Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-29
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NEW YORK MARKET
Features OF the Days Dealings In All
the Leading Stocks

BV0BOTOy 0u BUO S4y 0W0uD08 tb SNss
the Leading Stocks
New York. May 2S.rStock prices
drifted aimlessly today as the ap-
proach of the extended weekend
holiday dulled the edge OF trading.
Price changes were narrow ana un-
important with accumulation OF
high grade investment issues being
Offset by profit taking operations
among speculative groups. Total
transactions. slightly exceeding 4Oc,-
600 shares. were the smallest OF any
full day session this year.
The tendency of professional trad
ers to await final disposition OF the
tax measure now before the Presi-
dent before extending their opera
tions was further in evidence today.
Expansion of trading also was dis
couraged by reports from Washing
ton that certain senator's would
make a determined effort to prevent
adjournment of congress early In
June.
High grade public utility issues
gave the best demonstration OF
group strength. Unfavorable April
earnings by most Of the railroads d.
verted the small volume OF current
investment buying from these stocks
into q better class Of utilities. Amer
lean Telephone, North American.
philadelphia Company, and Market
Street Railway issues scoring mod
crate gains. The latter's second pre-
ferred shares advanced six points to
20 on a small turnover.
The uncertain tone of the weekly
steel trade reviews furnished little
stimulus for buying of the steel
shares, most of which moved frac-
fionally lower. While the rate OF
decline in production was less pro-
nounced this week. little hope was
held out for an early change In the
situation. Gulf State Steel declined
! Is to 63 rs. but losses In U. 8.
Steel. Bethlehem and Republic were
confined to fractions.
Failure OF Pennsylvania Railroad
directors to announce any action on
an expected offer to Norfolk and
Western for lease OF the road
for a controlling interest threw
large blocks of the latter's stock
on the market in the final hour.
From q high price of 126 If
reached early in the day. the shares
tumbled to To- 5-S, closing l "a
points net lower on the day. Scat
tered selling of other rail issues was
induced by the continued flow OF
poor April earnings statements. but
the decline in st. Paul stocks was ar
rested, the common scoring a mod
crate gain.
A llstless trading session in the
foreign exchanges resulted from the
Intermittent flow of an unusually
small volume of orrers into the mar
ket. Price changes were extremely
narrow. French francs moving only
a point lower to 5.35 IL cents ano
demand sterling sagging 3-S of a
cent to around $4.33 IL.
Call money. after opening at 3 IL
percent. dropped back to 3 percent
early in the day and held at thar
rate until the close. Time money
was dull at the prevailing rate of 4
percent and prime commercial paper
was quoted from Ia to 1-2 per-
cent.
Bond prices drifted irregularly
lower today, with a number q rail-
road and Industrial liens falling to
the years lowest levels although in
vestment buying buoyed up the pub
lie utility list. Price fluctuations
widened in contrast to the extremely
narrow changes In stock trading.
Dissolution OF the banking syndi-
cato which offered the new Swiss
government 5 lbs last month.
brought heavy liquidation of these
bonds and the price broke points
to "a 1-2 as large blocks were
thrown on the market. The $780,
OOO, issue. which was sold to pro-
vide funds for the purchase OF grain
in this country. was reported fair
~ we'll distributed and today's move
ment was described as natural re-
adjustment.
The interest OF investment circles
was monopolized by the announce
ment that bankers tomorrow would
offer $50, 100000 Baltimore and Ohio
Railroad q percent refunding ana
general mortgage bonds, constituting
the first step in q $50. 0O0.OOO re-
funding program. The bonds will
be priced at par. The keen demand
for railroad issues was shown by the
fact that S2O,0OO.O0O big Four" Of
fering was three times over-sub-
scribed.
Conflicting price movements
marked dealings in several groups
today. st. Paul convertible obliga-
lions declined = to 3 points. while
other of the roads issues made mod
erAte Improvement. Losses OF ! to
4 points in Iowa Central 5s. Vir-
ginia Carolina lbs. Cerro de Pas
CO IS. Keliy-Springfield IS and the
Wilson issues were partially offset
by gains of / to 3 points in Wick
wire Spencer Is. New Orleans. Texas
and Mexico income IS, Erie converti-
BILE Is. Derry Is. Chicago Railway os
and Public Service OF New Jersey os.
Liberty bonds were steady.
Total bond sales. par value. $1l.-
$4,000.