Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-10
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

SttS eSa1's8 SsSSNS
New York, Jan. 9-Heavy buying
of the railroad shares. particularly
the low priced issues was again the
feature of today's active and broad
stock market. Strength of these is
sues was attributed to a variety OF
causes including rumors of new con-
solicitations Secretary Hoovers speech
at the transportation conference OF
| the United States chamber of COM
merce, high current earnings. active
| buying for European account, and
reports of favorable dividend de-
| velopments.
New Haven assumed the leader
! ship of the upward movement, cross
| ing 20 for net gain of nearly
| points. The Erie issues, which were
the outstanding strong spots yes
| terday, climbed to a new high level
today but were unable to maintain
their top prices. Other low priced
issues which We're in good demand
were the st. Pauls. Wabash prefer
fed A and B, Frisco, Texas and
Pacific. Rock Island and Missouri
Pacific preferred.
Among the dividend payers. one of
the leaders was Canadian Pacific
which closed 2 points higher. large
buying orders for this issue being
placed through Northern Pacific and
Atlantic Coast Line all closed a point
or so higher.
Operators on the long side found
encoura cement in the Washington
reports that the administration fav-
cred priority nor the tax reduction
bill over the soldiers bonus.
Curiously. the sugar shares moved
upward despite the further redUc-
tons in refined prices. while the oil
shares lost ground in the face OF an
increase in Mid Continental Crude
Oil prices.
Mixed price movements took place
in the steel shares with the greatest
activity taking place in Penn Sea-
board. which showed a moderate gain
on reports of improved earnings.
United States Steel closed fraction
ally lower on the eve of the puhiica-
ton of the monthly tonnage state
ment which is expected to show Il
slight increase in untitled orders.
Weekly trade reviews predicted good
rolling mill operations for the first
quarter.
Copper shares We're inclined to
eased on publica ton of reports show
ing that stocks of refined copper in
creased 46000.000 pounds last month
and that December output was the
highest on record. Motor shares lost
ground on taking, Studehaker.
Chandler and Mack Truck showing
fractional recessions.
Some good gains were recorded
among the specialties, Corn Prod
uc.j, Computing, Tabulating and
Recording, Remington Typewriter.
Cuyamel Fruit, Fleischman n and
Iron Products moving up > to nearly
points. Early strength of the for
eign exchange was due to heavy
buying of francs and sterling in this
market by Paris and London. pre-
sumably representing covering OPP
era tions on commitments placed on
the expectation of more radical
attitude of the labor party chieftains
in London. The rally was not SuS-
tanned however, although closin :
quotations were slightly above those
of yesterday.
Money rates continued easy. Call
funds opened at 4 l. per cent and
then eased to IA. Trading in the
time money market was quiet with
business practically established on a
"a per cent basis for all maturi-
ties. The bulk of prime commercial
paper commands "a per cent with
Il few exceptional names going as
low as 4 Il.
ToGay's bond market was one of
the most @Ctive in several months.
Total transactions also greatly eX-
ceeded those of recent days and the
tone was decidedly stronger.
In addition to Il siZeable flow of
reinvestment funds into the market.
traders reported an unusually large
demand for American bonds originat-
ing abroad The market for new Sc
turticS also developed new strength
and bankers renewed conversations
about several issues that have been
under negotiation since last fall.
Among more active issues on the
Big Board were these of the st.
Paul Railroad. several of those liens
advancing l IL points AMI the turn
over being unusually large. Several
single sales of $4,000 to $4,000 were
recorded.
Other railroad bonds for which
there seemed to be an exceptionally
GOOD market included the New Haven
mortgages. one of which jumped
more than 8 points. Missouri Paci-
fc. Texas and Pacific, and Canadian
Pacific first As, which touched new
high price.
While public utility liens and in :
dustrial bonds generally experienced
a good market the price tone was
not nearly so strong. This resulted.
perhaps in the case of the latter
group. from the selling of sugar
company liens a number of those
bonds receding fractionally.
Unusual activity and strength was
displayed by the American govern
ment bonds. two issues. the first and
second liberty las improving S-32
of a point. Much Of this buying was
said to have originated in bank
circles but there wac evidence also
of purchases for the account of the
British government, traders stated
Total bond sales, par value, s1S,-
0G2,000.
Total stock sales 1,401 900 shares
90 industrials averaged 97.04; net
gain "a.
High 1923. 1888; low 1915.
20 railroads averaged $3.50; net
fain Is.
High 1923, 9o51: low 1858.
New York Stock Market
Corrected Daily by
}. A GAMAGE & CO.
STOCI- BROKERS
! s35 Water Street Augusta