Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-24
FINANCIAL NEWS w
NEW YORK MARKET
FEATURES Of the Days Dealings in All
the Leading Stocks

tV0 6V1OsU8 OtOCNU
New York, May 23-Stock Drices
moved irregularly higher In today's
n,,iet session, which. was featured by
the steady investment demand for
the high grade rails and public utiii-
ties. Trading was somewhat re-
stricted by the uncertainty regard
ing the ultimate disposition Of the
tax bill, total sales running only
slightly more than half a million
shares.
Short selling was conducted with a
fair degree Of success in the sugar
and steel shares. Sugars reacted in
Gympathy with the decline in raw
and refined prices which established
new low records for the year on in
ground on reports of a further re-
duction in out put and the pessimis-
tic Interpretation placed upon the
remarks Of Chairman Gary Of the
United States Steel Corporation at
the .semiannual meeting of the
American Iron and Steel Institute.
United States Steel common closed
!. lower at 971s. Independent steeIs.
some OF which were heavy earlier in
tie day, closed practically unchanged
as a result of a late short covering
movement which was based on the
prediction Of several steel .officials
that the industry was dragging
lotion Losses of / to nearly 2
points were recorded by American
Sugar refining, Cuban Cane prefer
red and Punta Allegro,
Investment buying Of high grade
stocks was inspired in part by the
continued ease of money rates. the
combined federal reserve ratio touch
ing s2.7et, the highest since the close
Of the war. Call money again held
at 3e6 all day but demand funds were
obtainable in the Outside market"
in substantial sums as low as 2AM.
The time money market continued
dull with loans up to four months
reported at four percent. Bids of
3M percent were made for the short
er maturities but leaders appeared
TO be unwilling to reduce the asking
rate. the bulk Of prime commercial
paper continued to move at 4k9s
with some exceptional names offered
as low as At. -.t. -.
Norfolk and Western was the out
standing strong spot in the rail
group. climbing more than 4 points
to i249s and then slipping back to
1884 on reports of favorable pro
gress being made towards leasing of
that road to the Pennsylvania. Mo-
derate strength developed in Della
ware and Hudson. New York Cen
trail and Frisco preferred. all of
which sold a point or so higher at
80.
Reports that the Pan American
company was planning to enter the
retail business in California brought
fresh buying into those shares. which
closed more than point higher. A
sudden burst of activity in Indepen-
dent Oils. which also closed more
than point higher. followed pubIi-
cation of the report that the COM
pany had brought in a 1000 barrel
vel and was drilling others. Some
OF the minor oils lost ground on re-
ports Of a reduction in gasoline
prices in Chicago.
Good support was again accorded
the rubber shares. u. S. Rubber COM
mon and first preferred, Ajax and
FISK closing more than a point high
or while several others in that cro11n
improved fractionally. Some of the
other outstanding strong spots were
Congoleum,. Loose WiIes Biscuit
Virginia Iron, Coal and Coke. and
International Biscuit Machines, all
OF which closed at net gains of ~
points or more.
Foreign exchanges held fairly
steady in quiet trading. Demand
SterilnS was quoted just above s4.34
cents 70
Under leadership Of U. S. Govern
mont obligations, bond prices pressed
steadily forward in today's active
trading. Several Liberty issues
reached the highest levels of the
year and numerous speculative rail-
loau mems were marked up briskly
as buying orders overlooked from
inc high grade list. Heaviness Of
lpcai TRACTION bonds. however, cut
down the gains in the public utility
group. ''
The chief contribution to the i'm
ptoVement in trading sentiment to-
n u was the Scramble for the s25.-
,,vV'oou equipment trust notes of the
new York Central. which were Offer
ca on iive percent yield. 1t was re-
ported that $2O.0O0000 of these bonds
, were placed privately. Because of
~" small allotments of the remain
dcr, disappointed subscribers i'm.
mediately placed a premium on the
Certihcates In the open market
wnere they changed hands on n
when issued" basis. The five per
.ent yield was said to establish a
new new, high price for equipment trusts
this year.
;, reports OF favorable progress in
,ease nesotiations with the Pennsyl-
.ania railroad carried the Norfolk
ana Western convertible sives up 2
points, the bonds keeping pace with
ane rise In the stock. Other strong
irUts IN me railgroup were New Or
eans' Texas and Mexico IS, New
iofk Central 3las. Southern Pacific
~, me West Shore, Frisco and New
broadening interest was shown to-
may IN high grade foreign govern
naeht bonds. Sweden IS and Japan.
esg otas scoring substantial gains.
go ao5al bond sales (par valued s1o.-
Total stock sales 5eS.1oo sbares
lS,J, " ihdustrials 20 railroads
Thw"c,, ,'''..... 9l.99 S3.1S
W. uaE $50. 1880 S2.S3
H. ago ''.... 91.6S S2SS
,'isn WI ..... 1924 Sc 90