Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-09
FINANCIAL NEWS
Nh
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

essO eSoSssS SsSSNS
New York, Jan. Stock prices
bounded upward at the opening of
today's market, a number of issues
moving up ] to 4 IL points. and
then fell back on a large volume of
profit taking which embraced vir-
tually all sections of the list. Spo-
radio attempts were made to rally
the general list but they made little
Roadway except in the low priced
rail shares and a few high grade
specialties.
Early buying was reported to
have been based on encouraging re-
ports from Washington concerning
the tax reduction bill, and the opti-
mistic views on the banking and
trade outlook expressed by bank eX-
ecutives at the annual meetings of
stockholders now being held
throughout the country.
Strength of the Erie issues was
the outstanding feature of the ses-
sion, the common and both classes
of the preferred selling at their high
est prices since 1918. The common
touched % 3-S, the first prefc. red
33 0-S and the second preferred
20 IA. all at net gains of 3 to ) IA
points on the day. Wall Street heard
rumors during the day of early divi-
dend action on the first preferred
but these lacked confirmation and
were not taken seriously in high
banking quarters.
Southern Railway climbed to
AZ 3-S. the highest price since 1907,
when it sold half point higher but
1t cancelled the days gain before
the close. Marked strength was
Sh hv Of hn 81
priced issues, particularly Wabash
A. buying of these shares being in
fluenced by the L. S. supreme court
decision yesterday upholding the
constitutionality of the recapture
clause of the transportation act.
which is expected to lead to relief
for some of the weaker railroad
lines.
Pan American issues were freely
sold on reports that the rebels had
taken possession of some of the
company's Mexican oil properties
and that operations had been tenn
porarily suspended. Net 1sses. how
ever, were limited to fractions. Pro-
ducers and Refiners broke nearly 3
points. Marland also yielded slight
ly in further reflection of specula-
tive disappointment over the delay
IL
local banking syndicate.
Some of the outstanding strong
spots in the speciality list were 'ner-
lean Wooden. American Tobacco,
Congoleum. Corn Products. U. S.
Cast Iron Pipe. U. S. Rubber. and
Utah Copper. all up / TO nearly 3
points. Strength of the rubbers at
tracted marked attention. Sugars
yielded on further reductions in re-
fined prices.
Call money opened at "a, eased
to IL and thence to IA The
time money market continued easy.
with more funds available at "a
percent Commercial paper rates
also were easier, exceptional names
being quoted as low as II percent
Moderate reactions took place in
the foreign exchanges. French francs
touching a new record low at
4S4 IL cents. Dealers report con-
siderable nervousness in the mar
ket due to the uncertainty Of devel-
opments in the British and French
parliaments now in session. De-
mand sterling ruled about half a
cent lower at S4.29.
broadening activity and rising
prices in the bond market continued
to reflect the heavy purchase of list
ed securities with January invest
ment funds. Virtually all groups of
bonds participated in the advance.
which was most marked, however.
in the secondary railroad issues
which are expected to benefit by the
decision of the United States SUI
preme court upholding the constitu-
tionality of the recapture clause Of
the transportation act.
Relative scarcity of new offerings
also is believed by bankers to have
been of material benefit to the listed
issues. Several large issues are
known to be pending. but the only
ones known to be ready are the So
Wh00O Citv Of Montreal rs. due
1943-63. and the 81 300 600 New York
state Gas and Electric first mort
rage 8 lbs. The S13.OO000O Market
Street Railway issue put out today |
was readily disncsed Of
Standard foreign and y. s. govern
ment bonds moved Within narrow |
and irregular limits. Serbian SIS. |
Oriental Development cs and Swiss |
S. each roovcd I'M about point on !
light dnalin~s while Netherlands fs |
and Paris vons- Mediterrane &c !
sold n point below yesterdays final |
figures.
IN me r"lIr0ad group. Inc issues |
moved I'm in svmrathv with hioher !
stock prices. Good gains also were |
REGISTERED by Frisco incowe Is. /;
Missouri Pacific Ga. Seahoard Air
Line fs Snd Delaware and Hudson |
refnndir'r 4s. all up n ro;nt c- mo-o.
A 3-point gain in Derry SILK Is. |
based on high current earnings. was !
the feature Of the Industrial rroun. |
Sinclair Pipe Line rs made marked |
proorcSs
Tctnl bond sales. rar value. 49,
90 n"o
Total stock sales 1243.00O shares. |
Twenty 'ndustrials averaged 9G.SO; i
net gain 90.
High 1922 1O53s; low s5.76
Twenty railroads averaged $40:
net gain IL.
High 1929. oO.51; low 1855.
New York Stock Market
Corrected Daily bv
J A GAMACE & CO.