Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-03
FINANCIAL NEWS w
NEW yORE. MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Jan. 2-Confuscd price
movements took place in todays
sock market. the first session of the
new year, with losses and gains
about evenly divided.
Brokers reported heavy offerings
from traders who had built UP large
paper profits IN. the last two months
but deferred converting them into
cash until after the turn of the year
so thar they would not be subject
10 1928 income tax laws. This SELL
ing was counteracted to some extent
by the re- purchase of stocks sold to
establish income tax losses month
ago.
Spectators for the decline also
sold certain stocks freely ON the the
DRY that the technical condition of
the market warranted al least tenn
porary reaction. Pool operations were
reported in u number of specialties,
some Of the outstanding strong spots
in this group being American Chicle
preferred which jumped l6 points and
Advance Rumley preferred, Ameri-
can Ice, Congoleum. Dupont, Jones
Brothers Tea, United Drug and
Woolworth. the gains ranging from
= TO points.
There was n Gearth of trade news
during the day. Considerable inter-
est Was manifested, however. in the
weekly steel trade reviews. Iron
Age reports that activity in finished
steel is more pronounced and that
reports from principal centers agree
that good mill operations are assured
fos the first quarter III practically all
products with the exception of plates
and bars, and prospects for the latter
have improved.
Coppers, which have been tagging
behind the rest q fthe list since the
current upswing started two months,
We're heavily bough on the improved
trade prospects for 1924. American
Smelling was pushed up Is TO COS,
and net gains of n point or more also
were recorded by Cerro de paSco,
CRANKY, Inspiration and Magma.
Dawson Chemical was offered free
ly during the morning on reports that
it was being Disseminated against
as the brokerage loan collateral, but
it rallied from GAIA to GS, closing
closing below the top for a net gain
OF 1l3 points. Weakness of Atlantic
Gulf. which sod as low as 1885 as
compared with n high of 11i4 on
Monday was in direct reflection OF
the receivership proceedings against
it's subsidiary, the Ward Line. Other
shippings We're not affected. Max
well Motors A again jumped into the
limelight. touching So or more than
) points above Mondays fiaal price.
Buying of this issue was attributed
to reports that 1923 earnings would
otal SIS a share and TO speculative
expectations OF benefits likely to ac-
crue fro mthe new ChrysIer Car.
L =. II
dealings but fell back again before
the close. Strength Of some of the
nortliw estern Issues was ascribed to
the purchasing of stocks sold last
month for income tax purposes.
Call money opened at 5a. percent,
eased to 81. just after noon and
thence to ), where it closed The
time money market was quiet with
Lusiness-on a percent basis. Com
mercial paper moved slowly at Al
and percent.
Weakness Of stirling, which drop-
ping Az cents TO 81 2S. was attribu-
ted to selling of bills abroad based on
the fear tbat the Labor party would
GENE into power and signalize its
victory with a levy on capital. French
francs broke u points to 497 cents,
a new low for all time. Other Eu-
ropean rates yielded in sympathy.
Secondary and speculative bonds
were unusually active III today's bond
market, the first Of the new year.
Traders said much OF this buying
originated from investors who had
1898 to get losses in the income tax
return for that year.
There was also evidence OF a good
demand for the better grade invest
ment issues. particularly railroad
bonds. Local traction bonds improV-
cd on announcement OF agreement on
thOritieS,