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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
Jun 15, 1923
Page
13
The market edged lower at session end as a broad selling wave pushed prices down across many issues. Rail shares showed relative strength while industrials faded, with a generally professional market and rumors buoying sentiment but not enough to halt the decline.
New Orleans June 14 reports show bearish sentiment dominating trading with unfavorable news triggering selling. Analysts cite mill stocks and curtailment talk, possible lower prices until the July deal, while crop prospects and weather expectations temper demand.
New York trading on the curb market showed professional operators pushing prices lower. High priced issues dropped four to several points with Prairie Oil and Gas down nine and Ohio Oil off four and a half. Imperial Oil of Canada slipped two and a quarter with Magnolia Petroleum down one. Industrials were dull and most listed stocks had no trades.
The imperial Bank of Germany report for June 7 shows total gold and bullion down 2,035,071,000 marks with gold holdings at 750,014,000 marks and 180,032,000 abroad. Notes in circulation rose to 745,830,?000 marks, deposits up 70,089,981,000 marks, and balances and advances generally up while investments fell by 282,001,000 marks.
The Bank of France report for the week shows gold on hand up 125,000 francs and silver holdings rising 195,000 francs. In circulation notes fell by 243,298,000 francs while the state treasury balance increased 6,236,000 francs. advances to the state declined 77,439,000 francs with fresh state advances rising to 200,000,000 francs.
The weekly statement shows total reserve up 209000 pounds with circulation up 201000 and other securities up 952000. Other deposits fall 8381000 while public deposits decline 549000. Notes reserve rises 204000 and government securities fall 4205000. Reserve ratio at 1.93 percent, last week 1.84 percent. Discount rate 5 percent.
New York June 14 conflicting price movements characterized the desultory trading in today’s stock market with little public buying and operators reluctant to move favorites higher. Many issues hit new lows for the year as oils and Industrials fell while railroads showed some resistance. U S Steel touched a new bottom and Moon Motors eyed dividend boosts. call money opened at 4 1/2 percent and advanced. Foreign exchange saw minor rate shifts with sterling near 4.61 and marks sliding to a new low.
Detroit June 14 The federal government begins a liquor clean up in the Detroit district with injunctions issued in the federal district court against about 50 licenses where liquor sales are alleged. Federal officers to serve injunctions immediately as other injunctions are to follow by the score. United States District Attorney Earl R. Davis says the aim is to end promiscuous traffic in this region.
Lyerly Ga June 14 Special Professor G Sublett Sammier ville chosen as principal for the ensuing year. Other teachers elected: Professor W L Gaylor Chattoogaville Miss Louise Bryant Miss Louise Taliaferro and Miss Puelle Pollock. All except Pollock have formally accepted. Bryant Taliaferro Pollock were named faculty members.
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