Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-29
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. April 2s-Renewal Of
hear pressure, based on the federal
reserve boards report Of decreased
production and sales Of basic commo-
dities, brought about a sharp reaction
in today's stock market, most of the
active issues showing net losses of
/ to points at the close. The sharp
rally in the closing days Of last week
rad deprive the market Of much of
its technical strength, leaving the
general list vulnerable to selling pres
sure.
United States Steel common was
singled out for attack in an apparent
effort to destrop the hopes built I'D in
expectation Of faorable developments
at tomorrow's dividend meeting, the
stock being hammered down nearly
q points to SO. 1t snapped back at the
close to 99A. off IL. Reports that
some OF the steel manufacturers were
making price concessions to attract
new business also was contributing
influence to the heaviness Of this
group, Bethlehem. Republic, Crucible
and Gulf States showing net declines
OF to 3 points.
Motor shares had another sinking
spell on publication of reports show
ing that sales and earnings Of the
first quarter this year were running
slightly below the first three months
OF 1873. Sudebaker was hammered
10 1874 and then rallied to "a for
net loss of 17s. = Chandler Motors,
Yellow Cab, Stromberg. Mack Truck
and Stewart Warner. closed / to 3
points below Saturdays closing fig
1Ires. Oils failed to respond to pre-
lminary reports that gasoline con-
sumption on Sunday probably was
the largest Of any single day on re-
cord. Pacific, Cosden, Standard Oil
OF New Jersey. Houston, General AS
phalt and Standard OIL of California
we're among the many stocks in that
group to record losses to a point Of
more.
Textile shares continued to yield on
reports of unafvorable conditions.
Americal Wooden preferred and Mum
{ sinewear established new low records
for the year at 97A and say, respec-
tiely. Other outstanding weak spots
included American Can, American
Agricultural Chemical preferred, Du-
mont. Cuyamel Fruit, National Lead,
FISHER Body, Sears Roebuck and U. S.
Rubber first preferred. all off 2 to 5
ponts. One of the features of the
session was a sharp Gun-up in L, >.
cast Iron Pipe issues Just before the
close, the common and preferred es-
tablishns new high records at 9l9s
/ and 9214 respectively, after each had
sold as low as SS34.
Railroad shares held firm despite
the publication of relatively poor
March earnings statements by At
Gibson and New York Central. Nor
folk and Western was the chief feat
IRE of that group. closing about
point higher at 1928 after having
changed hans as high as 1884.
Call money held at 3& percent. Of
feriucs of funds in the time money
market was somewhat larger with the
result that the shorter maturities
were available at Az percent. The
ruling for the longer dates ana COM
mercial paper being 41a9o.
Foreign exchange rates were sight
~ reactionary on quiet trading. De-
mand sterling ruled about hair cent
lower around S43S and French francs
held relatively SHADY lust below oia
cents. Absence of recent pressure
and scarcity Of offerings brought
about a 80 point jump in Japanese
yen to $3.50 cents.
Continued ease in money rates and
the progress 1llaue toNoiu " 'Nf
tons settlement and German loan
brought bout general Improvement IN
bond prices today. Six foreign is
sues. including the Belgian 7las, ser
bian SIS and several FreRch municlna
OBLIGATIONS. established new high
levels for the year.
leadership of the market unques-
tionably fell to the Serbian SIS. when
In rallyins more than a point. SOLO al
new 1924 top price of STA. Inc
remarkable Improvement In Juso-
slavia's financial position in the last
year and the country's desire eventu-
ally 10 do additional borrowing mere
have formed the background for the
rise in the bonds.
Negotiations were concluded today
for n S4.OO0,O00 American dollar loan
to the kingdom of the Netherlands,
marking one of the most important
pieces of foreign financing since the
sale of a bond issue.
In view of the rapid progress belns
made in negotiations for German
loan other foreign borrowers are eN-
q pccted to enter the market before the
larger operation takes place. Among
prospective industrial offerings is