Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-08-22
FINANCIAL NEWS
NEW YORK MARKET
e...urss Of the Day's Dealings in All
the Leading Stocks

New York. Aug. 2l-The upward
..oven,ent of prices was resumed in
naSays stock market despite the in
.soos,n;ttent selling of the oil shares
va occasional short attacks against
s s.hsr narts of the list. Pool opera
e v.M were agai min evidence appar-
. .n.iv in the hope of attracting an
e.ts;de interest which has not been
U Usrv extensive in recent months.
epuying was most effective in the
.,dsnendent steels and American
rsn Gulf States Steel. which is
.sther closely held was pushed up 4
noints: Crucible 2 1-2; Republic
"a: and Bethlehem l 1-2. Amer
!,sr can ranged from 95 3-8 to 80 IA,
niosins at IS ga for a net gain of
baldwin, Studebaker and U. S.
s,eel common, which were heavy in
he early dealings, all closed at
eight fractional gains.
Sailing of the oil shares was based
An unconfirmed reports Of new finan-
cing by the Pan American Company
ond speculative fears for the safety
~ the dividends of smoe Of the
smaller companies. The Pan-Ameri-
an issues each lost about ! LIZ
minis on tpo dAo iOuuCSIo
and Refiners. Most of the other los
SEES in that group were Of fractional
character. ~
N affect the course of prices. Wall
street was intensely interested, how
over. In the French reply to Great
Rritains note. which was delivered
TO-DAY and probably will be made
nublic tomorrow. o
The first of the July railroad earn
;nps reports made their appearance
today. Kansas City Southern report
Cd an increase in both gross and net,
earnings thus far this year indicating
an annual return OF IL percent or
better on the common stock. Union
pacific reported a slight increase
in gross last month over the month
before but the net operating income
was only Sl,354,03o as against ST.
o2sss5 in June, due to the higher OPP
Grating expenses, mostly for main
tenarlce of way and equipment.
Call money remained firm at $50.
NithdraWal of funds from this CEN
,ar nv interior banks in order to
fnance crop movements resulted in
slightly higher asking rate for time
money, which was offered at 1-2Go
with 5 IA bid. Business was dull.
Most of the prime commercial paper
moved at 8 1-4G6
Allied exchange rates were slight
" firmer. Demand sterling, which
touched a new low yesterday, snap
ned back TO $4.55 and French francs
rallied IL points to 5.63 IL cents.
snanish pesetas. which have been
adversely affected by the unfaVorable
Developments in Morocco, touched
new low at 1927 cents and then rail-
lied to 1881.
Although the volume of trading
continued small, bond prices held
relatively firm in today's transactions
with irregular fluctuations in the
more speculative groups.
Active l.. S. government issues
closed the day practically unchanged.
Foreign bonds indicated lessened
demand but held up fairly well, the
Seine Is rising nearly points.
Market Street Railway CONSOLE
dated IS sold points lower, indicat-
Ing the recent purchases at advan-
cling prices were not justified. Rail-
road mortgages generally were firm.
New Haven convertible Is gained
/ 1-2 while Virginia Railway SIS and
Chicago, Burlington q Quincy re-
funding IS each yielded a point.
Pierce Arrow IS again furnished
much Of the activity in the industrial
group, moving up = points. Cerro
De Pasco Copper SIS also gained 2.
Losses of point each were recorded
by Remington Arms IS and Republic
Iron and Steel 12s.