Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-05
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

Stock prices moved upward today
after an early period of irreGularity.
but except in the case of lew spe-
cialtie3 the net gains in most issues
were limited to fractions
Selling pressure was again in
evidence at the opening. particular
ly in the oil. independent steels and
motor shares. but this was lifted be-
fore noon on q resumption of sue
cessful pool operations in other Sec
tions of the list. Leather. rubber
ana fertilizer stocks. which have
been tagging behind the rest OF the
list, were taken in hand during the
day and some good gains recorded
in those groups.
One of the individual features of
the session was General Electric,
which again crossed 200 for a net
gain Of more than six points, on re-
ports that 1928 earnings will total
SIS share and that an early cap
ital readjustment was likely.
L. S. Cast Iron Pipe was another
strong feature, moving up nearly 4
points to "A "a. Congoleum. which
| recently was placed on SIS divi-
dend basis. climbed ) 3-S points to
40 IL.
American Can moved up / point
to above 104. but u. S. Steel COM
mon. Baldwin and Studebaker show
ed only fractional gains.
Shipping shares benefited by re-
ports of higher ocean freight rates.
Marine preferred touching ID 3-4
| and closing l rs higher at 81 rs.
Much of the buying of this issue is
reported to have come from brok-
erage houses with Miami. Tia. con-
nections giving rise to reports that
1t was for the account of large trad
ers wintering in that territory.
X a / r o a Il shares developed
strength during the afternoon.
Northern Pacific, Union Pacific, the
Rockland Island preferred issues.
Gulf. Mobile and Northern. Katy
preferred. Pere Marquette preferred.
Frisco common and preferred and
st. Louis Southwestern all closing a
point or more higher. Car loadings
for the week ended December ~
showed further falling off, but this
was regarded as seasonal, current
leadings being well above those of
4 year ago. In November 1928 class
one railroads reported net operating
income of $S4.j16,S 500, or at the rate
of 4.GS percent on their tentative
valuation, according to the bureau
of railway economics. In November
1872 the same roads reported net in
come of SS1 SOL 900, or 49, percent.
! and in October 1928, $102, 90, SOL B.,
or 40 percent.
Pan American oil issues made
Slight recovery from recent weak
ness on the official denial of re-
ports of a material decline in Mexi-
can light oil production. Reports
that all Mexican oil fields were now
in the possession of rebel forces was
construed as meaning that the revo-
lutionists held the territory in whic h
the were located and not that they
were being confiscated.
Demand sterling made further re-
covery from recent weakness. climb
| ing more than l lie above $40.
French francs touched a lew low
at 4.S4 II cents, but made partial
recovery later.
Cali money opened at "a per
| cent but eaSed to 4 L. before the
: close. An easier tone and broad
| ening activity characterized the
time money market. more funds be-
ing available at "a percent. Out
| of town institutions are still the
! principal takers OF commercial pa
per. prime names moving at ia
and > percent.
Will. bankers profess some dis
appointment at the relative small
volume of new financing that is
| coming to light since the first of the
year. trading in listed bonds has in
/ dictated a fair amount of re-invest-
ing and prices have held firm in
practically all classes of securities.
Today's market saw a renewal of
liberty bond buying for the accounts
of both the British government and
| the American government, the lat
ter purchasing third liberty 4 1-As
! for the most part while the English
| buying was said TO be largely sec
! ond and fourth 4 Ids. No great
/ price advances were recorded, how
| ever by any CT those bonds.
Transactions in the railroad group
covered broad list. but prices were
| some what irregular. The western
fractions met good support while
! some of the local subway and ele-
| waited company liens fell lower.
! American cotton oil rs jumped
! 4'1-2 points to new high price.
| rejecting the improved business of
! that compony under the reorganiza-
/ ton plan. whereby 1t became a sub
sidiary of the Gold Dust Corpora
| ton.
Generally the industrial and pub
| lie utility liens moved within 2 mar
| rev market today.
The plan for segregation OF the
! coal property of the Lehigh Valley
| Railroad Company calls for the ear
! " sale of S15.000000 bonds of the
coal company to reimburse the rail-
road for all Indebtedness, l.. F..
LOOMS. president of the railroad d,
stated in n letter which is being for
wardcd to the conpany's stockhold-
ers.
Total bond sales. par value. $11,-
5J2, 900.
Total sales SG4.2O0 shares.
Twenty industrials averaged 05.40:
net gain 81.
High 1923: 10J.3S; low SJ.76
Twenty railroads averaged S.,S.,.