Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-14
IVA
NEW, YORK MARKET
Features Of the Days Dealings in All
the Leading Stoeka

New York. May 13-Stock prices
showed moderate Improvement in to-
days dull market. While there was
an absence of general selling press
ure, bear traders succeeded in uncov-
ering a number of weak spots in the
rubber, sugar, textile and motor ac-
cessory groups, selling of which was
influenced by unfavorable trade re-
ports.
. Most OF the standard industriaIs
improved fractionally, u. s.. Steel
f, common closed y higher at 96M af-
, ter having sold as high as 96h.
American Con touched 1918 and then
slipped back to 100h, up 81. Baldwin
closed " higher at 1888.
Cuts in Tire prices, combined with
reports of appraisals showing approx
imately 100000 tires In the hands of
manufactures and dealers, brought
fresh selling into the rubber group.
Kelly Springfield percent preferred
and Lee Rubber each boke l n points,
but most of the other losses were
hold to fractions.
Sugar shares lost ground on the
publication of revised estimates of the
Cuban crop. Cuba Cane preferred
showed Il net loss of l point at Sc and
tho other active issues recorded mod
cate recessions. Unfavorable divi-
dend rumors inspired the selling of
the motor accessories, six of which
established new low records for the
year. Reyonlds Spring was hammer
ed down points to 97s and then rail-
lied to IL.
Stewart Warner, which broke 61z
points yesterday, recovered ~ to-
day, following official denial of re-
ports that the present dividend was
in danger.
American Wooden slumped to 62R
on bear selling an dthen rallied to
63i4 for net loss of IA on the day.
Other outstanding weak spots'in clud-
eli Consoleum. Wilson preferred, Cru
chile Steel, New York Air Brake and
Manhattan Shirt, off / to az points.
MARYLAND Oil gained a point in re-
Spouse to Il favorable quarterly report
and good buying was noted in Colora
do Fuel. General Electric, Brooklyn
Manhattan preferred, Consolidated
Cigar, Mallinson Silk, Woolworth and
Shell Union Oil, all up a point or
more.
New York Dock issues each gained
more than 4ypoints.
In the railroad group the strength
of Chesapeake and Ohio which ad-
vanced a point to rs and then slipped
back to 75la was counteracted by the
heaviness of Norfolk and Western,
which closed IL lower at 121. Other
rails moved within narrow and irreg-
ular limits.
Call money continued to lue at 31a
percent with plenty of funds avail
able at that figure. Time money and
commercial paper markets were quiet
with no change in rates.
Foreign exchanges held steady in
quiet trading. Demand sterling ruled
slightly higher around $4.361a and
French francs were moderately active
just above $50 cents.
Bond prices Jagged in today's de-
sultory trading, which was featured
principally by heavihess of French,
Japanese and Mexican issues, react
ing on political development in these
countries. Prices of domestic liens
were variable and failed to establish
a definite trend
Upsets in the French and Japanese
elections. which were reflected i'm
mediately in the action of the ex-
changes. seemed to bring more gener-
al liquidation of the bonds today.
French 7ias lost point and the new
Japanese Gas dropped back to near
tho years low level. The controversy
raging in Mexico city over the terms
OF the debt agreement and the failure
OF the government to obtain a loan
contributed to declines of a point or
more I'm Mexican government As and
the five percent certificates. Conspic-
uous weak spots in the domestic list
were Ajax Rubber S. which dropped