Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-29

NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

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the Leading stoeks
New York, Dec. 2s-Heayy selling
of stock for the purpose of.establish-
! ing income tax losses gave the stock
market reactionary appearance this
morning but offerings were well abb
sorbed and the upward movement
was under way again in the after
noon under the leadership of United
States Steel common. Pool opera
: tions in q number of issues were sus-.
pended while the tax selling was in
| progress.
Buying of United State Steel which
crossed 80 apparently was based on
the belief that business in the first
few months of next year will be
! of the extra dividend. The stock
i closed at SO 5-8 for a net gain Of
l IA on the day. Baldwin was again
unchanged at 125 while Studebaker
and American Can improved frac-
| tionally.
| Erractic movements took place in
Corn Products following the an
nouncement of the declaration of an
| extra dividend of IS cents and pro-
! posed recapitalization rlan providing
: for the declaration Of q stock divi-
dend of rs percent. The stock
dropped from 1856 7-8 to 152 and then
fluctuated within three point area,
closing at 1853 Ia for q net loss of
4 IA points.
/ Railroad shares imprived slightly
on a relatively light volume of trad
! ing. November earnings reports
which are now making their appear
ance are generally regarded as fav-
J ha S.no6a n ronnrf
showing a combined net operating in
come of $64, 9S6,000 last month as
compared with $57, 100000 in Novem-
/ Der of last year and $75,986,000 in
October of this year. Union Pacific.
! which has had intermittent spells of
! heaviness in the last few weeks on
| selling reported to be for the account
| of a large estate, moved up a point
| to 127 1-2.
Further establishments in crude oil
| prices and an increase of g. cents a
! gallon in the price of gasoline by the
| Standard Oil Company of Indiana
brought fresh buying into the oil
! shares. Standard Oil of New Jersey
was again active at rising prices,
| touching 40 and closing 78 higher at
! SO rs. The American issues
and Atlantic Refining also moved up
about a point.
| General Electric National Lead and
American Sugar Refining each up
| "a on the day, We're among the
| strong spots in the active issues. u.
| S. Rubber first preferred climbed
| point on the announcement of an in
| crease in the prices IF mechanical
goods by that company. Consolidat-
ed Cigar jumped 6 IL points above
f, it's recent low and the common gained
1-2. Porto Rican Tobacco jumped
five points on a small turnover while
! Kresge sold more than IL points be-
low it's previous quotation.
Shifting Of funds incidental to the
close Of the year resulted in a re-
newal Of five and half percent call
money which later advanced to six
percen. Time money and commercial
paper rates were unchanged.
French francs, which recently es-
tablished a new low for all time be-
low five cents were slightly firmer.
Demand sterling was off about
cent at SABA IA.
Bond trading today was over a
broad list and somewhat more active
than for several days past. Despite
recessions of some size in a few is
sues, the tone continued firm.
A complication Of bond maturities
in 1924 discloses the amount is less
than for several years, aggregating
only S591,S94.03O. including foreign
government bonds as compared with
SS65,681,15O in 1923 and $1,259,241, $50
! in 1922.
Sensational advances were record
ed in today's market 10y theobonds of
the Atlantic Fruit Company, due to
heavy buying as a result of the fed
sIiroofino either
the sale or return Of the company'S
assets by the receiver. Some of the
bonds were up more than six points
at one time. ...
st. Paul railroad bo&is were
bought freely at moderate advances
on announcement that funds have al
ready been deposited o meet jan
uary interest payments. There was
some selling of Denver and Rio Gran
de bonds, because of the uncertain
ty over tomorrow's federal court
decision in Denver as to the right or
the Western Pacific and Missouri Pa
cific to advance S1,5G0000 interest
dun on Rio Grande bonds before jan
uary /.
Trading in active U. s. government
bonds and the foreign group was
rather dull and price changes ac-
cordingly small.
Total bond sales (par valued $12,
$4,000.
Total stock sales 1,144,000 shares.
Twenty industrials averaged 95.11;
ret gain IA.
High 1923. 1888; low 1915.
Twenty railroad averaged S2.S5;
net gain .25.
High 1923, 9051; low 1858.