Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-11
FINANCIAL NEWS W
NEW YORE MARKET
Features of the Days Dealings in All
the Leading Stocks

New York. Jen. 16-Stock prices
displayed a firm undertone today
despite an unusually large volume
of profit-taking and bear selling in
various sections Of the list. partic-
ularly in some of the motors. GEM
icals and tobaccos. Bullish demon
STATIONS again took place in a num-
Der of the low priced oils but with
the exception of Missouri Pacific
preferred. which closed two points
higher. the gains in most cases were
materially reduced or cancelled in
the afternoon realizing sales.
Operators on the long side were
favored with series of favorable
trade developments. These includ-
ed an increase in the untitled orders
of the United States Steel Corpora,
ton for the first time since last
March, higher lead. zinc and crude
oil prices, a further decrease In
crude DOLL production. over night an
nouncement of the Ray-Chino Cop
per merger and low money rates
call funds being available at -four
percent for the first time since
October so.
Apparent proof of reports that
there has been heavy European buy
ing VI <AhACllSall SCSdilliCS was SSNl
in the brisk demand for dollar bills
in London which sent demand ster-
ling down 1 IL cents TO $427 is
French francs slumped points to
4.S3 IL cents another new low
record for all time. despite the rails
ing of the bank of France discoun,
from to ) IL percent which was
construed here as an attempt to
strengthen French exchange. jap
aEese yen sold at their lowest price
in ten years in further reflection OF
tire heavy imports necesitated by the
ravages of the recent earthquake
and uncertainty over the political
situation engendered by the recent
cabinet crisis.
United States Steel crossed PAL
on the tonnage announcements bu,
fell back later to 99-5-S where il
was off Is on the day. Indepen-
dent steels made a better showing
Gulf States rising ] IL points and
Crucible and Republic. one each.
Some good gains were recorded
among the food, equipment, rubber
and oil shares. Corn Products
climbed nearly = points to 1871. the
highest on record, and then eased
to $50 IL. Baldwin and General
IalCNli ItloNSu up
Goodrich Tire preferred adv. need
Goodyear common. l each.
Quick absorption of the St Paul
bond issues was regarded as an in
dication of banking confidence in
that road. the stock isues making
further progress on a large turn
over. Recent strength of New Ha-
ven was associated today with re-
ports that the New York Central
Railroad was negotiating for its
New York. Ontario and Western
stock. Rock Island crossed % on
an initial outburst Of buying but
forfeited a large part of it's gain
later.
The sharp break in United States
Cast Iron Pipe was traceable to I'M
confirmed reports that the stock was
being Disseminated against as loan
collateral. 1t dropped from 81 rs
10 % rs. closing : points above the
low price for net loss OF is
points. Schultz Stores broke nearly
> points and Tobacco Products | Is
United States Idustrial Alcohol, AM
erican Can. Great Northern prefer
red and Mack Truck all dropped q
point or more.
SNil oppSIitO al = III dllU
then eased to 4. Time money still
was on 3-4 basis with business
quiet.
Trading in bonds again today was
quite active and GU Il broad scale
Prices, however. reacted some after
the first three hours due to some
profit taking.
While the flow of reinvestment
funds was credited with the major
influence. bankers were of the opin-
ion that the ready sale of the st
Paul Issue of S14000,0O0 bonds
played a part in stimulating the
buying. st. Paul issues again were
strong due TO the announcement
that the present financing would
cover the roads 1924 requirements.
While the bulk Of trading con.
tinued in the railroad group the ac-
! tivity extended also to the foreign
group. and both industrials and pub.
lie utility company bondss display
ed fair strength.
Buying of the American govern
ment bonds continued in fair vol
ume with moderate advances in all
active issues. Bankers probably
will make public offering tomorrow
of an issue of S10.JOO.000 Standard
Gas and Electric Convertible 6 lbs
at a probable price around 93 IL.
Total bond sales par value. $16
20G, 900