Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-06-23
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, June o2.-Strong bank
ing support and a continuation of in
side buying brought about another
sharp rally in today's stock market
but trading was not on as extensive
a scale as it was earlier in the week.
There was a noticeable absence of
selling pressure among the standard
stocks but belated short covering
operations were noted in a few is
sues. Some brokers reported a slight
revival of outside participation.
The market was led for time by
the railroad shares, much of the buy
ing of which apparently was based
on speculative expectation that the
May earnings statements, soon to be
published, will show up as we'll as
those of April when IL per cent
was earned on tentative valuation.
Several of the dividend payers. not
ably Atkinson. New York Central.
Northern Pacific, Union Pacific and
Reading showed net gains of l TO
IL points. Good progress also was
made by some of the so called specu-
lative shares, particularly Southern
Frisco and Erie issues. Reports of
possible increase in the AtchiSon
common divide wndere set at rest to-
day by President w. Is. storey. who
declared that such action was not
only unlikely but inadvisable at this
time.
Most of the so-called pivotal stocks
in the industrial group also recorded
good gains, United States Steel com
mon, Baldwin and American Loco
motives, American Can. American
Smelling, Corn Products and Ana
conda closing to points above yes
terdays final figure. Studcbaker
closed unchanged at log Il.
The rally which set in just before
the close was largely result of cover
by shorts in advance of the week
nd.
Call money held at 5 per cent
throughout the day. The time money
and commercial paper markets were
quiet with no change in rates.
Foreign exchanges, with few OK
ceptions, held steady. demand Steri-
ing was quoted around $i.6l Il and
French francs around 60 cents.
Italian exchange touched new low
for the year at 4.51 cents.
Buying by bargain hunters COM
bined with the more favorable sentl-
ment over the immediate course OF
prices gave the bond market a con-
siderable better tone today and sub
stantial rallies were noted through
out the list.
United States Governro~' bonds.
which have held relatively firm
throughout the week. continued
steady with the Liberty issues reg
istering small gains. Gains of point
or more were recorded by Mexican
As and SIS and the Bolivian IS. and
other foreign government issues i'm
proved fractionally.
Buying in the rail group extend
cd to both the high grade investment
mortgages and the more secpulative
issues, gains of a point or more be-
ing recorded by more than dozen
issues. Five different bonds of the
Erie Railroad advanced l each. Read
ing general As ran counter to the
general trend, losing l 5-S on the
day.
Industrial liens also were in good
demand and showed moderate gains.
Tobacco company liens. particularly
were bought at advancing prices and
sugars. public utility and oil issues
showed fair gains.
Total sales (par value) were s10,-
$4,000.
Public Offering is expected Mon
day of S45,000,000 20-year IL per
cent federal farm loan bonds at
price slightly above par.