Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-03
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings i, All
the Leading Stocks


the Leading Stocks
| New York. May THE upward
movement Of stock prices were check
ed late today by a waco Of profit
taking, closing prices displayed con-
siderable irreSularity. Trading was
in relative small volume. the days
transactions totalling about $4,000
shares.
Easier money rates and the huge
surplus OF funds available for stock
market and commercial paper houses.
together with the more optimistic
houses market letters contributed to
the more cheerful speculative senti-
ment in evidence at the opening.
Strength and activity of a number Of
specialties was generally construed
as an indication of pool operations.
AL the so-called pivotal industrial
shares closed lower. U. S. Steel COM
mon which touched par in the early
trading slipped back to SO 1-2 and
closed slightly about that figure for
| net loss of nearly one point on the
day. Baldwin closed LIS lower at
! liz Ia after having crossed 113 ~.
"a IL, closed 3-8 lower at SO is,
while American Can dropped more
than a point to 1o2 IA.
A bullish demonstration in the
| shipping shares was based on indi-
cations of expanding ocean trafiic
| and higher earnings as a result of the
recent increase in ocean freight
rates. Marine preferred touched a
| new 1924 high at IS Ia and then
eased to "a IL. Easing of the cop
per metal market had no effect on the
| copper shares, the stability Of which
is probably due to reports Of unus-
and prospects for brisk foreign de-
mand, once the Dawes plan Is put
into operation.
A temporary burst of strength in
Allied Chemical which spurted Ia
points to 70 L. was predicated on
the publication of the 1923 report
showing a strong cash and workable
capital position. The stock closed
2 points below its top price Of the
day. New York Air Brake also made
a good response to reports Of i'm
i provement in the company's BUSH
ness. L. S. Cast Iron Pipe again
ening at SO IL, advancing to so IA,
breaking to SO and then moving up to
80 SIS for net gain of 3-S on the
; day. Colorado Fuel, American
Smelling, Virginia. Railway and Pow
| err and Manhattan Electrical Supply
were among the dozen or so stocks
to sell at their best prices Of the
year.
Railroad shares held relatively
| firm despite the publication of some
additional disappointing March earn
| ing statements, including that Of the
Pennsylvania, which showed a drop
l ~ otIy ball
March, 1928, and a further reduction
in car loadings. Pere Marquette es-
| tablished a new 1924 top at 4s and
| then dropped about a point while
Norfolk and Western closed nearly a
point lower at 123.
Call money held steady at L.
| percent all day. Time money funds
eased somewhat, maturities up to 80
days being available at IA percent
but lenders still held out for 1-2 for
| the longer dates. The commercial
paper market was quiet with prime
names ruling at 4 IL percent.
Foreign exchange rates held steady
on extremely dull trading. Demand
sterling ruled around $4.38 3-S and
French francs were quoted around
GAO cents. Spanish pesetas were
| again strong.
Profit taking, described as a nat
ural result of the sharp advances in
bond prices yesterday, today wiped
out part Of the gains which Liberty
bonds and other standard Investment
| bonds scored on the lowering Of the
rediscount rate. Some Of the indus
trial and public utility liens contin-
| ued to move under the impetus Of
easy money.
Price shading was prevalent
1
| ment list today although the first
4 las established a new 1924 high
| record at 100 1882 before reacting.
Trading was On a moderately active
| scale.
A substantial advance in Bolivian
IS which moved into new high
ground for the year around 80, was
| seen as an indication that bankers
| were preparing for flotation of a new
Bolivian loan. This is expected to
total about $10,000,0o0 and to sell
around "a. Serbian IS, which recent
ly have shown conspicuous strength.
today and yielded point.
Lack of support for the Wilson
and Company issues again was re-
Elected in a drop to new low levels
for the year, the losses ranging from
to 8 points. Pierce OIL IS were
strong despite the filing of a stock
holders suit to force the company
into receivership and other litigation
charging conspiracy Of the old
stockholders group to regain control
Of the company.
The American Ice Company, 1t was
reported, would offer stockholders
the right to subscribe to $3,375, 900
15-year Z percent convertible deben-
ture bonds. Proceeds Of the sale will
be used for expansion.
Total bond sales (par valued $14,-
CSC, 900.
Total stock sales, $4,000 shares.
Date 20 Industrials 20 railroads
Friday 92.70 S1.72
Thursday 1919 Sl,94
Week ago 92.46 s165
High 1924 1924 $3.50
Low 1924 90.2S Sl.0O