Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-23
FINANCIAL NEWS
NEW YORK MARKET
Features Of ths Dsy's Dealings In Al
- the Leading Stocks

-
fFNsw York. May 22--stock prices
DISPLAYED moderate strength In to-
DAVIS market in further reflection Of
favorable developments on pending
tar legislation A wave Of selling took
Mace around mid day on reports that
Secretary Mellon was opposed to the
tax bill, as agreed upon by house
and senate conferees, but this was
overcome and closing prices showed
net Gains ranging from small frac-
tons to two points.
Unoficial assurance that congress
will adjourn on June also was re-.
garded as a bull factor on the theory
that 1t would reomvs much OF the
uncertainty that has heretofore hing
ed around the plans Of congress.
Trade news, as rule, was unfayor-
able the principal items being q re-
port that steel production was now
around sixty Of capaciy, ana an in
crease of 1850 barrels daily in do
mestic crude oil output for last
weekk.
American Can closed q point higher
OF 1881 and the so-calIed pivotal is
sues-U. s. Steel comen, Baldwin
and Studebaker-improved frac-
ally. Exceptionally good was noted
ia a number Of spscialties. American
Waeter works common climbing more
than points to a new high record for
the year at 5oM while U. 8. Indus
trial Alcohol. Steewart-Warner, In
ternational Business Machine, Iron
Products, Jordan Motors, Nash mo-
tors, Pierce Arrow preferred. Virginia
Railway and Power, Stromberg Car
buretor and Chicago Pneumatic Tool
shower net gains of to 4 points.
Oils improved i'm anticipation that
better weather would bring about
the substantial increase in gasoline
consumption. Atlantic Refining clos
ed more than three points higher.
Tidewater Oil advanced "a points
and gains of a point or more were
recorded by General Asphalt, Hous-
ton and Pacific.
Railroad shares continued to i'm
prove on reports that high car load
nSs were being maintained. nickel
Plate" established another new 1924
high at s0%and Atchison duplicated
its previous maximum of 1031a. Big
-Four" advanced points to 113 on one
sale and Reading moved up a point to
5sha.
Better support was accorded the
rubber shares. L. S. Rubber common
and first preferred each closing about
D. point higher. passing the semi an
nual dividend on the common stock Of
the Virginia Iron and Coal Company
resulted in a break Of five points to
Sc.
Call money again ruled at 3 percent
ell day. Time money and commercial
paper mrakets continued with no
change in rates.
Foreign exchanges opened steady
and then turned reactionary on quiet
trading Demand sterling fell back
nearly cents TO $4.33A and French
francs dropped about 20 points to just
below 5as. Brizilian milreis also es-
tablished a new low record for the
year at 1850 cents.
Responding to prospects Of favor
able tax Developments, bond prices
today rallied sharply on an expanded
inquiry for both treatment and spec
ulative issue, Liberty bonds re-
trievcd most Of the lasses sustained
by passage OF the bonus bill and i'm
out other section thehough other Sec
tons of the list, although few in
dustroial liens develpoded conspicu-
Gus weakness.
Railroad obligations assumed lead
ershipof the market with an unusual
ly brisk demand for standard high
grade railroad mortgages bringing
about gain Of a. point or more In
Union Pacific. Atchison. Pere Mar
quette, Northern Pacific, Southern
Railway and Atlantic Coast line is
sues. Strength of Missouri Pacific,
1N,iA 20 H.
ing in the lower priced rails.
Employment Of idle funds by In
stitutions, which contributed to the
advance in investment corporation
issues, also was reflected in higher
some of the early gains were lost
when 1t was reported that Secretary
Mellon would urge a veto OF the tax
bill. The fourth 4las. which estab-
lished a new 1924 high price. how
ever. retained their strength until the
close.
Rubber company liens were the
outstanding weak spots in the indus
trial section. although Ajax IS. with
s point jump. moved counter to the
trend. Kelly Springfield S., after
breaking four points to the lowest
price Of the year at 81. rallied to SO.
u. S. Rubber issues were heavy.
The Minnesota rural credit issue
OF $1O,o00.000 was awarded to New
York bankers on a premium on q d.
vidend basis ranging from ~ to ~
percent. "ex-cash dividends" on June
Is.
Public utility issues continued to
show strength, gains being scored by
American light and traction and Lee
high Power. Glen Alden coal moved
up IA to 1884.
Total bond sales, par value, $751;
$4,000.