Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-17
FINANCIAL NEWS w
NEW YORK MARKET
FEATURES Of the 0ey's Dealings III Al
the Leading Stocks

New York, May 16.-short cover
ing operations apparently based ON
the bare possibility that President
Coolidge's veto of the soldier bonus
Hill Will be sustained. and the crew.
ing investment demand resulting
from relatively cheap money rates.
impaired q firm tone to prices in
today's stock market. Net. gains
were largely fractional although sew
eral popular Issues closed / to near
" 9 points higher on the day. Trad
ing was again relatively light in
volume, the days transactions run
ming only slightly more than one
half million shares.
High grade rails steals. sugars
and oils gave the best demonstra-
tions OF group strength. Speciaities
showed mixed changes, strength of
stock) and Loose Wiles Biscuit be-
Ing counteracted by the heaviness of
United Fruit, Chicago Pneumatic
Tool and Reynolds Tobacco B.
Rail stocks developed new lead
ers in AtchisoE, which established
a record 1924 high at 103 IL, and
Union Pacific. which closed nearly
:. points higher at 1873 Sd. Strength
of Atchison was based on the pos
.ibiity Of a special dividend distri-
button at the July meeting Of the
board of directors. Union Pacific
was bought on speculative expecta-
lions of special distribution from
the extensive holdings of securities
of other railroads in the Union Pa.
cific's treasury.
Attempts to depress some of the
standard industrial shares were
abandoned when bear traders dis
covered that the floating supply Of
stocks was limited. United States
steel common moved within an area
Of one point, closing half q point
higher at 81. Baldwin advanced one
point TO JOS and American Can and
Studebaker improved fractionally.
Reports Of a small advance in the
price Of navy gasoline in the mid
continent district was generally held
to be Responsible for the late rally
in the oil shares, Marland assumed
the leadership OF that group, closing
at - IL for a net gain of / IL
points, while Pacific. Pan-American
+. Atlantic Refining. General AS
phalt, Mexican Seaboard, and Hous-
ton closed point or SO higher.
Further liquidation OF Congoleum
sent that stock down > points to, (.
new low record for the year at
- IA, but it rallied later to "a sd.
Philadelphia and Reading Coal and
Iron was again active, showing Il
small fractional loss on the day as 4.
result of extensive profit-taking.
call money opened at = Ia per-
cent and then eascd to ). where IT
closed. The time money and COM
mercial paper markets were quiet
with no change in rates.
Chief interest in the foreign ex-
change market centered in the fiuc-
tuatiou of French francs. which
mand sterling held fairly steady just
under SAG L.. Other currencies
showed only nominal changes.
Seeking an outlet for its current
plethora OF funds. Wall Street turn
cd today to buying OF investment
railroad securities. prices of which
advanced substantially in quiet trad
ing. taking reduced yester-
DAYS sharp gains in Liberty bonds.
and uncertainty as to whether the
bonus bill veto would be sustained
turned the buying movement away
from this list into other sections Of
the market.
Early in the Gay. however. two
Liberty issues, the y LIS ana thlrd
4 Ids, achieved new top prices for
the year. Failing to hold at these
levels. they closed the day with net
losses along with other L. S. gov
eminent obligations.
Marked heaviness developed In tho
st. Paul Railroad liens on revival
Of speculative selling. The fours of
1879. the convertible LIS, and the
debenture IS all lost ground. Other
speculative raj. issues with the eN-
ception of Norfolk and Western
convertible 6s. were firm.
Coincident with reports OF another
Swedish loan moderate activity de-
Neloped in Swedish bonds. which adj
vanced a point. Easy money con-
ditions. it was said. might influence
the country to do additional borrow
ing at this time instead OF waiting
for the maturity of $1O.OOO,O0O
short fern credit recently arranged.
Absence of many bond dealers
and traders on their annual outing
tended to restrict the volume of
trading today and accounted for
tagging interest in investment circles
generally.
Total bond sales. par value. SILL