Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-27

NEW YORK MARKET
Features o. ths pay's Dealings In Al
the LS9dinp Stocks

the Lssdinp Stocks
New York. Dec. 2G--Favorabis
trade news. including an increase Of
csc q barrel In Pennsylvania crude
and reports of q broader demand for
sharp rise in prices In today's active
stock market. Old favorites among
the steadier industrials were again
brought to the fore, United States
Steel common leading the advance in
that group with q net gain Of 2 3-4
on the day.
Oils were again heavily bought on
the theory that the unexpected ad.
vance in Pennsylvania crude would
shortly be followed by an increase In
Mid Continental prices, gains OF q
point or more being recorded by
Pacific. MARYLAND, California Petrols.
UNI preferred, Coeden preferred, Tide
water, Pure Oil and Houston. Pacif.
ic. Maracaibo and Associated sold at
their highest prices Of the year.
Middle States Oil WAS heavily sold
on the announcement that Southern
States OIL, controlled py the same in-
terests. had been suspended from
ct. Middle States dropped from to
rs closing at for / net loss ef
points on the day. The days trans
actions exceeding $4,000 shares.
New high records for 1898 were es-
| tablished during the session by near
ly a score Of stocks including such
active issues as Corn Products, u. u.
Cast Iron Pipe, National Lead and
Cuba Cane sugar preferred. 800
common and American Sugar REIN
ing preferred each established ney
lows. but both made good recovery
| and closed with substantial net gains
| on the day.
There was fair Iccumultion of
buying orders on hand when the
market opened but initial gains, as a
rule. were limited to fractions. Buy
ing power increased AZ the session
progressed and before noon Z number
OF stocks had been bid UP to ! to
lie points aboYe Mondays closing
figures.
Raising of the call money rate to
1-2 percent and acute weokpess OF
French francs. which fell below B
! cents to q new low record for all
time, induced some profit taking, but
it failed to arrest the upward trend.
| A brisk demand for Lhs steel shares
set in during the afternoon. Crucible
being pushed up 4 points; Gulf
! States Steel. and Republic 2.
Copper stocks again Jagged behind
, the rest of the list and were reported
to have been freely sold by specula-
tors who; had become discouraged by
their failure to participate In The re-
cent up-awing. Losses in the active
; issues, however, were limited to
| fractions.
While the average prices OF 20
of0Nlh &hnvyaI
slight gain on the day, neaviness was
apparent in q number Of leading is
sues including Atchison, Union Pa
cific, Pennsylvania and Louisville and
Nashville, all of which closed frac-
tionally lower.
i Weakness of French francs was the
feature of the foreign exchange mar
/ ket. Observance of O holiday In Lon
don resulted in comparatively little
business in sterling, winch held fairly
steady around $4.34. Ireek drachmas
rallied 8 points in reflection OF the re-
! port that former Premier Venizelos
would return to Athens to assist IN
the political rehabilitation OF that
country.
Recessions ranging from large
! fractions to "a were general In the
French government and munlclpal
DOnuS lIbtSu Oh tlo Nv" 20
exchange in today's post holiday
trading. Traders attributed the de-
clines to selling due to the decrease
in French exchange. There was no
evidence, it was stated. however, OF
any sizeab!e liquidation.
A rise in Mexican las of more
than q point reflected optimism on
the mart of some traders In the abln-
ty of the Mexican government sue
cessfully to cope with the military
UPRISING in some of the Mexican
states.
Trading was relatively quiet in
, both the railroads and industrtai
groups. fractional reccssions being
general among the rail mortgages.
Prices we're relatively firm among the
industrihls. due largely to buying OF
some of the sugars and packing COM
pany liens. A few specially bonds
also were bid up slightly.
Sentiment was somewhat mixed IN
the liberty group. Selling predomi-
mated in the tax exempt 3 LES which
i fell Oft $50 of a point and in the
treasury 1-2's when declined 3-32
| Of q point. The four liberty Las
either held firm Of improved.
1t was reported that the FORTH
| coming Argentine loah may take tile
form OF s60.AO0.000 SO year, six per-
cent bonds to be sold mt about 96 IL.
! Total bond sales, (par valued
| S9,O59, 900.
Total stock sales 1.2J6. 800 shares.