Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-28
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings In All
the Leading Stocks

New York, May Z7-HeAvy SELLING
of the st. Paul Railroad issues based
on the publication Of unfavorabIe
April earnings report, encouraged
SUFFICIENT selling in other parts Of the
list to give today's stock market a
reactionary appearance. st Paul
common and preferred established
new 1924 lows at Tx and 21A re-
spectively.
Reports that a number of western
and southern senators would seek to
keep congress in session until they
could get action on certain legislative
matters affecting their districts had a
pessimistic effect on sentiment Some
selling also was inspired by the estab-
lished Of new 1924 lows by the raw
sugar and raw silk prices. Opening
strength was based on overnight
news dispatches that Secretary Mel
Ion. while disappearing Of the tax
bill In its present form, is inclined to
accept it as preferable to no revision
in the present rates.
At its low price today, st. Paul
common was within one point Of the
extreme low record Of IL made in
November, 1877. The record high OF
1924 was made December II, 1906.
The preferred which showed q loss OF
nearly points on the day came with
IN 81 fthe record low established
last year. The record nigh Of 218 was
made in 1906.
wabash preferred "a" dropped IL
points to 445s in anticipation of the
failure OF the directors to take divi-
1end action on that stock at today's
meeting. Losses of point or so also
we're recorded by Great Northern
Preferred, Northen Pacific, Reading
Rock Island and Wabash common
while Chicago and Northwestern drop
ned 2A. Illinois Central moved
against the current trend. closing
more than a point higher at 1857.
American Can closed a point lower
at 1o2%. but the net losses in most
OF the other standard industrials were
held to fractions. Oils showed mixed
changes, Marland dropping more than
a point to 81 while Superior establish
ed another new 1924 high in response
to the bringing in Of two new wells on
its territory.
Special strength again developed In
International Paper which closed
points higher at 43. u. s. Cast Iron
Pipe. was run up to COX and then
fell back to 8SR for a Net gain OF a
or the day. Motor accessories agair
Yielded to selling pressure. Stewart
Warner dropping more than points
Call money opened at percent and
then dropped successfully to 3s and
2 where it closed. The time money
market was flrmer with borrowers be-
ing more willing to bid az high as
percent for short term Accommodations
as against 3H yesterday. Lenders
advanced the asking rate on longer
terms to Az percent. Commercial pa
per rates were unchanged.
Trading in the foreign exchanges
was extremely dull, the market dis,
playing a reactionary tone. DEMAND
sterling dropped y Of cent te
S4.33% and French francs sold or
about points to around 5.36.
Reactionary price movements pre-
dominated in today's bond market al
the temporary stiffening of money
rates checked investment buying anc
the speculative element adopted
waiting attitude pending final dispo'
sltion of the tax bill.
Weakness of st. Paul Railway Is
sues, rejecting speculative disap'
pointment over the April deficit, was
a depressing influence on the railroad
list. The ST. Paul q Of 1925 en-.
countered the heaviest selling. falling
back points, while the ANS yielded
more than 2 points. No new develop
ments were reported in the company's
negotiations for new financing, which
Is not expected to take place unit
next fall. Profit-taking wiped ou'
previous gains in a large number Of
other railroad liens.
Ready absorption Of the $20.o00,00t
Big Four" bonds. offered today, wal
encoura ging to investment circles
Evidence Of the earger public demand
for new railroad securities. It was re-
ported. would lead to an early sale OF
Baltimore and Ohio's frst refundine
issue to meet 1925 maturities. Hall
Of the S19,680.0 900 Detroit City issue
Of AZ and AZ percent bonds, award
ed to a local banking syndicate. wal
reported sold today before announce.
ment OF a public offering was made
Illinois Steel AIS developed indie.
pendent strength in the industrial list
today, advancing points. while q
number of high grade public utility
obligations registered fractional gains
Total bond sales (par value) $780,
$4,000.
Total stock sales 531. 500 shares.
Date 20 industrials 20 railroads
Tuesday 9..27 Ss.25
Monday 92.S5 1881