Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-06
NpU
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, April 5-Stock prices
made further recovtry from their re-
cent heaviness in today's more active
market despite another attempt by
short interests to unsettle the list by
attacking the railroad shares.
Publication of additional favorable
earnings reports by large industrial
companies easier money rates and the
circulation through the financial dis
trict of an optimistic forecast of
business conditions, by Secretary of
tho Treasury Mellon, all contributed
to the more cheerful sentiment of
professional interests but the lag
sardness of United Steel common
and the continued heaviness of Union
Pacific induced a cautious attitude
ON the part of the outside public.
Equipment shares were heavily
bought on reports that railroad exc
cutives, meeting here, had planned
heavy purchases of rolling stock in
the next few months. Baldwin and
American Locomotives each advanced
2I points and General Electric PA.
Air Reduction also was pushed up
nearly 3 points.
Sales of more than 100000 bags of
raw sugar at SIS cents a pound re-
vived speculative interest in the sug-
al group, Punta Allegro. South Porto
Rican and Manati jumping more
than 3 points each while Cuba Cane
preferred advanced ga, and Cuban
American and American Il. each.
Some of the independent steel
shares made good response to re-
ports of record breaking pig iron pro-
duction last month, Gulf States lead
ing the list with gain of 2A points.
Republic and Crucible each advanced
more than a point and United States
Steel closed Is higher at 1861 but
the Bethlehem issues were slightly
reactiOnary.
The renewed attack on rails was
rather surprising in view of the I'M
precedcntcd March traffic returns,
extreme losses Of to nearly points
being registered on the break by ST.
Paul preferred. Great Northern pre-
ferred. Baltimore & Ohio. Northern
Pacific. Southern Pacific. Union Pa
cific and Chicago Northwestern, but
ell made partial recovery before the
close.
Virginia Carolina Chemical issues
received another bad setback which
sent them to new low figures for the
year. the common showing a net loss
of IA and the preferred. 8 points.
American Can, American Water
Works and the Market Street Rail-
way issues We're among the con-
spicuous strong spots.
Call money opened at Az per cent.
but dropped to just before the
close. The time money market was
somewhat easier. brokers bidding ol4
and bankers asking 512, with loans
for virtually all maturities arranged
at the latter figure. Commercial pa
per was moderately active with no
change in rates.
Trading in foreign exchanges was
rather quiet with the principal rates
exhibiting a firm tone. French francs
advanced ) points to $50 cents and
de mand sterling held steady around
$4.663s. Brazil milreis dropped 1910
cents. a new low, and then snapped
back to 1925.
Marked strength OF sugar company
liens. the Punta Allegro IS rising D
points and market Improvement in
the active L.. S. Government issues
were the features of today's bond
dealings. Foreign bonds also dis
played considerable firmnesS. Rail-
road mortgages and industrlals were
irregular.
Eastern Cuba sugar ~ followed
the Punta Allegro IS. with a gain OF
Ia, points but the Cuba American
Sugar Sc fell behind. closing down
fractionally. Briar Hill ol2s, up rs.
made the only gain among the steer
MORTGAGES. Cerro de Pasco IS and
Wickwire Spencer IS each losing IS
roints. Other losses in the Industrial
croup included Union Oil of Call1of-
mia is one and LiGgett & Myers os.
is.
changes among the railroad mort
cages we're small and unimportant
for the most part, Hudson & Manhat-
tan refunding % gaining a. ana
Illinois Central RefundinS As beng
off a point. fractions were IN sup
PIX. Brooklyn Rapid Transit IS losing
point.
Foreign government bonds were In
fair demand. Brazil SIS gaining n
point and the 1l2s. IA. Most or the
European issues were up fractionally.
Gains among the L. s. Government
bonds ranged from 2-32 to 9-32 OF a
point. 49,,
Total sales. par values, were s12,-
096 900.
The Canadian Pacific Railroad an
nounced it would pay off an issue or
So. 600. 900 per cent. note certlflcates
in July about months in advance OF
maturity.