Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-05
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, April 4-Constructive
forces were at work in tOdayS more
active stock market, continued
strength of the railroad shares bein
accompanied by bullish demonstra-
lions in oils. steels and public util-
tiles. So brisk was the demand for
railroad shares that the average OF
20 leading stocks established new
high record for the years.
Operations on the long side, while
more aggressive than on any other
day this week. were restricted some
what by the apparent disposition Of
several large operators to await pub
LEGATION of the Dawes report and
senate action on the tax reduction
bill before extending their commit
ments. Short covering, apparently
based on the belief that the recent
reaction had been overdone, was par
ticularly noticeable in the indus
trials.
United States Steel common eros
sed par for the first time since the
middle of February, closing / IA
higher at 100 3-S, it's price of the
day, despite predictions that the
tonnage statement for March to be
issued next week would show a re-
duction in untitled orders. Gulf
States Steel advanced l ga and
Crucible l IL, the other indepen-
dents improved fractionally.
Buying power in the railroad
group was we'll distributed, New Or
leans, Texas and Mecixo touching a
net high for the year at liz. Big
Four jumped nine points and
Omaha ga while Rock Island, Erie
first preferred, Delaware and Hud-
son Western Pacific preferred and
Wabash preferred B advanced l to
, IL points. Southern Pacific, the
strong spot yesterday, dropped back
more than a point on realizing sales.
Oils were bought on reports that
consumption was rapidly overtak-
ing production, gains of a point be-
ing recorded by the Pan American
issues, Houston, Standard Oil of
California, Mexican Seaboard and
Phillips. Strength of Utah securi-
ties, which jumped more than 4
points to IS IA, featured the public
utility list.
Buying of Marine preferred was in
expectation of benefits likely to &C
crue from the increase in freight
rates from United States ports, which
will be put in effect May l by Euro
pean shipping companies. Declara-
ton of the regular dividend on Unit
ed States Rubber first preferred
which previously had been reported
in danger, resulted in that stock be-
ing pushed up more than points to
So IA on active short covering.
Call money opened at percent,
advanced to / = and then to when
an increased demand developed for
funds over the week END. The ruling
rates for time money and commercial
paper were Il percent.
Foreign exchange trading WAS
quiet. Demand sterling held fairly
steady just above $3.50 and French
francs ruled around 8 "a cents.
Spanish pesetas jumped SO points to
1887.
Under the leadership of the New
Haven issues, railroad bonds staged a
spirited rally in todays active trad
ing. lmproN ement was general in a
variety of liens, with the average of
high grade investments showing the
best Gain for the day.
Ten ot the New Haven mortga ges,
number of which ordinarily are in
active, were dealt in, with unusually
brisk activity in the five leading is
sues which advanced l to points.
Buying was based on the announce
ment of h. j. Pearson, president Of
the road, in his annual report to
stockholders that plans were under
consideration for retunding or eX
tending maturing obligations.
Investment buying of railroad
stocks also was accompanied by a
wide inquiry for bonds, reflected in
rising prices Tor Denver ana Rio
GIande issues, International and
Great Northern 6s. Erie general is,
Great Northern IS and Northern Pa
cific As. Wickwire Spencer Is re-
covered an additional three points
and copper bonds displayed Contin-
ued improvement.
Huge transactions in Liberty
bonds. including the turnover of two
100000 blocks of the fourth las.
were credited to institutional buy
ing. Prices in the government list
generally tended to be lower.
Reports were current that the
Pennsylvania soon would enter the
market to borrow $4,000 900 for con-
struction of a new Philadelphia ter
minal. Offering is expected next
week of $5,0U0000 Pennsylvania
Electric Corporation 6 IL percent
debentures.
Total bond sales, par value, $14,-
512 900.