Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-17

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

the Leading Stocks
New York, Jan. l6.-Seliing pres
sure was lifted from today's stock
market and the general list moved
in response to further improvement
in the foreign exchanges. Cheaper
money rates and favorable trade
news.
Chief speculative interest center
ed in the railroad shares of which
there was reported to be heavy buy
ing for European account. A num-
Der of the non dividend paying issues
sold to points above yesterdays
closing prices while the high grade
stocks showed extreme gains of to
z 1-2 points. top prices in many
cases being shaded as result of
profit taking.
Virtually all groups of industrial
stocks participated in The advance
with the steel, automotive, equip
ment. leather, food, merchandising.
can and farm implement issues re-
cording the highest gains. SSeveral
OF the oils moved up l to 2 points
in the early dealings on additional
announcements of higher gasoline
and crude prices but the gains were
reduced or cancelled when fresh SELL
AhS o4OhS odS III liiS all <AIlct
issues in the late afternoon. Copper
stocks were inclined to be sluggish
on reports that the red metal was
again selling below IS cents a pound.
Buying of the steel shares was in
huenced to some extent by the opti-
mistic tone of the weekly trade re-
views, which stressed the heavy de-
nland for construction material. L. :.
Steel closed a point higher at par
and gains of l to nearly points
were recorded by Bethlehem. Crucible
Republic and Sloss Sheffield steels,
Iron Products and L. S. Cast Iron
Pipe issues. Payment of the last back
dividend on Republic Steel preferred
was announced after the market
closed.
Revival of activity in the tobacco
group was based on reports of forth
coming mergers. Phillip Morris led
the advance with a gain of more
than l point. Equipment issues were
heavy early in the day on rumors
that 1924 earnings would be we'll be-
low those of 1928, but they strength
ened later on the announcement that
the Baldwin Company had obtained
a contract for 81 locomotives from
the Atchison Railroads Leather is
sues made favorable response to re-
ports of higher commodity prices
and improved earnings, Central
Leather spreferred rising ? points.
Strong spots in the speciality list
included Corn Products, Savage
Arms. Remington Typewriter. Com
putting, Tabulating- Recording, Mar
lin Rockwell, NMunsingwear and Utah
Securities. the net gains ranging
from IL to nearly points.
r aI,}oh %
strong features of the railroad groups
closing more than points higher at
sc is after having sold slightly
above the figures. Good gains also
were recorded by Erie Common and
second preferred, Wheeling and Lake
Erie preferred. Rock Island. Missouri
Pacific Preferred. Pittsburgh and
West Virginia. st. Paul preferred,
Chesapeake and Ohio and the Read
ing issues.
/ Foreign exchanges continued to
make sharp recovery from recent
weakness. French francs selling just
below 40 cents or more than so
points above their recent low, and
demand sterling moving up above
$4.26.
Call money opened at 4 "a, eased
to 1-2, and thence to 4. Time money
and commercial paper rates were I'M
changed.
Recovery of the French govern
mental and municipal bonds in res
ponse to the improvement in ex-
change featured an active and ir-
regular bond market. Bordeaux IS
led the advance with a . point rise
and gains of more than a point We're
recorded by Lyons Is and Marseilles
IS. Both French governmental issues
moved a point higher. Heaviness of
some of the L. S. Government is
sues was attributed to cessation of
buying for British account and to
the switching by hundreds of small
town banks from Liberty bonds to
the higher yielding short term treas
ury notes.
Railroad liens generally moved to
higher ground. Pennsylvania Cen
eral LES advancing a point. Gains
of about point also were register
ed by New Haven convertible IS,
Katy" adjustment Sc. Great North =
ern adjustment 6s, Deidware and
Hudson refunding 4s and North
western IS. With the exception of a
drop of almost points in New York,
Westchester and Boston'4 1-2s, loss
es in the second grade rail list were
confined to fractions.
Industrial issues moved within
narrow limits, although an advance
of more than point in Brier Hill
5 LIS. led the steels to higher
groundf Consolidated Oil rs moved
up as.
Announcement was made that a
nation wide manking syndicate
would offer for sale tomorrow Sb0.-
100000 Argentine government 6 per
cent bonds at &c II.
Total bond sales, par value s14,-
12o 600