Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-04
Financial
NEW YORK. MARKET
Features OF the Days Dealings in All
the Leading Stocks a.

New York, Jan. 3.-Professional
SPECTATORS for the decline. taking ad-
vantage of the heavy realizing sales
by traders who deferred converting
their paper profits into cash after
the turn of the year, succeeded In
bringing about sharp reaction In
today's stock market, net losses in
astive issues ranging from fractions
to Ia points. Oils. equipments ana
steels were the hardest hit among
the standard industrials with sharp
breaks also taking place in such
specialties rs Dawson Chemical and
Dupont off Ia and 8 3-S points,
respectively. The selling was con-
Quoted lin the face of several favor
able trade developments including
another reduction of $500 barrels
daily in crude oil output, an increase
in gasoline prices in Ohio. higher pig
iron prices at Chicago. reports of in
creased copper consumption and low
err rates for call money.
Weakness of the foreign exchanges,
which is reported in some quarters
to have Influenced the local selling
of securities, is regarded in some
quarters as a bullish factor on the
theory that 1t would tend to send
European funds to this center for in
vestment. French francs sank to q
| new record low of ASS cents at the
| opening in response to heavy selling
of francs bills abroad, but made par
| tial recovery before the close. De-
mand sterling rallied from a low Of
| s4.26 IA at the opening to above
| Si.2S IL Most of the other prin-
cipal exchanges showed small recess
| sions on the day.
Selling on the stock market was
\ ia a.~,. NN@o
| common, which had been pushed up
above par on the last day of 1928. The
| stock was forced down nearly a point
| today to 90 Is. Bethlehem slipped
back "a to SO. Selling of these is
sues brought about liquidation in the
| general list, recessions of a point or
so being quite common before noon.
| Improved buying came into the mar
ket later and the general list showed
n tendency to firmness when heavy
selling broke out just before the close
in the Pan American issues on re-
ports of 4 sharp reduction in earn
ings resulting from the steady decline
of Mexican light oil production. Pan
American \ and b dropped nearly
five points each to 81 and Sc. res
pectively, making q feeble recovery in
the final sales.
Losses of | to nearly points were
recorded by Baldwin, American Loco
motive, American Can, American
Smelling and Refining, Corn Pro-
ducts. Pacific Oil. Producers and Re-
finers. Phillips Petroleum. Pure Oil.
Jones Brothers Teas. Schultz Stores,
Philip Morris and Continental Can.
Good buying developed, however. in
Consolidated Gas. L. $. Cast Iron
Pipe. Stewart Warner Speedometer
Central Leather preferred. Cuyamel
Fruit and International Harvester
the gains ranging from to 4 points
Trading in rails was sluggish NJ
times although marked progress was
made by some of the southern and
northwestern carriers. Southern Rail-
way, Seahoard Air Line preferred
Louisville and Nashville. Chicago and
Northwestern. the Rock Island pre-
ferred issues and Texas and Pacific
all closing point or so higher. Elk
press shares also were strong.
Call money opened at IA pei
cent. eased to 5 and thence to "a
. rejecting the return flow of fund.
withdrawn from this center by in
terror institutions to meet year-enC
payments. The time money ant
commercial paper markets were Quie
with no change in rates.
Strength and activity of foreign
government bonds in the face of de.
clining foreign exchanges featured
today's relatively active bond mar.
fet.
In some quarters purchase o
French and other continental bonds
was construed as rebuying Of secur
tiles sold during the latter port o
1928 for income tax loss purposes
Some of the French municipal
gained more than point today.
While some of the high grade in
vestment railroad mortgages wer,
easier generally railroad securities al
well as the bonds of public utilities
. and domestic industrial companie
met good support at slightly highe
levels.
In the industrial group selling wa,
largely confined to the tobacco, cop
per and steel company liens. Will
,, the buying covered numerous uti
Titles. some of the oils and chemi
Gals and a wide assortment of spec
. iai'" company mortgages.
Compilation of 1923 bond transac
tons on the New York Stock Elk
change disclosed n total par value o
s2.759.641 900 as compared with s4
0SS,973,000 in 1929. a decline of cd
proximately 80 IL per cent in vol
ume.