Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-09
NEW YORK MARKET
Features Of the Day's Dealings in All
the Leading Stocks


price movements predominated in
today's dull and uninteresting stock
market, the quietest full day session
this year.
A wave OF short selling at the
opening undoubtedly was based on
the senates insertion In the tax bill
of a graduated levy on undistributed
corporate earnings. Forced recess
sions Of point or so in a number of
the Industrial leaders failed to bring
out any large volume OF stock and
aggressive tactics on the short said
were soon abandoned.
Oils proved vulnerable to selling
pressure on publication OF the weekly
report of the American Petroleum In
stltute showing another increase In
crude production for the week ended
May 3. Sinclair was the chief tar
get for the attack, establishing q new
TO Is 3-4. Wall Street heard after
the market closed that the Sinclair
Company had arranged a banking
credit of s25,000,000 which would take
care of its financial needs until next
year.
Atlantic Refining was hammered
down nearly points to 106 and then
rallied TO 107. Sinclair preferred
touched a new bottom at n. or four
points below yesterdays final quo
tatIon. Losses OF a point or so were
recorded by General Asphalt. Mexi-
can Seaboard certificates and Pro-
ducerg and Refners.
Rails showed up relatively well.
Lackawanna standing out with net
gain Of 2 "a at 119 IA while gains
OF approximately a point or 80 were
recorded by Chesapeake apd Ohio.
Chicago and Eastern Illinois, New
Haven. Frisco Preferred and Chicago
and Northwestern.
All the so-called pivotal Industrial
stocks closed below yesterdays final
figures. American Can and Baldwin
showed losses OF about a point each
at 102 "a and 112, respectively:
Studebakcr dropped half to IS ga
and United States Steel closed S-8
lower at IS is.
While price movements in general
were rather narrow, losses of a point
or moro were recorded by Du Pont,
General Electric. United States Cast
Iron Pipe. American Radiator. Fisher
Body, international Business Ma
= chine, Yellow Cab, Tobacco Products
"A and National Lead.
Foreign exchanges were decidedly
reactlonary presumably on selling
inspired by reports Of labor troubles
in the Ruhr. Demand sterling drop
ped about two cents overnight to
s4.36 IL and then rallied slightly.
French Francs broke approximately
80 points to around $50 cents and
then recovered about half OF their
loss. Moderate losses were recorded
by most OF the other principal Eu-
ropean rates.
Call money again ruled unchanged
at IL percent. The time money
market was quiet with 1-2 percent
the prevailing rate. Borrowers were
not disposed to bid over 4 percent
for the shorter maturities. Prime
commercial paper continued to COM
mand Ia percent with some excep-
tionally good names being quoted
slightly below that hgure.
Bond prices slowly forged ahead in
todays quiet trading despite general
reaction in the foreign list follow
ing the weakness of allied exchanges.
Brisk activity marked dealings In
Bolivia SIS, which at one time fell
back 2 as points to SO 55-S and then
rallied to 30 ga. Considerable I'M
certainty developed regarding re-
ports OF new financing. Speculative
buying. based on expectations that
an attempt would be made to sell
$l0,000,000 additional bonds at 81,
Jagged OH publication of reports that
900 and might not enter the market
here. Strength of Belgian 71-2s
which duplicated their 1924 high price
of l02, contrasted with weakness of
French municipal and other Euro
pcan obligations.
Sinclair consolidated ~ broke .
points to the years lowest level as
reports OF new financing were spread.
Later they recovered part OF their
loss when 1t was rumored that a
bank credit of S25,000,000 would take
care of the companys financial re-
duirements without recourse to a
public Offering.
Speculative mortgage liens i'm
proved In tone, although Seaboard
adjustment s5s lost point on de-
NAL by the roads president that pay
ment of accumulated dividends had
been considered. Conflicting price
movements market dealings in Will
son and Company liens, the convert
able LIS advancing 3 points while
the convertible IS yielded / l-2: Vir-
ginia Carolina Is also were weak.
In connection with reports that
London bankers were arranging a
30,000.000 pound loan to Argentina to
finance purchases from Great Brit
ain. II was limited that the govern
ment also was seeking a bank credit
OF less than S10,000,000. The United
states government Is expected to do
additional financing early In June ac-
Cording to local bankers who look for
an Offering of short term notes.
Total bond sales. par value, $13.-
$4,000.