Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-20
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
.. the Leading Stocks


New York, Dec. 19.--Strong buy
ing support came into today's mar
ket and checked the reaCtionary
movement which developed yester-
day. A renewal OF selling pressure
against Union Pacific in the final
hour. with sympathetic recessions in
come of the other rails and other
iudustrials, gave closing prices an
irregular appearance.
The sudden reversal in specula-
, tive sentiment was based on WASH
| ington advices setting forth that the
house ways and means committee
had decided to defer action on a
soldiers bonus until after 1t has con-
sidered administrative features of
the Mellon tax program, and a
statement by Jesse Livermore, one
Of Walk Streets most famous OPP
orators. denying that be had sold
stocks and asserting that his posi-
ton in the market was unchanged.
Declaration Of the regular quarter
ly dividend on Northern Pacific,
previously reported in danger also
was a constructive factor.
Bullish demonstrations were sue
cessfully conducted during the day
in a number OF specialties, including
National Lead, which was pushed up
10 points to 1877 rs, a new high
record for the year; May depart
ment stores, which moved up 5
points to IS. "a, also a new high, on
reports of record-breaking holiday
trade and Cuba Cane Sugar pre-
ferred, which climbed more than 3
points to u 5-S. All these top. prices
were shaded before the close. Cuya-
mel Fruit also was pushed up to a
new 1923 top at II 3-4, but it drop
ped back more than = points on
profit taking.
Selling pressure was concentrated
in the early dealings on such spec
ulafive favorites as Baldwin, Ameri-
can Can and Studebaker, each of
which sold several points below
Monday'c high figures, although all
made good recovery later and show
ed little change from yesterdays fl
nal prices at today's close. Steel
shares were slightly reactionary. al
though the tone Of the weekly trade
reviews was slightly more optimis-
tic. Iron Age states that due to
railroad structural and automobile
buying. December has been thus far
a better month for the steel mills
than was looked for, bookings being
not far from the November rate"
Considerable irregularity develop
cd in the railroad list with the
northwestern carriers inclined to
stlffen on the announcement of the
Northern Pacific dividend, that stock
touching 03 IL and then easing to
81 5-S. where it was off / IA on, the
day. Rock Island recorded a sim
liar net gain, Great Northern pre-
ferred closed 1 is higher, and Chi
cago and Northwestern and the st.
Paul issues improved fractionally.
One sale of 800" preferred took
place at ~. Is points below the pre-
vious sale. and a new low record.
New minimum prices also were es-
tablished during the session by st.
Paul preferred, Illinois Central,
Omaha and Chicago and Northwest
ern preferred. The Erie issues were
again heavily bought on further
confirmation OF high current earn
ings.
Denial of new financing by the
Phillips Petroleum Corporation and
the weekly report of the American
Petroleum Institute. showing that
crude oil production in California
averaged 1865 barrels daily in
November as against 1921 barrels
the month before. created a better
sentiment for the oil shares.
Call money opened at "a per-
cent and dropped to IL before the
close. Commercial paper was
slightly f1rmer and fairly active at
Ia to percent. Time money was
unchanged and business quiet.
A record low of SIG cents for
French francs featured the foreign
exchanges.
Tax selling was held responsible
for the reactionary tone OF today's
bond market. Brokerage houses
have advised customers to take any
losses contemplated before the end
Of the year on the theory that the
right to take losses may be limited
in the event congress reduces taxes.
Selling was particularly apparent
in the railroad group. three of the
St. Paul issues falling off to new low
prices for the year. The five percent
bonds of the Chicago. Terre Haute
and Southeastern Railroad jumped
nearly points.
Some OF The copper. sugar and
leather company bonds we're in de-
mand and registered moderate
gains.
Practically All of the American
government bonds showed recessions
OF the day. du.- TO speculative un-
certainty over the active of con-
gress on tax reduction and the
bonus.
Offering Of 100000 shares of pre-
ferred and 100000 shares of com
mon stock of the newly formed
American and Foreign Power Com !
pany, Inc, was quickly subscribed |
and the books closed. The offering
was at 96 a share for the preferred