Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-03-29

tablished by U. S. Steel comon at
81, American Can at l02. Baldwin at
lis and Studebaker at 81 Ia but all
made a good recovery from their low
prices of the day. Some bad breaks
took place in issues fer which there
is Thin" market. Buffalo and
Susquehanna dropping 80 points to
95. Fisher Body Ia to 206 IL,
Kelsey Wheel IA to so 3-4 AID
General Cigar preferred 5 ga to
101 Ia.
Corn Products dropped from II
1-2 to ISL Ia and then rallied to
1853 "a on the announcement of the
dividend.
Oil shares moved up with the rails
in the early dealings in further re-
Election of another decrease in crude
oil production. but they fell back
| with the rest of the list in the selling
which engulfed' the market soon af-
ter the noon hour.
One of the few stocks not affected
by the late selling was international
Harvester which closed at So for a
net gain of = points on the day.
South Porto Rican Sugar was one
! of the few other stocks to close at
net gain Of a point or more.
The early advance in the rail group
wester which touched So and then
! fell back to 81 IL or l IL above
yesterdays close.
! Call money opened at 4 ga per
cent and then advanced to 5 where
| it closed. Time money rates were
unchanged. the shorter maturities
commanding 4 1-2 per cent and the
| longer dates 5. Prime commercial
paper was unchanged at 4 ga per
1 cent.
Another sharp gain in Spanish
peSetas to 1880 cents, a new high
| record for the year. was the feature
| of the foreign exchange market
4 Strength of Spanish exchange is be-
/ lieved to he due to the restrictions
! imposed by the Spanish government
European rates held firm. demand
sterling ruled around $3.50 and
| French francs around SAT cents.
Bond prices held relatively firm In
| dull trading today. with profit TAX
| ing interrupting the advance in St
Paul Railroad issues. despite realiz-
ing sales of the roads As of 1925 and
the refunding LES. there was
Switching" operations into the con-
vertible 4 1-2s which carried these
liens up to a new peak price of the
year at 65.
! In the absence Of any definite price
trend. the principal constructive fac
tor in the investment market was
the ready absorption of new bond
issues. With subscriptions for the
sS5.0O0,o00 Western Electric deben-
| ture IS running above S150.000. 00C
| allotments were made on a basis OF
about per cent. Books were closed
almost Immediately on the 100000
600 Cleveland Union Terminal SIS, Of
| fering of these bonds at 81 brought
realignment in the price of a pre-
vious issue listed on the stock ex-
change which had been sellirg about
point higher.
Inauguration of interest payments
on several issues of the $500,000,00G
of bonds involved in the MeXio an
debt agreement had teen discounted
largely by Mexican obligations, but
fractional gain.
! most part were narrow. p break of
8 points occurred in Norfolk and
Western convertible IS. following a
decline in the stock and a sale of
Cerro de Pasco SIS was made at a
loss of 1-2 points.
Total bond sales, par value, s10.-
10000.
Total stock sales 9ss,2oo shares.
20 i1dustrials averaged 93.37, net
loss %.
High 1924. 1924: low 1887.
20 railroads averaged 1892; net
loss "a.
High 1924, $3.50; low s2.74.