Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-28
NEW YORK MARKET
Features Of the psys DAslires In Az
the Leading Stocks

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New York, Dec. 27-Heavy prohi
taking, a renewal OF selling In some
Of the cheaper issues for the purpose
OF establishing income tax losses and
sporadic short attacks against s0me
of the recent speculative fayofitei
impaired O reactionary tone to to-
days stock market after an opening
period of moderate strength. THE
biggest losses were sustained by tbs
stocks which recently have recorded
the largest gains, notably National
Lead, Corn Products and Cuba Sugar
preferred off 1-2 to nearly l.:
points on the day.
Announcement of further increases
in. crude prices, particularly in the
Gulf Coast and lid-continent fields
was Offset somewhat by the weekly
report of the American Petroleum,
Institute showing slight increase in
crude production for the week end
ing December % after q fairly lona
string Of reductions. The principal
dividend developments of the day
were the raising Of the annual rate
on associated Dry Goods from 50 Il
s. and the declaration OF the reEu.
Moon Motors. an extra dividend OF
SO cents having been declared In the
previous quarter.
Call money went to 9 per cent for
the first time since tn eearIy part OF
October. -The higher rate was gem
orally construed as indicating the
withdrawal of balances from New
York by interior institutions for the
purpose of meeting year end inter-
est and dividend payments. The
time money market was quiet with
business practically on a 5 per cent
basis for all dates. Prime CONNER
cial paper continues to command 4
"a per cent.
In the stock declines of a point or
so were quite general among the
steels. equipments, motors, sugars,
tobaccos and foods. The rail stocks
held relatively firm on q small VOL
ume of trading.
The unexpected increase in Mid
Continent crude prices developed a
fair demand for Cosden, Marland
Sinclair and Phillips, but top prices
were shaded in each case, but with
the exception of Marland, all closed
at small fractional losses on the day.
Pacific Oil was pushed up above So
but slipped point from it's high
price before the close.
.RImors of extra dividends were
Limaheld responsible for the tenn,
porary show of strength in American
and Lima Locomotives, which closed
practically unchanged on the day,
Associated Dry Goods broke more
than 3 points on profit taking. fol-
lowing the declaration of ali igi1el
dividend. Moon Motors also lost a
point on the announcement of diyi-
dend action.
United States Steel fluctuated
within a range of point closing as
lower at 81 3-S. Bald win was Off a
point at 125 and Studebaker was of
2 at los 7-S. American Can closed
fractionally lower at 104 Is.
A sharp rally in French francs
which climbed 10 points to 5.12 l.;
cents Sas the feature Of the higher
foreign exchange market. Demand
sterling was up half cent at $4.34
9-1& Other changes in the princi-
pal European currencies were of a
nominal nature.
Bond prices moved somewhat ir-
regularly in today's more active
trading. A sensational jumn of more
than points by MARYLAND Oil SIS with
warrants, featured the forenoon ,ieaI.
ings. The bonds reacted about -four
points later in the day.
railroad mortgages were easy
selling being particularly effective
in the st. Paul. Denver and Ric
Grande and Seaboard Air Line Is.
sues. Washington dispatches stated
that the st. Paul 'ad been authoriz-
ed by the Interstate Commerce Com.
mission to issue $10.0O0,000 five pei
cent general mortgage bonds to be
pledged as collateral for any notes II
ma'- issue.
There was evidence of renewed in.
terest in public utility bonds. seyera
OF which moved upward While a
WIDE assortment of Industrial liens
iell lo':cr. some Of the suf-ar. come,
and packing compan- bonds recorded
moderate advances.
Bankers report a firm thorgh SLOW
market for new securities. 1t is I'm.
Gefstood several sizeabIe issues are
ready for offering soon after ,Jsnu.
ary l.
Total bond sales tpar value) SIG.
$4,000 |''
Total stock sales 1.ess.400 shares.
20 industrials averaged 94.97: ne,
less "a.
High 1923. 1888; low $3.50
loss ~.
High 1872 a5.5l; Low 1858.