Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-13
FINANCIAL NEWS
NEW YORK MARKET
r:..ures Of the Days Dealings in All
the Leading Stocks

xew York, May 12-Stock prices
..cted sharply in today's market on
.l.iIing inspired by unfavorable do
Na.tic trade and political news and
he defeat Of the Poincare ministry
n. the French election. While trad
,no was more active than in the
mesing days OF last week, the days
I.Ies appropriated only about y of
! million shares.
Il resumption Of bear pressure was
l. rro,,raged by the unusually large
fSscrease of Nearly 5000 tons in the
Ir,elled orders of the United States
ts,eel Corporation, which was about
W. 400 more than most market OBJ
lssrycrs predicted: the adoption Of
| be tic-Republican Insur-
,ent tax bill by the senate; cuts OF
10 Is cents Darrell in crude oil
orlces and reports OF a further cur
ttaiImcnt of operations In some Of
he important Industries.
Nearly two score stocks establish
Oh new low prices for the year, in
lsudig such popular issues as United
States Steel Common, Baldwin,
igtudebaker new stock, Bethlehem,
IrepubIic and Gulf States Steels,
lVarland, Cosden and Stewart and
| Tarner, the extreme. losses ranging
rom 1 to pearly points. All these
Hooks, however, closed slightly
I,bove their lows OF the day.
Independent strength was shown
Inv a number of the railroad shares,
PARTICULARLY Of the investment grade.
lttchson and Atlantic Coast line es-
|ablished new high prices for the
wear at 1913 and 1854 respectively,
Inc buying of both being Influenced
bv predictions of special dividend
Developments in the near future.
zach stock reacted about ~ points
IRON its high price in the later trad
The first sale of United States
Isted Common was a block of 5000
IhaIes at the spread opening" price
Lt 95i2-7s, as compared with the
closing price OF 96A on Saturday.
lThe stock rallied later to 90 and then
dropped to a new minimum at 95L,
losing at 953s. Bethlehem sold as
w as 46a, and Republic at 4315.
lEucible closed "a lower at 49L.
OH shares which had been heavily
fought on reports that the industry
Ihad turned the corner" were thrown
brerboard as result OF the drop in
commodity prices, but good buying
luppOrt was forthcoming and net
losscs in most of the popular issues
Icld TO fractions. Copper shares
Eere pressed for sale on the theory
That the defeat of Poincare's minis
Vry would delay q reparations settle
Incnt although in some quarters it
pas believed that the adoption OF
Fhe Dawes plan actually would be
Fastened by the change in French
government
II Call money held at 3cs all day.
lime money was practically estab-
lshcd on 49o basis. a moderate
Mount of business being transacted
| [ that rate for loans up to months.
'tfnders continued to ask A14Go for
lte longer dates. The bulk of the
lynne commercial paper continued
| move at 4i2r6, although some ex-
nptionally good names continued to
Nscount at AZ.
itoreiSn rates were decidedly reac-
fnary Demand sterling ruled
iFout ia cents lower around $4.36
t1a French francs which registered
Nwcck end drop of about 80 points.
ipctuatcd crratically between 9h
ifd 5Ar, Swedish kroner held firm
Mound 26.4S cents, but most of the
llner European rates showed nomi-
| losses.
IlhenectlnG the uueasincss caused
! the dofeat of Premier Joincare in
French elections, foreign bonds
Ilo'cd lower today in company with
lpe currencies of the allied nations.
lYHlhg pressure was directed chiefly
IfalnSt French obligations, but was
~ heaNN enough to cause serious
DECISIONS.
lueneral weakness of the foreign
IT, however. tended to restrict buy
Ng or domestic issues and prices
Ipre shaded fractionally in various
VonpS' Convertible descriptions
lF'Geu readily with the decrease in
lock prices.
hiaNorable trade reports contri-
Vtleu 10 The heaviness of several in
lpSulal liens. Bonner Steel rs broke
points to n new low price for the
Er at - and Virginia Carolina IS,
lFetner with the certificates. drop
10 now minimum figure losses
point or more were registered by
III wilson convertible issues, Ajax
IHooet IS and Brooklyn Union Gas
| reports that the Mexican govern
ut might find it necessary to sus-
va interest payments temporarily
me bonds involved in the debt
itement unless granted new loan.
N.'ed no comment from the inter-
uohal committee OF bankers on
IeNco Mexican government SIS
E|e lower. presumably in reflection
II the reports.
arrangements recently concluded
4 aShort term loan OF $4,000, 900
T. inc Swedish government. it was
yai'atcd. might he followed by an
Flns of long term bonds exceed
inc amount Of the temporary
tM Strength of Swedish exchange
apportcd the view that the govern
nt might enter the market at an
Fly date. An issue of $4,000, 900
lo,Wen States Power 61scc bonds,
mout warrants, is expected to-
, Sts bond sales. (par valued s11,-
liIQtai am