Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-07

NEW YORK MARKET
r...urss Of the Day'e Dealings in All
the Leading Stocks

New YORK, May o'-SIOCk prices
.,owed a reactionary tone at the
onening Of todays market on selling
,,pdoubtedly inspired by the senate's
adoption OF the ~ per cent maxi
nun surtax clause in the tax bill
hut they made irregular recovery
later with important accumulation
being reported in several investment
issues. .
,ohIme. This was attributed to the
absence of public interest and the
disinclination of professional traders
to extend their commitments pend
ing the final determination of the
taY soldier bonus and other import
ant legislative measures.
Active buying operations were
.gain limited to a select assortment
Of stocks of which Consolidated Gas.
,,olorado Fuel, Dawson Chemical,
American Smelling and Refining and
Kennecott were the features.
United States Steel common moved
within a. radius of about one point,
closing IA higher at 81 "a. Bald
win. American Can and Studebaker,
the other so-called pivotal stocks,
also showed small fractional recess
slons on the day.
Revival Of interest in the copper
group apparently was based on the
more optimistic tenor Of recent
statements of the leaders of the in
dustry. April shipments OF the red
metal, both foreign and domestic,
were reported to be unusually high.
New prices Tor the year were es-
tablished by American Smelling at
and LennpcOtf at ~
Oils were again under the de-
pressing influence of the recently
published statistics on March gaso-
line production although d better
tone was apparent in the late deal
tngs as a result of more optimistic
reports concerning current consump-
ton. Local public utilities displayed
a firm tone on buying reported to
have been influenced by the recent
increase in local telephone rates.
Rail shares held relatively firm
with good buying reported in st.
Paul common and preferred, Texas
and Pacific, New York Central,
Great Northern preferred, Northern
Pacific, st. Louis Southwestern and
Missouri Pacific preferred. Strong
spots in the specially list included
General Electric, American Tobacco
b" Brunswick, Coca-Cola, Jones
Brothers Tea, Reynolds "B," and
National Lead. all up point or
more. Woolworth Gold stock jumped
points and Fisher Bodies rs.
Call money again ruled unchanged
at ) IL per cent. Time money rates
continued to ease. loans up to 80
days being available at 1 IL per
cent, 90 and % days funds at = IL
and the more distant maturitie sat
4 IL. Prime commercial paper was
unchanged at 4 IL
Strength of French francs. which
jumped more than ten points to
above $50 cents. was the feature of
the firm foreign exchange market.
Demand sterling ruled about lie
higher at Si.3S 81 and most of the
other European rates showed moder-
ate gains
Bond prices held firm in today's
quiet trading, which was featured
only by the recession in Wilson and
Company convertible obligations to
' the years lowest levels. Quiet action
Of investment railroad issues and a
few of the more speculative mort
cages strengthened this group; but
price changes generally were mar
row,
Wilson and Company liens, de-
rrived of Banking support pending
the company's capital readjpstment,
were subjected to fresh selling pres
sure today. The convertible Z LIS
Yielded = is po.cts, but the CONVEX
tibe Us, after touching a new low
level, recovered most of their loss.
The company's first IS. which. it is
reported. will not be affected mater
ially by new financing. were firm and
scored gain of more than point
on the late buying.
Despite thee easiness OF money
rates, Liberty bonds showed ten
dency to lag. Prices were shaded
fractionally on most issues with the
exception OF the third 4 las. which
duplicated the years top price.
Negotiations for a SEQ, 100000 Per-
VIVIAN loan were said to be nearing
the final stages with prospects that
an Offering would be made this week.
In view of the governments recent
dispute with its financial agents
here. the financial district was in
terested TO learn that a new banking
group had been formed to handle
the sale.
Total bond sales (par value) $1T-
0I6,0OO.
Total sfoek saleS KAT 200 shares