Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-03-01

NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Feb. 2O.-After an
carly show of strength and activity
in practically all sections OF the list,
prices turned reactionary in today's
market and there was perceptible
Iessening in the volume of trading
in the afternoon.
Overnight buying orders gave the
market an upward slant at the out
set and influenced numerou9 pro-
fessional bears to cover. but the acti-
yity subsidized toward noon and con-
siderable short selling appeared.
particularly in the northwestern rail-
road issues.
Renewals Of reports Of favorable
nature regarding Norfolk and .Wes-
tern pushed stock up sharply. but
il reacted on profit-taking and closed
well below the previous days final
price. Southern Railway advanced
to new high record price at so rs,
and moderate strength was display
ed by Chesapeake and Ohio, New
York Central and other dividend
paying roads.
Northern Pacific, Great Northern.
500" Chicago and Northwestern
and the st. Paul issues continued
under pressure due to their poor
January earnings statement.
The relatively poor showing OF
fourth quarter earnings OF Stude-
baker depressed that stock nearly
two points and Westinghouse Elec-
trio fell about three points on I'M
confirmed reports that new financing
was probable. The directors of the
latter company meet next Wednes-
day.
Traders continued to sell the Vir-
finia Carolina Chemical issues. The
preferred slumping more than four
points.
Some Of the specialties. such as
merchandising shares, met with ia
vor and ended the day with fair
GAINS A few OF the independent
stecls also moved forward on the
day. COppers and sugars, generally
continued irregularly downward.
Foreign exchange rates were ir-
regular within q relatively narrow
range. Demand sterling recorded n
slight gain at $3.50 Is. but French
francs reacted after yesterdays
smart advance, losing two points ut
40 IL cents. Belgian francs climb
cd 10 1863 IL cents and most OF the
other continental exchanges were
steady. The Spanish peseta moving
counter to the general trend, fell y
points to 1851 cents for a new low
for the year. Japanese exchange also
moved lower, closig at 44.75 cents.
Call money opened at 4 IL per
cent and was advanced around noon
TO : per cent. rejecting the usual
nonth-end requirements. Time
money continued quiet with quota
lions unchanged at "a and 5 per
cent.
The improved outlook for COM
promise on tax legislation. providing
for Il substantial reduction In tho
surtax rate. with prospects that the
rut in personal income taxes would
apply this year, materially strength
cned the bond market today. Prices
Generally moved higher. with acti-
yity centcred largely IN the spccula-
live railroad issues. Constructive
news from abroad also impaired
frmer trend to the foreign list.
Profit taking. however. de- 'sloped
I'm some sections OF the list wipinis
out n part OF the recent gains scored
bv Norfolk and Western Convertible
Is which declined about j points.
and Chicago and Alton Us. which
yielded n point. Bonds Of the north
western roads also were heavy as
stocks were depressed on unfaVor-
able earnings reports. 81: Iaui.
Nurthcrn pacif1C anC GTcht Northeih
issues all lost ground.
speculative uneasiness over VIZ
ginia- Carolina Company was rehect-
Cd In further weakening or me
bonds. although they rallied several
POINTS In tho early trading. switch
inc" operntions were In evidence
among the copper bouds. according
for tho continued weakness or the
hl~h cost producing group and
strength Of low cost producers IKE
Mama whose per cent bonds
gaincd more than point.
Total bond Gales. par value, w.
90 .00n'