Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-05-06
FINANCIAL. NEWS "
NEW YORK MARKET
e...ures Of the Days Dealings in All
the Leading Stocks

New York. May Stock prices
-avsS irregulariy higher In today's
MT market. Strength and activ-
~ If a number Of popular indus
.sia,s and specialties, particularly in
he motor, chemical and equipment
.ro,,ps. Indicated q resumption OF
ssnni operations which undoubtedly
IA been inspired by easy money
rssss and relatively high current
Earnings of number Of these COM
@Pnbiicatio Of government statis-
n.s showing q large increase In
sssoline stocks In April was followed
~ heavy selling Of the oil shares.
Itisntic Refining broke three points
"a fo7 Ia and losses Of point or 50
were made by Marland, Pan-Ameri-
can "B," Cosden, Houston. Phillips
psfroleum and Pacific, but all made
GOOD recovery from their low prices
Z" pre,ident Coolidge's veto Of the
INV success Of the German coalition
government supporting the Dawes
nian for reparations payments were
Generally regarded as constructive
esctors Several brokers reported
that a number Of stocks appeared to
hs in the process Of accumulation
and that there was marked alb
sence of the general selling pressure
that has characterized some Of the
recent markets.
Heavy buying Of Studebaker (old
.tock) which closed 1 IL points
higber at SIS IL, was attributed to be
for the account Of trader long
prominent in the motor industry.
further confirmation Of a slackening
in the motor industry was furnished
nv the preliminary report Of General
Motors April sales which showed a
substantial reduction below the
same month Of last year.
Colorado Fuel was again active
and strong touching new 1924
high at AZ $-4, but slipping back
. later to 40 is, where it was up
/ 1-8 points on the day. Dawson
chemical closed nearly three points
higher at So and Congoleum showed
a net gain of 2 5-3 %, Al as.
Indications that leaders Of the
tohacco Industry were working on
The constructive side of the market
were seen In the activity and
strength Cf the tobacco shares.
Schultz Retail Stores touched 106
nnd then dropped back to 104 SIS, up
2 is, and Tobacco Products closed
about a point higher.
Establishment Of a new 1924 high
at As "a by Pere Marquette in the
lace Of Official denials that any
change in dividends was contem-
plated, revived rumors, previously
denied, that Henry Ford was seek
ing control OF the property. Atlantic
coast Line closed points higher at
Il Do 81
IA.
Gail money ruled unchanged at
. l-2 percent. Time money rates
seemed to be en- the down grade,
many borrowers being unwilling to
pay more than percent for 80 and
30 day loans with lenders holding out
for 4 IA. The long dates were
quoted 4 IA percent bid and 4 IL
percent asked. Prime commercial
paper continued steady at 1-2
percent.
Foreign exchange rates showed
little change on quiet trading, de-
mand sterling eased slightly to
around $43S IA and French francs
were quoted around G.45 cents. Bel
glan francs broke about Z 1-2 points
to 52i IL cents.
Bond trading activity slackened
pcrcCpuDly To-Day, with prices OEllt-
Ing irregularly lower, profit taking
tendencies dumped speculative en-
thuslasm, traders reported. and diff
fculty was encountered in meeting
the public Investment demand be-
cause the market had been swept
almost clean of high grade securi-
ties with attractive yields.
The result was IA steady diminu-
lion of buying, despite the continu-
ance OF easy money, and individual
movements supplied the only feat
ures Selling pressure as related
to the Wilson and Company issues
today, reflected the continued UNI
oasiness over the company finan-
cling plans. New prices for the year
were established by all issues the
convertible Us dropping 2 points to
81 and the 12s / 1-2 to SO 1-2.
Rogers Brown Is, which several
weeks ago sold as high us 85, broke
E points to 20. and Virginia Caro-
lima LIS with warrants dipped to
a new minimum figure at 80 liz.
Liberty bonds were firm in quiet
trading with the third LIS reach
ing a new high price for the year at
100 22-32nds. French issues also
gained moderately in response to
the success OF the Dawes plan in the