Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-27
FINANCIAL NEWS W..
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

moved upward during. the greater
mart of today's session in response
fo the adoption of the conference
report on the tax bill by the house
hut they sold off sharply just be-
fore the close when the call money
rate was advanced to 4 IL percent
FINAL quotations showed a predomi-
nance of net losses, much of which,
however, were of a fractional char
acter.
Buying orders predominated al
the opening on publication of re-
yised figures by the treasury depart
ment showing that the cost of the
soldier bonus, even with reduced
taxes, might be absorbed next year
without deficit. Buying, however
was Of a cautious character, the
days sales again running around
10000 shares.
Delaware and Hudson was one OF
the individual features of the ses-
sion, jumping SIS points to 12O. a
new high record for the year, and
then slipping back 3 points from
the top. The sudden burst of activ-
ity in this issue revived rumors of
an early segregation of it's coal
properties. Lackawanna moved I'D
> II points to 121 II and then
cased off point, Wall Street again
hearing reports that this road was
planning a distribution of it's treas
ury holdings of Glen Alden Coal.
New high levels for the year also
were recorded by Western Pacific at
~ L.. the preferred at ~ and Pere
Marquette at 50 J-S. Indications of
continued accumulation were seen
by some traders in the further ad-
vance in Chesapeake and Ohio and
nickel Plate" which have been as
sociated with merger rumors. ST.
Paul issues were offered freely on
publication or the April earnings
statement showing a deficit of S691
SO against net income of $1,O66, 294
in the same month last year.
A run-in of the short interest in
United States Cast Iron Pipe sent
later TO IS is. where it was up
> IS on the day. General Electric
climbed to 3D. but later reacted to
20 Is, off 5-S.
United States Steel crossed % in
the early trading and then sagged
to % ID for net loss of Is on
the day. Fractional recessions also
were recorded by the other so-called
pivotal issues--American Can, Bald
win and Studebaker. International
Paper closed nearly two points high
or at Al on reports of large cur
rent earnings from newsprint and
hydro electric power sales. Wool
worth (old stock) jumped + IA
points TO 539 and the new stock.
which is selling on a when issued
basis closed l 3-S higher at 50.
Oils were steady with a fair
amount of buying on favorable lex-
port statistics. Strength and activity
of Superior which touched a new
l924 high was based on publication
of an official statement showing that
current earnings were running be-
tween 50 and 81 a share. Sugar
stocks were inclined to weakness on
a further decline in prices of the
raw and refined products.
call money opened at : percent
and advanced successfully to } L.,
and IL. the higher rate reflect
ing withdrawal of funds in antici-
ration of month-end requirements.
Time money and commercial paper
rates were unchanged.
Foreign exchanges held firm on
aulct trading. Demand sterling
ruled around 4.4 II and French
francs we're quoted just under
: 1-;;;c.
Bond prices displayed strong
nndertone in todays uneven trading,
although the unexpected rise in call
money to 4 II percent late in the
DAY caused recessions in Liberty and
Investment railroad issues which
cancelled earlier gains.
Curious cross currents marked
me course of trading in the railroad
hSt. New high levels for the year
were established by some of the less
actlVe issues, including Rock Island
Is. Denver and Rio Grande lbs
and Wabash secoffd 5s, the latter
at one time selling , ~ points high
err Wabash first Us, however. lost
more than point. A court order
erecting payment of the bond inter-
est contributed TO the strength of
Denver and Rio Grande bonds.
An unexpected decline in April
earnings of the st. Paul Railroad.
revealing an operating deficit for the
month. contributed to the weak
ness OF the roads issues, which
moved counter to the general trend
IN Welding L TO = points. Norfolk
ana western SKIES, the Katy" oh
hsat'ons were strong but bonds OF
some OF the other roads, including
southern Railway, eased off at the
v,oSe. Investment buying OF United
states government issues was halted
as III anticipation of quarterly treas
dr! operations brought a sharp rise
In money rates.
The lively demand for new rail-
road issues offered last week
brought indications that a larger
volume of this type of securities
would he sold this week. The first
10 appear in the market is the Big
four' Railroad. which will sell to-
morrow through a syndicate headed
IVY ). +. Morgan and Company So
Wo'ooo refunding and improvement
rs at "a IL to yield $50 percent.
Inc bonds mature in 1868.
wall Street heard today that Bra
al might take steps shortly to re-
IRE its $31000.0OO, IL percent
NutlCp SNrnrifS IN, 1000 IN