Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-15
FINANCIAL NEWS IA
NEW YORK MARKET.
Features Of the Days Dealings In All
the Ioadinc Stocks


New York, May 14--Stock prices
moved irregularly higher in today's
early trading and then turned reac-
tionary when bear traders renewed
their pressure against the steel, SUI
gar, motor accessory and oil shares.
Thirty one stocks established new
low prices for the year while seven
mounted to new high levels.
Weakness OF Baldwin, which drop
ped 2Hz points below LOG to a ned 1924
low, was one Of the days features.
New minimum prices also were es-
tablished by Du Pont, General Motors,
Studebaker, WHY'S Overland prefer
red, Suomberg Carburetor, Punta
Allegro Sugar, Anaconda, Standard
Oil Of New Jersey. Montgomery
Ward, Sears Roebuck and Gulf States
Steel
Unfavorable steel trade reports.
which included the statement that the
Industry was working at only IS per
cent of capacity, probably inspired
the selling Of the steel shares. Repub-
lie and Gulf states steels closed at
net losses Of and ~ points. re-
spectively. while most Of the others
declined fractionally. u. s. Steel clos
ing practically unchanged at 90.
Heaviness Of the sugar shares was
in reflection of the weak tone OF the
raw and refined markets. Decoration
OF the regular American Sugar Rein
ing preferred dividend, which was be-
leyed in some quarters to be in dam
ger. impaired a somewhat frmer tone
10 the later trading In that group.
Copper shares turned heavy in re-
Spouse to the easing metal market,
losses Of a point Of more In the early
dealings being generally reduced to
fractions before the close. Bad wea-
tier. which has resulted In reduced
gasoline consumption, has been an
in,portant factor in the recent selling
OF the oil shares. brokers reported.
Several stocks stood out against the
current trend. Philadelphia and
Heading coal and iron jumped six
points to ASA on buying undoubtedly
based on the possibilities Of early
dividend action. The recent increase
I'm the Glen Alden rate mas drawn at
tention to the coal stocks, Reading
Rights" climbing three points and
Lehigh Valley. Rights III. New
York dock issues also developed
marked strength on speculative ex-
pectation Of increased earnings ike
IL to result from the port develop
ment program. go,
Atlantic coast line and Louisville
and Nashville, which moved up three
noints each to 1875 and 94k, respec-
lively. their best prices Of the year,
we're the outstanding strong spots IN
the rail group. Buying of these Is
sres was associated with expectations
Of special dividend developments at
tomorrow's meeting Of the board or
directors.
Chesapeake and Ohio. which had
been bought in some quarters on the
theory that the dividend rate woulu
he Increased, fell back more than q
noint when only the regular dividend
was declared but soon made up most
of it's loss. Norfolk and western
clsed ia lower at 1873.
Call money ruled unchanged at ot2
no, cent Business In the time money
market was quiet with loans up 10
ninety DAYS available at a percent.
Although prime names are avaliapie
below that figure.
Rrisk recovery of the French ana
Eelgian francs featured the quiet
foreign exchange market. trenci,
francs ruled just under six cents anu
Belgian francs were active above nEe
cents. Sterling held fairly STEADY
around S4.36M.
Renewed activity In United states
government issues today impaired a
frmer tone to bond trading, although
some Of the early gains were iost IN
the final hour under the influence ol
reaction in stock prices. the treas
urv AIS established new high rec
ord at 102 6-32nds.
wall Streets optimistic view or the
foreign politica! situation was re-
f,ected in rallying tendencies OF the
French obligations. which improved
with the recovery of the franc 10
arount cents. 4,
Liquidation of industrial liens IN
the late trading cancelled an carry
advance OF almost points In AJAX
Rubber IS and caused sharp decline
in Wilson and Company. virginia
Carolina, American cotton Oil ana
Gray and Davis issues. the latter
falling 5% points to new 1924 low
price at S0L. With prices OF raw ana
refined sugar declining. weakness also
cropped out in bonds Of the sugar
companies, including Punta Allegro
and American Sugar refining. MOST
of the railroad mortgages were IN
good demand. a.,
Total bond sales, par value, WV
$4,000
-.