Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-09
FINANCIAL NEWS
NEW york; MARKET
Features Of the Days Dealings In Ali
.t., the Leading Stocks -- =

New York. May s.-Indications that
the stock market had been oyersold by
professional spectators for. the decline
from the recent weaSnsss ESQ Of. ssvcrai
popular industrial stocks. Buying Of
these issues by so-called inside inter-
ests" in the early dealings resulted. Id
a. number OF the leaders / to s points
above yesterdays closing prices.
Bear traders made another last hour
atteinpt to unsettle the list by throw
ssts o shars, ss vo te cot Of On IN
Louisiana Crude Oil and the relatively
poor 1922 income statement Of the Pa,
cific Oil Co. as excuses for selling
pressure. Early gains were reduced
OF prices was higher than the previous
close. ~ .es' >3, IN.
Equipments led the initial rally.
American Locomotive was: pushed up
later to 1909. and Baldwin closed 70
higher at 1874 after having touched
12S. Pullman was up at 121 and Gen.
eral Electric up 3 at 176. The short In
be unusually large. Rubber and tire
shares also moved upward in the face
of another cut in crude rubber which
carried 1t to the lowest price Of the
year. u. S. Rubber, Kelly Springfield
and Goodrich each closing about q point
higher. 80 -.-.' q, .-.-.-.- " .
Strength Of rail shares was accom-
panied by reports Of several voluntary
consultations being announced in the
next few months and increased foreign
demand for these securities. Gains of
l to 3 points we're recorded by New
York Central. Atlantic Coast Line, Ca
madam Pacific. Great Northern pre-
ferred. Delaware & Hudson. Frisco. St.
ing. New Haven and Louisville, e.
Nashville. t'>j -.
Among the active industrials which
closed clos, to points above yestsr nn,
Dupont. Eastman Kodak. Beechnut
Packing, Associated Dry Goods. Bosch
Magnetic. Kelsey Wheel. Nash Motors,
United Drug. Crucible Steel and Cuba
Cane Sugar preferred. - -'f'
Steward Warner opened more than
point higher, then dropped five points
to 794. or within half a point; Of the
years low and 45 points below the
to s4a. up Z on the day. The recent
reaction Of this issue was described as
bear raid in an official statement of
the company. ~ -.
weak. dropping six points. Virginia
Carolina Chemical issues were heavy in
the final dealings. One block OF 4 Q. 900
shares of Cosden changed hands at 463:
Call money opened at ~ per cent. and
closing at that figure. Trading in the
time money market was quiet with oc-
casional loans arranged at s. per cent.
for the shorter maturities. There was
good demand for commercial paper;
prime names being unchanged at and
Demand sterling created a new low
for the year at SASH. of half cent.
French frances improved slightly to
663 cents. Norwegian exchange Tell
% points to 1913 cents, also new
low, in further reflection Of the imam.
cial troubles Of that country. Changes
in other currencies were narrow and
irregular.
Influenced by the better tone of
stocks. bond prices moved upward in
today's dealings on the New YORK
Stock Exchange. speculative issues sue;
U. S. government bonds held fairly
firm, fluctuations being confined to 4-S2
of point. There was some selling. Of
the French government issues. but
changes in this group were small.
Sugar company liens were In de-
mand in the industrial group. Punta
Allegro Sugar Is and Eastern Cuba Su-
gar It's each gaining points. CerrQ
de Paseo Copper IS gained Il points and
refunding IS were up H.: Losses of
slightly more than point weres re
corded by American Smelling SIS and
Fisk Rubber So. -.
ment IS, certificates. up It. and Caro-
lima, CIinchfleld & Ohio IS. up /. were
the outstanding strong spots in the
railroad group. Hudson & Mammalian
refunding SIS were on point. Trac-
tions were irregular. loss OF 1t by
Chicago Railway S. being the only
important change.
Total sales. par value, were $i6,-
0o4. 900.
that an offering Of nearly 100000 in
equipment trust certificates Of the Cen
trail Of Georgia Railroad would be
made within few days :.