Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-21

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

gUG 6GdutU3 otOCHU
New York, Dec. 20.-Stock prices
started upward again today with
business on a reduced scale, due to
the approaching holiday. Speculative
confidence in the long side was re-
stored by the decision of the House
Ways and Means committee to take
early action on the administrative
features of the Mellon tax programme
and by reports of special dividend
distributions by several companies
before the end of the year.
The demand for stocks covered a
broad list with the leather issues
giving one of the best demonstra-
tions of group strength. May De-
partment Stores and Computing,
Tabulating and Recording, which es-
tablished a new high record for the
year and closed at net gains of 4 IA
and 1-S points, respectively, were
the individual features.
Good buying was noted throughout
the day in the sugars, oils and to-
baccos. Oils were helped by the re-
port of the American Petroleum in
sttute which showed a further daily
reduction of $3.50 barrels in crude
3oil output for the week ending De-
cember Is. Production is still ex-
ceeding consumption, however,
stocks Of domestic crude east Of the
Rocky Mountains having increased
5,464,O00 barrels in November.
Standard industrial shares recover
cd all or most of the ground lost in
the last two days. United States Steel
Common closed nearly point higher
at "a "a; Baldwin advanced 1 3-8
to 124 rs and Studebaker moved up
1 is to 105 IA. American Can i'm
proved fractionally.
Dealers in odd lots report sub
stantial increase in business in the
last two weeks, which is generally
construed as an indication of in
creasing public participation.
Some of the active industrials to
close at net gains of or more points
were Central Leather Common and
Preferred. Atlantic Gulf and West
Indies, Schultz Stores, American
Hide and Leather preferred: Asso-
ciated Dry Goods, Johnson
and United Drug.
New low records for the year were
established during the early part of
the session by Omaga Common, Bar
net Leather, Consolidated Cigar pre-
ferred and National Gamers, the
transactions in each case being small.
Continued strength of the Erie is
sues was the feature of the railroad
list, Erie common crossing % and
then dropping back to Fl 3-S where
it was up SIS on the day. 800" pre-
ferred recovered ten points of its Is
point drop yesterday and katy" ad-
vanced three points.
Trading in the foreign exchange
market was on a small scale with
French francs touching another new
record low for all time at Sis cents
but rallying to SIS later. Demand
sterling dropped off more than a
cent to s4.36 1-2.
Call money opened at "a per
cent and then dropped to 4 10,
where it. closed. Commercial paper
and time money rates were I'M
changed with trading quiet.
Traders paid particular attention
In today's bond trading to st. Paul
and Seaboard Air Line Railroad is
sues, both of which moved up mod
erately. otherwise the tone of the
marbet was rather reactionary.
After a lapse of more than a wear
Seaboard directors voted TODAY q
z l-3 per cent interest payment on
the companys adjustment SIS and
that issue was bought up for a 1-2
point gain. The st. Paul bonds were
up several points at one time but
sa"ged slightly toward the close.
Rumors that Warner Sugar Com
pany had sold new issue of sS.OoO.-
200. 10 year Z per. cent bonds to a
banking group. caused some selling
OF the outstanding Warner rs which
fell off l IA points. Copper bonds
also were inclined to Weld.
Bankers indicated that a Stable
issue of Chicago Burlin~ton and
quincy bonds would be offered soon
after the first of the year. and there
fering of about 100000 Central of
Georgia Railroad bonds.
100000.