Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-30
NEW YORK MARKET
Features Of the Days Dealings In Al
the Leading Stocks

New York. May 2s-Stock pr1ces
fuctuated within narrow area Il, to-
days market, which was Character
lied by the usual prs-holiday dull
ness. total sales Of 4zs,1Oo shares be-
ing the smallest for any full day SEES.
sion this year.
Prices driftsd downward at the
start when selling, pressure was al
rscted against the oil shares on unfa-
vorabis Interpretation Of production
statistics ana unconfrmed rumors OF
iurthsr price CUTS Cosden dropped
Z point or 30 but . brisk rally took
place later. particularly In ths Pan
Establishment Of new high prices
for the year by North American. Vir-
ginia Railway and Power, Public
Service Of New Jersey ana Ynterna.
tional Railway of Central America
preferred, was counteractsd by the
recording OF new lows by . dozen or.
dinartly inactive stocks. including
Wilson Company preferred, $500"
preferred. Brooklyn Edison. Onyx
Hosiery preferred, Butte and Super
for. Owens Bottle, International
Nickel preferred. and Jewel Tea.
with the exception Of American
Can. which closed Y lower 1t l02h,
ell the so-caiied pivotal stocks show
ed small net gains at the close. Uni
ted States Steel common dipped be-
low IS and then rallied to 95h. Early
ibeaviness Of the independent steels
wore OF on publication Of trade adj
vices from Pittsburg that the volume
Of steel buying has not decreased In
the last 30 days and may possibly
have increased slightly. Crucibls
closed nearly "a point higher, Penn
Seaboard rand Gulf States improved
fractionafly and Bethlehem and Re-
public closed slightly lower.
Except for losses Of about point
each in Norfolk and Western and
Delaware and Hudson. which sold or
rather sharply on the closing out OF
some speculative accounts the rail-
road shares showed little change on
the day. Rubber issues recovered
covering. Market Street Railway
and Public Service Corporation Of
New Jersey issues led q moderate
rally In traction stocks.
Call money opened ut 3 percent and
then eased to IN. which is the lowest
IL has been since March Fl, 1924.
when 1t closed at an percent. The
time money market also showed an
easier tone with bids for the shorter
maturities lower to 3A percent al
though most of the business for loans
up to 30 days was done on o four
precent basis.
The commercial paper market was
quiet with no change in rates.
Foreign exchange rates turned re-
dictionary in quiet trading. Demand
sterling dropped about 2 cents to
around $4.31k and French francs
slipped five points to Just about 81
cents. Other European rates showed
moderate recessions.
with bond prices drifting irregu-
larry lower in today's desultory pre-
holiday trading. chief interest in in
vestment circles was attached to the
ready absorption of new railroad
bond offerings. The $s5.000, 600 Bal
timore and Ohio IS and $7,734.000
New Orleans. Texas and Mexico Us
were sold shortly after subscription
books were opened.
Extremely narrow price fiuctua-
tions naked dealings in most issues /
on the stock exchange. Liberty bonds
were firm. the drop in call money
TO below three percent and the fur
ither ease in time funds stimulating
additional employment of institu-
tional funds. Buoyancy OF the sec
ond and fourth 4Hs reflected accu-
mutation of these bonds for U. 8.
Government account.
Virginia Carolina Chemical obliga-
lions averaged lower early In the day.
but the percent liens. affected by
reports that no provisions had been
made for June l interest payments,
recovered later when II was said that
the bond holders committee would
advance interest on deposited bonds
to holders applying for 1t. Wilson ana
Company issues also yielded to selling
pressure. induced by uncertainty re-
garding the next interest payments.
Recent activity In Bolivia IS had
reviewed reports that n new loan
shortly would be flloated. The bonds,
which yesterday sold around the
years highest levels. failed to hold
their gain today and fell back point.
Swiss government siss, which broke
points upon dissolution OF the OF.
fering syndicate. encountered good
buyiny support and rallied slightly.
Total bond sales (par valued w.
100000.
Total stock sales 42S.10o shares.
Date 20 industrials 20 rans