Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-15
A
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

SuO A0aotUS SkoCNS
New York. Jan. 1.-THE first sharp
break in the stock market since the
current upswing started October 81
took place today when heavy specu-
lative selling. based on the belief
that many stocks had been over
bought resulted in recessions Of l
to nearly s points in most active is
sues. The collapse of French ex-
change and reports of bitter opposi-
ton to the Mellon tax bill provided
excuses for an assault On the general
list.
Speculative pools, which have been
active in many issues, particularly
disposition to actively support their
favorite. This led to consideration
short selling on the part of the pro-
fessional traders who succeeded in
touching off a number of stop-loss
orders in all sections of the list.
French francs broke 80 points to
4.27 cents. the lowest rate ever re-
corded In the local market. on heavy
European speculative selling. but
they bounced back to 4.40 cents on
short covering in the afternoon. De-
mand sterling dropped more than 8
cents to 4.23 and Belgian francs
dropped more than 20 points below
400 cents, but both made partial
record, italian lire were quoted
higher than French francs. which
! was attributed here to the heavy
selling of francs to purchase lire.
Opinion in the financial district
was divided as to the probable eff
feet of the weakness of the foreign
exchanges on American securities.
In some quarters 1t was held that the
weakness of sterling and French re-
Elected unsettled political and econ
omic conditions abroad and was
bound to have some effect on Ameri-
can business while in others II was
pointed out that the slump in the
British and French rates would re-
suit in a transfer of capital to this
country through the purchase of
American securities. thereby tending
to strengthen the prices OF stocks
and bonds.
The sharpest fluctuations in the
stock market took place in u. S. Cast
Iron Pipe which broke points to
6S IL and then rallied to 6S IL and
then rallied to 50 ga. There were
unconfirmed reports that pool had
been operating in this stock. had IL
uuidated it's holdings and transferred
its activities to another issue.
Some support was Forthcoming for
the steel shares on reports that the
United States Steel Corporation
would maintain. and possible In
crease its extra dividend at the al
rectors' meeting next week. United
states Steel touched par and then
cased to % rs, off rs. Republic
Bethlehem and Crucible sold off !
to 2 IA points. Penn Seaboard
touched a new high on them ovement
at is and then eased slightly.
Baldwin closed more than points
lower at 1923 Is. Losses of To
nearly 4 points were recorded by
Studebaker, American Can, Allied
Chemical. Du Pont. Corn Products.
United States Industrial Alcohol,
HAYES Wheel, Mack Truck, Stewart
Warner, u. S. Rubber. and many
others.
Oils showed resistance during the
greater part of the session on re,
ports of higher gasoline prices ana
= further advance in Pennsylvania
Crude. but with the exception OF two
or three issues which were influenced
by special buying. notably Mara
caibo. they yielded with the rest in
the final hour.
Union Pacific, Reading, Atlantic
Coast Line, Canadian Pacific, ana
Missouri Pacific preferred, off ! L.
to 2 points, were the heavy spots III
the railroad list.
Strength of st. Paul Railroad Is
sues and the weakness OF French
Governmental and municipal oonaS
were the features of an active anu
irregular market.
st paul As of 1925 closed nearly
1T an. rpnnrtG
they would be paid at parity when
they fail due The convertible 4
1-2s advanced / IS points and the
other issues rose in sympathy. pther
speculative rails yielded on proft,,
taking. New York. Westminster ana
Roston LES dropping more than
points and losses of point or So
being recorded by Reading General
as New Haven 6s. katy" SIS series
and the Frisco and Seaboard is
sues.
brokerage houses with interna-
tiopal connections reported iurtn,r
buvinc for British account, hut inns
was confined principally TO tne h!Sn
grade issues. The demand LOT !n
sGO O0A.OCo farm loan issue. which
was offered today. was reported 70
meet bankers expectations. Heavi-
ness of the u. S. Government honns
was attributed to the switching INTO
the higher yielding farm loan Is
sues.
bordeaux 6s broke . points in sym.
pathy with the weakness in French
exchange, ond losses Of POM or
so also were recorded BY french
governmental les and SIS and the
ether municipal issues. Prague
1-2s were strong.
PubIic offering of block or
nor cent cumulative preferred stock
of the Century Publishing COMPANY
wiz be made at par tomorrow by
Jelkc. Hood and Company.
Total bond sales. par value, sle,-
112,0Go.
Tota, stock sales ,11f.o00 shares.
90 industria!s averaged 95.72; net
loss 81.
High 1923. 1858. low 1915.