
NEW YORK MARKET
.....,es Of the Days Dealings in All
Tss the Leading Stocks

x,w York, July 9.-The upward
N...unent of stock prices which has
mo NOV IN progress for three days came
pse' halt late today when the market
unable TO absorb, except at con-
wa as;ons. the profit taking offerings
cessrsders who had bought stocks for
Oh urn The selling was Influenced
Sone extent by higher call money
,stes. Speculative uncertainty over
.ss ultimate trend of the market was
as..sected in the comparatively light
roime of trading.
week. end developments. which in
.,nded the announcement that an &C
IA had been reached between al
WA and Turkish Representatives at
Isusanne, were regarded as favor
Mo and probably accounted for the
s sv tone at the opening. Higher
Noes ir for copper and zinc also had
favorable effect on sentiment, as
%a the publication of the combined
Nav income reports Of class one rail-
rnads showing a return Of $50 per
ant on tentative property valua-
ton
.,res OF the day was the sharp rally
~ f,sIaware and Hudson upon the
ss,.souncemeut by Vice President
W;iiisuas that no change IN the 50
Sddend rate was contemplated. The
s.o.k which had sold az low - s5
mmued to 100 Ia and then fell back
n loo IA, where 1t was UP I Ia
IN ehe day. One sale Of Jersey Gen.
tral was made IA points above the
nreyious transaction.
During the morning Wall Street
vas flooded with rumors that some
highly favorable development was
amending in the foreign situation.
European cable dispatches are being
eagerly scanned at present because
Il is generally recognized that an
agreement on the reparations situa-
tion would give a tremendous impetus
n American export business with
resultantly higher commodity and
security prices.
Standard industrial stocks showed
few important changes on the day.
United States, Baldwin. Studebaker
and American Wooden yielded frac-
tionally while American Can. Ana
conda and American Smelling regis
tered nominal gains.
Call money opened at S per cent,
sdyacned to II and thence to 6.
The relatively high rate was attri-
buted to the withdrawal Of funds in
connection with some Canadian fin
ancing. The time money market was
dull with brokers bidding five per
cent and bankers asking 5 Ia.
The feature of the foreign ex-
change market was the establish
rf nnn1
by German marks, coincident with
the announcement of a weekly in
crease of more than four trillion
marks or approximately one third of
the previous weeks total circulation
Other exchanges held steady, demand
sterling being quoted at 4.56 IA and
French francs around 5.85 cents.
Bond prices continued TO point up
ward in today's quiet trading with
speculative buying rather than in
yestment demand furnishing the i'm
petus for the advance. While there
were heavy spots in all groups of
bonds, gains largely exceeded losses
at the close.
Foreign issues moved in an erratic
manner. Most of the French and
Central European liens improved
slightly while the Scandinavian is
sues lost ground. Dominion of Cam
ada 1-2s of 1929 broke l IA points
and Mexican As, l IA, u. S. Govern
ment bonds were either unchanged or
slightly higher.
In the railroad group New Haven
issues which had been severely. de-
pressed on publication of the joint
New England Railroad Commission
report urging a drastic reorganiZa-
ton, showed rallying tendency with
the convertible skies rising / Il
points. Moderate gains also were re-
corded by number of speculative
mortgages with a few scattered gains
Of a point or more by such invest
ment liens as Louisville and Nash
VILE refunding S 1-2s.
A gain of 1 SIS by International
Paper IS, series B, was one of the
features of the industrial group: Re-
ports were current today that 80
per cent of the holders of Derry Is
had assented to the reorganization
PLAN Call for the reposit of Mexican
bonds was issued today but added
nothing to the previous official state
ments on the subject.