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

market session of 1928 was character
lied by higher prices for both railroad
and Industrial shares. Crossing OF par
ly United States Steel common Tor the
first time since last May was the out
standing individual feature. the stock
touching le0s, but Shipping back later
TO ses. where il was up on the day.
Publication Of optimistic business
forecasts fer 1924 by business and
banking leaders was reported to have
influenced buying by small investors.
While operators on the long side were
said TO be heavy buyers of stocks for
psychological as we'll as business rea-
sons. a rising market on the closing
day of the year being widely regarded
as good omen.
Considerable taxation selling took
place during the Gay, particularly in
the low-priccd issues. In order that
such losses might he included in 1928
ircome statements, this was done on
cash basis as ordinarily stocks pur-
chased or sold today would not be
cleared until Wednesday.
TIE averages of 20 leading indus
trial and 20 leading railroad stocks
closed the year about midway between
the high and low records. lndustrials
reached their high mark in the latter
Fart Of March. while the railroad
shares established their peak In the
first pant of that month. The low
point in the railroad aver2 gos was es-
tahlishod in August. while industrials
did not reach their bottom figure until
the middle of October.
Heavy buying of railroad shares to
replace holdings recently disposed Of
for tax purposes was reported during
tho day. Gains of ono to nearly >!
points were recorded by Chcsapca axe &
Ohio, Rock Island common and pre-
ferrcd issues. Crest Northern pre-
fcrrrd. Lehigh Valley. Missouri Pacific
/ ! ro fo"rcd. New Orleans. TcXas & Mex
ico. Sout hern Railway. 81. Louis q
san Francisco and Western Maryland
second preferred.
Further upward revision of some of
the eastern crude oil prices contrib
uted to the strength of the oil shares.
Producers & Refrers was enc of the
out standing strong spots of this group.
touching 4%t and closing at At for a
rct gain Of -. Standard oil of New
Jersey closed nearly two points higher
at Ak.
sharp advances were shown IN a
number Of spocialtieS. including Corn
Irducts. Dupont. Marine preferred,
Advance Rumlcy preferred. Brooklyn
Inioa Gas General American Tank Car
ard Virginia Carolina Chemical pre-
ferreG. the gains ranging from y to
/ points. Dawson Chemical was an
utatandinG heavy spot. dropping near
Is five points.
CAL money opened at rer cent hut
declined 10 } before the close. The
average call money renewal rate this
year was 4,SI per cent IS Cnmnarcd
with 49, per cent. IN 10. I.91 Per
cent. in 1921 and 80 per cent. III 1870.
| The time money and "omme:ci1l paper
business was quiet with no change in
rates.
FOREIGN exchanges wero rcactionary.
Demand sterling Grcpred l. cents to
$i.3@ 3-1G and French francs sold
around a09!c. off ~ cents. Nominal
roCeesions took place in the other prin-
CIpnl rates.
All securities and commodities mar
/ I.otS here Will be closed all day tomor-
! row.
/ Although sandwichrd between two
holidays. todaN':s bond IN" rhet was un-
| reucllY active End broad. Generally
! tho tone was strong and. unlike the
stock market. there were few cash
/ transactions for the purpose of recov-
! cTin- income tax losses.
Nhi,a there wrro individual recess
sions. like the slight reaction Of the
recently strong -. Paul bonds. ahnos t
/ the entire list Uf secondary and high
cr"do Investment railroad mort "a "cs
moved forward on good buying. The
Denver & RIO Grande rofunding IS
were pushed up more than two points.
d'lr 10 the favorable sentiment on
steps 10 make operative the pan Of re-
Cr%aUiZGtion
Active londirC for p wide assert
mont cf domestic industrial liens and
public utility bonds advanced the av-
crapcE Of those two groups y" q fair
margin. packing company bonds being
c--e niCInus,y strong.
Information that al Of he funds
required for resumption Of interest
4 raym"Hls TN tho Mexican external debt
lid brcn deposited influenced buEiur
of the Mexican is. which moved up 81
points.
January ! dividend payments were
c:timated 1t s45o.n'r coo ard invest
ncnt hou-rS expressed optimism over
the January demand for high grade se-
curitjcs.
Total bond safes, par ,alae. s2ce7.-
, 000
Total stock sa'es $4,000 shares.
= Twenty ludustrials avcra ;;cd $3.50:
ret gain 90, High 1925, 105.cS; low
&J.7G.
Twenty railroads averaged &G7c:
not gam AZ. High 1922. SOL; lew
11.J".