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Show SELLING MOVEMENT BREAKS : OUT AFRESH IN WALL STREET Speculative Favorites Sent Down to Lowest Prices of the Year; Standard Shares Unsettled. NEW YORK, July 13. Selling of a broader and more promiscuous character than that of any recent period broke out afresh today, depressing prices of erstwhile erst-while favorites to lowt-st prices of the year and for a time causing unsettlement in standard shares. The decline gathered gath-ered much of its momentum from the -short interest, that faction extending its operations Into new fields, incidentally adding to ihe impairment of stocks which already had suffered severe attrition. at-trition. Trading was on a large scale and wholly at the expense of values, except in the last hour, when short , covering brought about a partial readjustment and moderate moder-ate recoveries from lowest levels. The motor group was the chief center of disturbance, dis-turbance, those issues recording extreme declines of 4 to 7 points, with 11 for General Gen-eral Motors, while stocks of accessories declined 2 to 4 points. Drop in Alcohol. United States Industrial Alcohol struck the new low level of 97, a maximum loss of 32 points since last Saturday, but closed at 103. American Beet Sugar yielded only 44 points under heavy priB-sure, priB-sure, but other mercurial issues of the sa.me class lost more ground. Munitions were subject to further discouraging dis-couraging reports regarding the loss or cancellation of foreign contracts, with recessions re-cessions of 3 to 5 points in Crucible . Steel. New York Air Brake, American and Paid win Locomotives. Westinghouse and Continental Can, while He t hie hem Steel at one time registered a decline of ; 23 points at 419 78, but closed at 434 4. I'nited States Steel lost only a substantial substan-tial fraction, notwithstanding its large 1 turnover. Among rails. Canadian Facific. St. Paul, Great Northern and Norfolk & Western were lower by 1 to 1 points, with the same for shipping Issues. Cop-1 Cop-1 pers were only moderately affected, but I Mexicans, particularly petroleum, showed i little resistance. Total sales of stocks j amounted to 6S5.000 shares. j Advance in Hank Rate. I In Its more significant aspects the i feature of the day was the advance In the Bank of England rule to 6 per cent, the : first rise since August 8, 1914, when the ' discount was reduced to 5 per cent. The : change was accompanied by the weekly statement, disclosing a further gold contraction con-traction of $4,600,000. Other developments develop-ments in the international financial situation situ-ation included a weakening of marks in i the local exchange market and the re- celpt of additional British gold from ! Canada. I Free selling of Anglo-French 5s was I again the noteworthy feature of the heavy i bond market. Total sales of bonds, par ! value, $2,990,000. I United States bond unchanged on call. |