Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-12
FINANCIAL NEWS W
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Jan. 11.-Encourage
| by the decision of the house Repub-
licans to take early action on the
! tax reduction bill, professional OPP
| orators resumed their campaign for
| higher prices in today's stock mar
| ket,. the fifth consecutive million
share session. Industrials regained
leadership of the upward movement.
Heavy profit taking took place in
the railroad shares. particularly the
low priced issues, on the circulation
~ elected chairman 81 the senate
committee on interstate commerce.
favored prompt action to lower
freight rates, particularly on agri-
culture.
| An abundance of cheap money.
| which resulted in call funds falling
below percent for the first time
since last September, also aided OPP
erations for the rise. Time money
and commercial paper were quoted
at "a to five percent.
Food. chemical. merchandising.
oil. motor and motor accessory is
sues gave the best demonstrations
| of group strength. Some of the out
standing strong spots were Atlantic
! Refining. Tidewater Oil, Marland,
st W ar t-W arner Speedometer,
Stromberg Carburetor, American
Can. General Asphalt, Willys-Over-
| land preferred, Otis Elevator and
| Sears Roebuck. the net gains rang
| ing from = IA to points.
| Steel shares moved within narrow
! and irregular limits. United States
Steel common again crossed par but
fell back later to 80 81, where it was
up is on the day. Considerable
| interest was aroused by the report
that the floating supply of this stock
| in brokers' hands on December IL
was 1.O4S,31S shares. or 2O.62 per-
cent. a new low record. At the end
, of 1922 the total stock held by brok-
ers was 1,3335.S64 shares or 26.oS
percent of the amount outstanding.
a temporary burst of strength i'll
the equipment group sent Baldwin
up to 1T IS but it slipped back
later to 12G 3-4 for small fraction
al gain on the day. General Electric
duplicated its record price of 200 L..
closing slightly below that figure for
net gain of SIS. Oil shares con-
tinued to reflect the improvement in
that industry as indicated by
steady reduction in crude output
and higher commodity prices.
Sporadic attempts were made
during the day by the short inter-
ests to unsettle the list by Offering
stock freely on the theory that the
condition of the market warranted
at least technical reaction. but
they failed to make much Roadway
except in a few issues like Amer
can Wooden. Tobacco Products.
Iron Products and American Su-
matra Tobacco, all of which declined
point or more. Net losses in the
railroad group were, as rule. limit
ed TO fractions.
Establishment of another low rec
ord by French francs at AT cents
was the feature of the foreign eX-
change market. Demand sterling
eased about half a cent 10 $4.21 l..
Sharp recessions took place in the
| far eastern rates in reflection OF the
| further drop in silver prices in the
local and London markets.
Stimulated by the drop in the call
money rate to ) "a percent and the
continued flow of reinNestment funds
into the market. bond prices moved
slow over broad list in todays
trading on the New York stock eA-
change.
Investment houses reported a big
demand for all classes of bonds. both
from individuals and institutions, the
DAYS sales totalling above S11.OOO,-
600 as compared with about Sl2,0OO.-
600 Yesterday The jump in. the
turnover of American government
liberties was more than double yes
terday's sales. Approximately So
500 900 in those bonds changed
hands today at substantial advances.
Traders reported also big demand
for the three and four months L.
S. Treasury notes to take care OF
excess loan funds.
Trading again was more active IN
the railroad group, more than
score of those issues moving up as
much as a point. Generally indus
trial liens also were higher. but
most of the sales in that group were |
Influenced by the better stock prices.
Public utility company bonds also
were in big demand today, largely
from individual investors.
Bankers said that new bond IS
sues aggregating above $l0O.oOO.tUo
are now under active negotiation but
that none of them is yet ready for
public Offering. There was some
tan, also of another Offering of farm
loan credit notes at an early date.
Total bond sales, par value, $li,-
76S, 5000.
Total stock sales 1,1122.G00 shares.
twenty industrials averaged
91.47; net gain ~:
High 1923. 105.3S; low SJ.1G.
Twenty railroads averaged So4o;
net loss ID.
High 1923, 9051; low 1888.
New York Stock Market