Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-08
FINANCIAL NEWS
NEW YORK MARKET
FEATURES Of the Days DEALINGS in All
the Leading Stocks

: New York. May stock price.
developed moderate strength in the
carly part of today's session, but
forfeited most of their gains later
when concentrated selling pressure
was directed against the oils, par
ticularly Sinclair. Trading was
lain relatively light In volume, to-
raj sales being slightly less than ESQ.,
900 shares.
Weakness Of Sinclair, which es-
tablished a now low record for the
,ear at IS J-S, was based on un
confirmed reports that the company
had lost its Russian concessions and
we're officially denied. The stool,
closed at 10 IL off. - on the day.
NarIand, Cosden and Phillips also
closed fractionally lower, but the
Pan-Amcrican issues and Mexican
eeaboard each showed a net gain of
about Il point.
steel shares held relatively firm
despite reports of further contrac-
lion in output by the weekly trade
reviews, United States Seeel common
closed slightly lower at % IL on
total transactions of less than 1900
shares and Bethlehem and Republic
improved fractionally. American
Can was The outstanding strong spot
among the so-called big four"
closing IS points higher at 103 SO
after having sold as high as 104 IS.
Studebakcr closed nearly q point
higher ut Sc IA and Baldwin drop
ped Is to 1l3.
Brokers report that public parti-
cipation continues TO be of small
proportions. Speculative uncertainty
over the ultimate fate of the tax and
soldier bonus bills is still regarded
rs a restrictive influence on trading.
Except in the case of a few spec
ialtics. price moveme hts in today's
market were extremely narrow and
Irregular. Colorado Fuel and Iron
was subjected to heavy selling. much
Of which probably represented profit
taking and dropped Il little more
than :, points. ON the other hand,
Corn Products was pushed up :; ! -
points and net gains of point or
more were registered by more than
dozen issues. including Brooklyn
Union Gas. Central Leather prefer
rcd. International Harvester, Phila-
dclphia company and United States
Smelling and Refining. American
I'III'lilHS anu 'OpDtI SOItl
at now prices for the year
Most of the active rail shares
showed small gains on the day. Chi
caso and Northwestern. Atlantic
Coast Line. Rock Island six per cent
preferred and Omaha were among
The few issues to close a point or so
higher
Call money ruled unchanged at
. - per cent. Tho time money
market continued easy with IA
yer cent the prevailing rate. Com
mcrCial paper was more active, with
the bulk OF the prime names moving
at 4 IL per cent.
Foreign exchange rates were re-
dictionary, demand sterling dropping
"a Of n cent to SIS and French
francs broke about % points TO $50
cents Slight rcccssions took place
among the other principal cur
IcnCics.
Investment buying or standard
public utilities and high grade rail-
road issues impaired firm tone to
hond prices today. Nhxed move
ments. however. took place in the
Industrial and speculative rail groups
the Improvement in some issues be-
ing offset by decided heavines3 in
others.
Strength of Brooklyn Union Gas
Company per cent mortgages
which advanced = points on fairly
heavy buying. was attributed to the
casiness Of money rates. Both issues
were in demand because they had
hCcn returning better yield than
ether similar investment obligations.
Wilson and Company liens dis
PLAYED strong recupcrative power to-
day all issues scoring advances of
moro than two points. although the
convertible lis dropped to Il new
record low ut rs before rallying. I'm
rrovcmcnt was reported in the COM
lany's business for April.
New railroad financing occupied
considerable attention in the bond
market. The Seaboard Air Line, IT
was announced. would guarantee Il
N.OOO.O0O issue of ten year Z per
cent bonds to finance construction
OF It's projected Southern Florida
Ink. the Florida. Western ana
Northern Railroad. Offering of the
bonds is expected this week at q
price slightly below par. Sale or
the issue through bonds not hereto
fore affiliated with the Seaboard. 1t
was said. did not indicate change
IN the control of the property.
Bankers who are handling the
Nickel Plate" financing denied That
definite date had been set Tor OF
tcring the first issue of about S-o'-
100000 hut intimated 1t would come
sometime this month.
Total bond sales. par value, Sll,-
AlGOO0.