Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-23
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Jan. 22.-Reactionary
price movements took place in to-
days active stock market which was
featured by heavy speculative selling
of Sinclair Oil. apparently Influenced
by the testimony given before the
Senate committee investigating Tea
pot Dome. Sinclair broke more than
points to % S-4 and then rallied
to 23 ga. the days sales exceeding
SO.0OU shares. or about one-twelfth
| OF the total volume of business.
Marked buoyancy again devel-
oped, however. in some of the high
priced industrial specialties. Gen.
| eral Electric continued its rapid ad-
vance, touching 211. a new high
since 1902. and then easing to pa.
where it was up points on the day.
Corn Products also touched a rec
ord top at 172 but it slipped back
to 100 1-2. off 81 on profit taking.
National Lead hit 145 IA and then
sagged to IA, up 1.
Fresh buying came into the do
nestle Oil group on the announce
| ment of higher prices for California
| and Wyoming crude products and
another series of gasoline advances
| in various sections of the country,
but the early gains were not MAIN
tanned. Producers and Refiners was
pushed up to 4S IL and then slid
back to ii Sd. up Ia. while Stand
ard Oil of California fell from IS 3-S
to i Sd, where it was up u. Pa
cific and Associated Oils closed frac-
tionally lower following the denial
OF merger reports by President
Shoup of the Pacific Company. Pan
American issues, which have been
adversely affected by the Mexican
revolution and the Senate investiga-
ton of oil leases. continued to lose
ground, the A stock dropping l SIS
and the 3 >.
Reports of higher pig iron and
ed for a temporary display of
strength by the steel shares, but
they sagged with the rest of the list
in the late trading. United States
Steel common went to '1O1 3-S but
closed below par. Copper shares
held relatively firm on the estimate
of leaders of the industry that the
regulations promulgated by railroad
commissions with respect to auto
matte train control will require up
wards of 225,0OO,O00 pounds of cop
per in the next two years.
Brooklyn Manhattan Transit pre-
ferred established q record high at
53 in speculative expectation of an
early Inauguration of dividends.
Strength of American Hide and
Leather preferred was associated
with reports that control was being
sought in the open market. Sew
eral strong spots developed in the
merchandising group. mostly Wool
worth, May Department Stores and
National Department Stores
Revival of demand for the Erie
and Southern Railway issues. all OF
which closed fractionally higher.
featured the railroad group. Trad
ing in Lehigh Valley Quilted down,
the stock closing at a small frac-
tional loss.
Call money again held steady at
per cent. Time money rates were
somewhat easier. maturities up to
months being obtainable at 4 "a
with brokers bidding only 4 IL for
the 80 and 60-day dates. CONNER
cial paper rates were unchanged.
Foreign exchange rates made
quick recovery from recent heavi-
ness. demand sterling advanced
more than 2 cents to $4.22 81 and
French francs jumped more than 10
points to 4.54 IA cents. Other Eu-
ropean rates improved in sympathy.
Japanese yen broke GO points to
45.OJ cents.
A sharp break in the price of SIM
clair Oil Company bonds today fol-
lowed the disclosures made at the
Senate's investigation of the Teapot
Dome lease. Under the pressure of
speculative selling, the Sinclair Con-
solidated Oil Is dropped 3 points and
the 6 lbs almost points to new
low levels for the year. Sinclair
Pipe Line issues also were under at
tack.
Strength of the traction issues, fol-
lowing publication of satisfactory
b. NJ. T. earnings report and the
circulation of rumors that favorable
dividend faction was impending for
the stocks of this group provided the
other chief feature of trading, Adj
vance of the local traction liens. in
Guiding the marlborough and Third
Avenue Railway issues. also was
based on resumption of harmonious
relations with the city. Other pub
lie utility bonds were in demand and
recorded substantial gains. Over
the-counter buying was reported in
considerable volume.
Low priced railroad issues again
were active, with Erie bonds at
tracing attention. Profit taking
continued to send the st. Paul issues
lower, the convertible 4 Ids yield
ing 9 points and the 4s of 1884 fall
ing back to the level at which the
recent rise set IN.
New financing in prospect was
said to include $iO.OO0OOO Pennsyl-
vania Railroad issue. which may be
offered in two installments.
Total bond sales, par value, ST.
100000.
Total stock sales. 90 600 shares.
twenty industrials averaged IA;
net gain, JIG.
High 1923. 1925: low, S5.76.
Twenty railroads averaged $500;
net loss, .W
High 1923, 90.51: low, 1888.