Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-16
FINANCIAL NEWS
NEW YORK MARKET
FEATURES Of the Days Dealings in All
the Leading Stocks

Nav York, May luxurious cross
currents of prices, rejecting the play
~ opposing speculative forces, char
acterized today's dull stock market.
Onerations for the rise in certain
steel. equipment and motor shares
we're conducted simultaneously with
the bear selling Of the merchandise
Ing. food and certain speciality is
sues.
aging of twenty leading industrial
stocks was at the years low level.
Good buying support had been pro-
vAded. however, for the pivotal is
sues which displayed q firm tone
throughout the early trading. An
attempt to unsettle the general list
bv applying concentrated selling
measure when Baldwin and Ameri-
can Can met with little success al
though these two issues were ham,
nered down to around their previous
low figures before developing strong
recuperative power.
Declaration Of increased dividends
on the so-called walters Roads"
monopolized speculative interest in
the rail group. Atlantic Coast Line,
which had been run UP to 1854 in
the early trading, broke five points
to 1904 following the announcement
OF a one percent extra, which ap-
tive community had expected.
Later in the day Louisville and
Nashville increased it's annual rate
from s. to So, that stock closing frac-
tionally higher at 93A after touching
a record 1924 hign~at 95.
Atlantic Coast Line, which owns a
majority Of the L. and N. common
stock, closed at 121s for a net loss
Of 39s points.
Other rails were helped by the
higher dividends for these southern
roads and an increase of 35,148 in
the car loadings for the week ended
May 3, over the week before. Chesa-
peake and Ohio, which was, depressed
on the failure Of the directors to in
crease the regular 81 rate. showed
good recovery. Philadelphia ndedeif
good recovery.
Philadelphia and Reading Coal and
Iron continued to be in brisk demand,
jumping 2% points to 50h before
profit taking set In which carried 1t
back to Az at the close. Other
coal stocks shared with 1t in activity
and strength.
Cosden was hammered down to a
new 1924 low at PIN as a result Of
It's poor 1928 showing, showing de-
felt from operations, but closed the
day with a net gain of half point.
other oil stocks offered good resist
Bnce to selling pressure. Standard
Of New Jersey moving up brisRly in
reflection OF an increase of $1,000
in last years earnings.
In attempting to bring out addi-
tional liquidation, professional oper-
ators made the greatest inroads in
the specialties. forcing Congoleum
National Enameling and Assorted
Dry Goods down to new lows for the
year. Rumors Of new financing &C
companied selling of National En-
at so, reached the lowest level since
1920. while other chares in this
group also lost ground on reduction
in the price Of the red metal.
Foreign exchanges again were I'M
settled. early selling in London
brought about a reaction in the price
Of French francs. at the opening of
the market but the rates later rallied
above $50 cents. to within few
points of Yesterdays close. Belgian
francs fell about 16 points to below
five cents, while sterling was frac-
tionally lower at $43612.
Call money after opening at 1870
dropped to $50 the lowest since
March. Time money was unchanged
with 30 days available at 4co and
longer Accommodations at 4L Tc.
Establishment OF new high levels
for the year by all active issues of
L. S. Government bonds today re-
fected employment on Wall Streets
excess funds. which later overlooked
into other sections OF the invest
ment market. Substantial improve
ment in prices resulted, although a
few week spots were scattered
throughout the industrial and pub
liclty lists.
Expectations that the bonus bill
would be vetoed and a drop in the
call money rate to 3 percent, the
lowest since the March plethora of
funds. contributed to the heavy in
stitutional buying of Liberty bonds.
All issues sold at new 1894 top prices.
with net gains ranging from 2-32nds
to 20-32nds on frequent transactions
Of 100000 or more. The MELONS"
sold at a new record high, scoring
net advance Of 1S-32nds.
The rapid runup in the prices of
government obligations influenced
buyers to turn to other sections OF
the market later in the day. Accu-
mutation Of French governmental
and municipal issues began. several
OF the latter registering gains of 1
to 2 points in the late trading. Rail-
road mortgages were eagerly sought
at rising prices. and some of the
popular industrial liens were in de-
mand. Independent weakness. how
ever. developed in Virginia Carolina
IS and Ajax Rubber SIS. both OF which
dipped to new low levels.
Indications point to a smaller VOL
ume OF new financing for the week,
although several important offerings
have been scheduled tentatively for
next week. These include the Peru
Wan loan, a portion of which will be
marketed abroad. and Nickel
Plate" railroad issue to exceed $25,-
100000.
Total bond sales, par value, $751;
10000.
AZ