Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-16
NEW YORK MARKET
Features Of the Days Dealings in Al
the Leading Stocks

Features Of the Days Dealings in Al
the Isadins Stocks
New York. Jan. l5-Stock prices.
which broke badly yesterday. made
partial recovery today despite a re-
newal of short selling and liquidation
al various sections of the list. To-
days selling was reported to have
Seen inspired by the houses rejection
OF a portion of the so-ealled Under
wood rule prohibiting amendments to
pending legislation when not gerfnane
thereto on the theory that this action
provided further stumbling block to
revenue legislation and by sitter
money rates.
Considerable importance was at
tached by local financial leaders to
Paris dispatches stating that the
French cabinet had decided to in
crease taxes, direct and indirect, 20
percent and to take steps to balance
the French budget, recent criticism
of which has been regarded as one
OF the primary causes for the weak
ness OF Paris exchange. Banking
leaders here also expressed approval
OF General Dawes speech before the
experts committee on PREPARATIONS.
French francs. which collapsed yes
terday to 4.27 cents, the lowest price
ever recorded, snapped back nearly
rs points on short covering, the bulk
Of the days transactions taking place
just below $50 cents. Demand ster-
ling recovered Sla cents to $4.25;s.
Other exchanges rallied in sympathy
In the stock market L. S. Steel,
Baldwin. Studebaker and American
Can, often referred to as the Big
Four" each closed at a slight frac-
tional gain. Some of the widest frac-
tuations took place in stock in which
pools are reported to have been OPP
Grating. United States Cast Iron Pipe
which had been pushed up from 80
TO s45s In the last three months, drop.
ped two more points today, closing
at 67&. Pool liquidation also was
blamed for the 81 point drop in Con-
tinental Can which closed at SAX
Railroad shares held firm although
some leading issues showed loss.
st. Paul issues continued to respond
to the improved earnings position of
that road, the common and preferred
each closing point higher. Good
buying also developed in other low
priced rails.
Stocks in oil companies with Next
can properties were inclined to yield
or reports that rebel forces had fore
ed a shutdown of all refineries at
Tampico, but the South American oils
were strong. Maracaibo selling above
35 at n record high price. Further
upward revision of gasoline and crude
oil prices had steadying effect on
the domestic shares.
A bulliSh demonstration in General
Electric just before the close sent it
up nearly A points, buying being in
fiuenced by reports OF heavily in
crsas business. Other strong spots
were consolidated Cigar preferred.
Nash Motors, Columbia Carbon and
General American Tank, up ~ to 49,
points.
Money rates stiffenel in response
to increased demands outside the
market Cal money opened at AZ
advanced to Az, 4G and thence S,
where it closed. Time money ranged
from 42 TO 8, bankers asking the
higher rate for the longer maturities.
The bulk of the commercial paper
business took place at Az percent.
Considerable irregularity developed
III the bond market, but with the ex-
ception OF first grade rail issues
prices showed n tendency to improve.
French bonds continued to reflect
the recent weakness of Paris ex-
change, but aside from declines of
about II points each in Lyons 6s and
Marseilles Is the net losses were linn
tied to fractions. Quotations after
moving lower at the opening rallied
in response to improvement in ex-
change.
Recent. strength of the st. Paul is
sues was maintained, all liens regis
tering gains of about point in re-
Election of the roads improved earn
ings. Traders reported less profit
taking in the second grade rail mort
cages, resulting in fractional advan-
ces in katy 5s. Baltimoee and Ohio
convertible AIS, Rock Islanll As, Chi
caso and Great Western As and Big
Four '6s. New York. Westchester
and Boston ALAS continued to ad-
vance, moving up 37s points.
Industrial and public utility liens
showed only fractional changes.
Pierce Oil SIS. in which actively has
been marked. however. movedup to a
new high level at 80. IT, $. Govern
ment and Treasury bonds held
steady.
Wall Street heard reports that the
Forthcoming Argentine loan. which
had been expected to total $50. 900, 600,
would be scaled down to $40. 600. 900.
Total bond sales (par value)) s14,-
100, 1000.