Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-08
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings In All
/ the Leading Stocks

forces were at work In, today's active
stock market, prices in all sections OF
the list rising steadily until just be-
fore the close when the top quotations
in many instances were shaded by
wave of profit-taking. Brokers report
ed that buying was influenced by the
growing speculative belief that tax
reduction bill will be passed by Con-
gress this year. The demand for high
grade dividend paying issues was con-
strued4as an indication Of q good rein
vestment demand.
Many stocks. including American
Can. Un..ed States Cast Iron Pipe and
Congoleum. sold higher than they had
ever sold before. while a number Of
others reached their highest prices in
years. American Can touched 1.09s
and then eased to 1854. where 1t was
up X on the day. United States Cast
Iron Pipe touched S0t<aAd closed one
point below that for a ne<gain of 80,
and Congoleum crossed 81 and then
slid back to 54s where it was up -
above Saturdays final figure.
Considerable interest centered in
United States Steel common on the an
Eouncement that the annual subscrip-
ton offer to employees would be made
at par. Last year the stock was Of
fered at S107 share and 1880 en-
rloyes subscribed to 100.730 shares.
Today the stock touched 1904. the
highest price since last May. and clos
ed at par for net gain of Z. Strength
of Steel common brought fresh buying
into the independent issues. Republic
closing more than n point higher.
Marked strength also developed in a
number of the railroad shares despite
the decision of the United States su-
preme court unfolding the constitu-
tionality of the recapture clause of the
transportation act. Southern Railway
crossed AZ, the highest quotation since
1905, accumulation of this issue being
based to some extent on speculative
expectation of the inauguration Of div
idends this spring. Favorable divi-
dend action also was reported to have
Influenced the buying of st. Louis
Southwestern common. which reached
it's highest level since 1920. Other
strong spots in the railroad group
were Nickel Plate Canadian Pacific
and Colorado & Southern.
Nash Motors sold more than four
points above Saturdays close. appar-
emily in anticipation OF the extra divi-
dend of $50 announced after the mar
ket closed.
There We're few heavy spots. Mar
land dropped more than two points on
the withdrawal Of the proposed sale of
treasury stock. Pan-American issues
also We're heavy. General Electric
dropped more than two points on
profit taking and Corn Products and
Tobacco Products yielded TO selling
pressure.
Money rates were easier. Call funds
opened at - and dropped to Az Time
money and commercial paper were on
4 At to 5 per cent. basis.
Foreign exchange rates held firm
Demand sterling held fairly steady
around s4.29h and French francs
around 400 cents. Reports OF French
government control measures are said
to have influenced short covering of
commitments abrocd.
An unusually active AMI broad bond
market was accompanied by an in
crease in the public offerings of new is
sues. three offerings being sold during
the day.
Secondary railroad mort cages were
particularly popular in the trading.
several new issues advancing a point
or more Local fractions also were in
demand the brooklyn Ma nhattan is
sues being especially active on specu-
lative buying. Market Street Railway
bonds also were active and generally
higher. In this connection Offering is
expected tomorrow of $4,000, 900 Mar
ket Street Railway bonds to take care
of the company's 1924 maturities.
Buying of industrial liens also COW
cred wide assortment of bonds. sew
eral issues. notably Derby & Company
IS md Tennessee Electric refundng
Gs. advancing more than two points.
Traders report an unusually large
inquiry for public utility company
liens and attribute this to the wide
distribution Of year-end interest pay.
m"nts by these companies.
Active United States government
bonds either improved or held steady.
Further gains in the second and fourth
Ais gave credence to reports that the
British government has again entered
the liberty bond market.
Tot2l bond sales par value, $12,-
100000
Total stock sales $4,000 shares.
Twenty industrials averaged 1854:
ret gain rs. High 1923, 105.cS; now
1915
Twepty railroads avera red $3.50: net
gain Al. High 1923. 90.51; low 1858.