Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-10

ICIhaTEv. Many brokers' also eA-
pressed the opinion that the market
had discounted everything in sight,
and was waiting for some positive in
dlcations OF the future trend Of bust
ness before establishing a definite
trend in either direction.
Sporadic attempts on the part OF
bear traders 10 unsettle the general
list met with success n only a few
issues. United States cast Iron Pipe
was hammered down i've points TO
sass, heavy offerings of that stock
coming into the market Just before
the close. Yellow Cab issues broke TO
:. new low level for the year: Chica-
&c Yellow Cab closing is lower az
4p5s and Yellow Cab manufacturing
showing a net loss Of 50 al -, the
closing prices being slightly above
the minimum quotations OF the day.
With the exception Of Bethlehem,
which closed slightly more than
point lower at 4Sl2. the steel shares
held relatively firm in spite OF 'esi-
mates of A decrease CT over 100000
tons in the April untitled orders Of
the United States Steel Corporation
which Will be made public at noon
tomorrow. L. S. Steel common clos
ed y higher at 9Si4.
Baldwin. Studebaker. L. S. Indus
trial Alcohol, Dawson Chemical and
most OF the other active indusuials
lest ground but net losses were held
10 fractions While buying power
was extremely limited. the majority
of stocks showed good resistance 10
selling pressure.
Doubling of the Ohio Oil Com
rany's quarterly dividend and opu-
mistic statements of the future OF the
industry by Standard Oil and indie
pendent officials failed to make much
impression on the oil shares. most OF
which exhibited a reactionary tone.
American Smelling dropped nearly
II: points TO 63 despite recent re-
ports of Improvement in the stausu-
cal position of the industry.
Railroad shares showed mixed
/ changes. Norfolk and Western stand
| ing out with a gain of more than one
! point New Haven improved frac-
| t;onallv on fairly acti"e trading.
WoolUorth was the outstanding
strong spot in the specially list. the
| old stock jumping nearly twelve
! points 10 1891, and the new stock.
which is traded in on when issued
basis. advanced SIS points to S57s.
Call money held steady at 81 per
| cent. large offerings Of time money
causing further reduction in rates,
| some 80 and IS days loans being QUO
/ ted as low as 35t; so and 90 days
! offerings being obtainahte at per
/ cent and the longer maturities at a..
| Prime commercial paper is now
available in large quantities at AZ
per cent.
| Foreign exchange trading returned
| to normal after the violent disturb
ances Of the past few days. Demand
sterling held fairly steady around
| $436l4 while French francs were
quoted Just under six cents.
| Prices OF high grade bonds We're
well sustained today. bat q lapse OF
speculative activity dulled the edge Of
trading. Unofficial Washington re-
ports that the bonus bill would be
vetoed by the president strengthened
L. s. Government obligations the
third AZ percent Liberty bonds
reaching new high level for the
year.
The s7,000o00 Florida Western and
Northern Railroad issue offered to-
day. was subscribed readily. The offer
irc. coupled with denals that pay
ment Of back interest had been con-
siGered on certain bonds Of tho Sea
| beard Mir Line was guaranteed the
issue, however, brought heavy selling
Of the latter's mortgages. The ad-
justment IS at ono time yielded al
most 3 points but later recovered
fraetionally.
Tneven fluctuations in the Wilson
and Company liens continued today.
the Convertihles scoring substantial
gains which were countcracted by re-
action Of the first mortgage Gs Nor
felix and Weshtern, WiCkvire and
National Acme issues moved up q
point or more while further reCes.
Sions took place in Virginia Carolina
and Punta Allegro Sugar rs. Denial
hT Harry r, Sinclair that the Sinclair
Consolidated Oil CORPORATION was
contemplating new tin"ncinC impart-
cd firmer tone to the companys
/ bends.
Belgian obligations assumed the
leadership of the fore Cn list, which
rnainly were undisturhed by erratic
fluctuations in exchanges. the 712s
selling on parity with the govern
monts Sc achieved a new hish price
/ for the wear at 1929.
Total bond sales. par value, sic,-
SIS 600.