Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-03-15
FINANCIAL NEWS w /
NEW YORK MARKET
Features Of the Dsy's OsalinS& In All
the Leading Stocks

New York, March 14-Stock prices
showed strong tone on an increased
turnover in the early part Of today's
market but became unsettled towards
the close on weekend profit taainf
and a resumption OF short selling.
Announcement that the house would
vote on the soldier bonus next Tues
day and the possibility Of its pas
sage were reported to have inspired
the late attacks on Bear traders.
Speculative interest was divided
largely between the high priced
specialties and the medium priced
rails, particularly those in, which Ia
vorable dividend developments are
believed to be pending. American
Can and Baldwin were pushed UP a
point or more during the morning.
but they yielded with the rest of the
list in the afternoon, Can closing I'M
changed at lis "a and Baldwin
showing net gain Of half at 1913 Is.
United States Steel closed at 103. off
18. and Studebaker was unchanged
at 101 5-8.
kesge, making its first appearance
in some time. jumped 20 points to
1886, record top. on one sale OF ten
shares. General Electric touched
225 "a, It's highest price since 1902
and an extreme gain OF 7pointg. buy
ing being Influenced by reports of a
capital readjustment which would be
favorable to stockholders. National
Lead closed nearly five points high
or at $40.
Wilson Packing preferred broke 10
points to As. O. new low in response
to the passing Of the dividend. Unit
ed Cigar Stores broke Is 1-2 points
to $50 on one sale. Market Street
Railway prior preferred also estab-
li5hed new low at a. IA. off 3 3-4.
on the passing Of the dividend. Late
selling was directed principally
against the tire stocks. Kelly
Springfield being hammered down
more than points to 20 1-s. the
lowest this year.
Copper improved ON the French
confirmation of reports that Premier
Poincare had informed American
recent $l00.000,0OO loan. that the
Dawes report would prove accept
able to France. American Smelling
led the advance, moving more than
2 points to SO IA, buying of this is
sue also being influenced by rumors
of an extra dividend In April.
Oils were irregular, renewed soll-
ing breaking out In the Pan Ameri-
can issues. Recent advance In crude
prices have resulted In increased ac-
tivity of the shares Of some Of the
smaller companies. such as Super
Tor. which have coptracted for their
output at prevailing market prices
and Of companies Ike Marland and
Texas Company that have large
quantities in storage.
In the railroad group Wabash pre-
ferrcd A touched 4G IA, the highest
since 1917 on reports Of an early re-
sumption Of payments. Southern
Railway held close to yesterdays
final prices despite large volume OF
profit taking. Chicago and Eastern
Illinois preferred also expected to
benefit by early dividend action,
touched new 1924 top at "a as.
Call money was unchanged at
percent. An easier tone develop
ed In the time money market, banks
lowering their asking price to IA
and brokers bidding 4 IL some 30
day loans being arranged at the low
or figure. Commercial paper held
steady at 4 "a percent.
Trading in the foreign exchanges
was irregular. Re-conversion OF
sterling credits into French franc
credits sent demand sterling down
more than cent to around $42S,
while French francs made further
'tt'N'iS ny fsiV tCliSs
First Indications that the deter
rent effects of March income tax
payments on bond trading were be-
ing removed came today in a revival
of speculative interest. which stimu-
lated activity and higher prices
throughout the list. Responding to
the improved outlook for railroads.
indicated by the Inauguration of
southern Railway common dividends.
numerous second grade rail issues
moved higher, A renewed demand
Tor the st, Paul As OF 1923 brought "A
recovery of | IL points and active
inquiry for Seaboard. New Haven
and Frisco obligations took these
bonds into higher ground.
In the face of the omission of the
preferred dividend by Wilson and
Company. the bond issues moved
higher. the convertible rs gaining
more than points and the first 6s
a point Abandonment of the COM
pany's plan to issue prior preference
stock apparently was construed as
favorable development for bond
holders. Foreign bonds held firm to-
day as trading interest In them
quoted down.
With tax payments out OF the way,
an increased volume OF new finan-
cling is expected TO appear In the
market next week. Prospects in
clude several sizeablo ublio utility
and industrial issues.
Total bond sales. ar value, $9,9TS,-
OOu.
Total stock sales. S6a,l00 shares.