Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-18
NEW YORK MARKET
Features Of the Days Dealings In All
the Leading Stocks

FeatureS o. the Oay'o Dealings In All
the leading Stocks
New York. Jan. 17-Extensive re-
adjustment of speculative accounts
impaired an irregular trend to to-
days active stock market after an
early period Of moderate strength.
Attempts of operators on the long
SIDE to take profits in some of the
recent speculative industrial favor
ties under cover of the buoyancy of
the steel shares led to a series of
attacks by professional shorts, Civ
ing the afternoon market a spotty
appearance.
Strength of United States Steel
common. which touched l01 SIS. the
highest since last May, was counter
acted by the weakness of Studebak-
er. which broke 4 points to 1O1 "A.
Steel closed point below the top
while Studebaker. which had been
sold on unfavorable earnings reports
for the last quarter. rallied to 1Oo
iment that the books had not been
balanced and that the reported fg.
ures were purely guesswork. Bald.
win and American Can, the other
members of the so-called Big
Four, closed at net losses of 1 3-S
and 1-2 at 122 rs and 1O6 rs res
pectively. after selling well above
those figures.
Payment OF the last back divi-
dend on Republic Steel preferred,
testifying to the improved earnings
position of the industry. was re-
sponsible for the brisk demand for
the steel shares. Republican COM
mon jumped 3 "a points to So and
then eased to 81 while Bethlehem,
Crucibie. Gulf States and Sloss Shelf
field recorded substantial gains only
to forfeit most of them in the late
wave of selling.
L. S. Cast Iron Pipe made a quick
response to the declaration of a full
years dividend of Z percent on the
and then easing to 75 IA. Action
of the directors of the G. r. Kin
ney Company today in clearing up
accumulated dividends of ) percent
on the preferred stock apparently
had been discounted as the stock
closed only IA higher at 81.
Pan-American Oil shares had an
other sinking spell in reflection Of
the unfavorable Mexican news. the
common dropping IA and the "B"
stock, / 10. Other oil shares held
relatively steady. the weekly report
of the American Petroleum institute
showing a slight gain in crude pro-
duction. which was more than offset.
however, by the sharp drop in oil
imports.
A bullish demonstration in Davi-
son Chemical sent that stock up
more than ) points. the closing
price. 81 SIS. being about half a
point from the top. Special strength
also developed in Westinghouse Air
Brake. General Electric, Fisher
Body and Columbia Carbon.
Lehigh Valley was one OF the
strong spots OF the railroad group,
considerable discussion taking place
as TO the value of-'rights" under the
completed segregation plan. Erie
common dropped more than a point
on profit-taking. Suthern Railway
touched a record top at Is Is. 9th
er chanseg were mixed and narrow.
price. Body 'oilng'emor Four'o.vksejs
Foreign exchanges developed a re-
dictionary trend after the brisk raj
ly of the last few days. Demand
sterling dropped more than q cent
to S4.24 3-S and French francs were
quoted around AGA. off points. des-
rite the raising of the bank Of
France rediscount rate TO six per-
cent
Call money opened at 4 IA and
dropped to 4. Time money and
commercial paper rates were I'M
changed.
With buying activity centered in
foreign and speculative raj issues.
bond prices today moved to higher
good for all classes of securities.
with no apparent slackenins in the
recent heavy volume of trading.
Trading interest again centered in
the st. Paul issues, although profit
taking checked the advance which
has been in progress several days.
The convertible. 4 los made a sub
stantial gain. however, and the de-
hooture As Of 1884 touched 81 IA
before reacting to So L. ut the
close. Another feature of the rail-
road list was a gain OF almost >
points in Colorado and southern re-
funding 4 1-2's. Advances in Penn
sylvania 6 los. Great Northern ad-
iustment G's. Chesapeake and Ohio
convertible is and Denver and Rio
Grande refunding SIS were Offset by
fractional losses recorded by South
ern Pacific convertible 4's. Central
Pacific first As and Virginia Rail-
way IS.
Strength of Pierce Arrow SIS was
a feature of the industrial list al
though weak spots included Virgin
la carolina Chemical 1-%s with
warrants. Sinclair Oil rs. Magma
Copper rs, American Cotton Oil IS
and American Water Works 5's.
Dealers reported a heavy turnover
of public utility bonds at higher
prices. Prices of L. s. government
and treasury issues held steady.
Considerable interest was shown
in the sale Of the 40.OOOm0 Argen-
tine government loan. which met
with an excellent response.
French municipal bonds, psrticu-
,o~I- bordeaux 6's and Paris-Lyons-
Mediterranean 6's. led the advance
in the foreign group.
Total bond sales, par value. Sl4'
20S, 900.
Total stock sales 1882. 400 shares.
Twenty industrials averaged 6.f2;
High 1922. 1O5.3S: low S5.16.
Twenty railroads averaged S0.oo;
net UNCHANGED.
High 1929. 9O.51: low 1888.
New York Stock Market