Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-12
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. April 11-Short cover
ing operations apparently inspired by
the news that the reparations COM
mission had accepted the Dawes re-
port, brought about a sharp recovery
in today's stock market after an
early period of heaviness during
which most of the motors establish
ed new low records for the year.
Standard industrials, such as Unit
ed States Steel common. Baldwin,
American Can, General Electric and
United States Industrial Alcohol,
closed at net gains of to points.
Supporting orders in a number of
these issues were in evidence from
the start, further operat tons for the
decline being held in heck by the
growing belief that several issues
had been oVerSold.
Oil shares developed Independent
strength on rumors of another early
increase in crude prices, Cosden, Pa
cific Oil, the American issues,
Houston and Standard Oil of Cali
fornia, gaining a point or so.
Selling of the motors was in fur
Their reflection of alarming reports
of decreased production and sales,
new 1924 lows in this group were es-
ia blished by Studebaker, WHY'S
Overland preferred, White Motor,
Mack Truck, Stewart Warner, Strom-
berg Carbueretor, Yellow Cab and
Chicago Yellow Cab, the two last
named issues breaking about five
points. Fisher Body broke nearly IL
points to $50 is and then rallied to
1913 L.
Sugar shares were heavily sold on
publication of government estimates
showing record world production of
more than 21,000,OO0 short tons.
American Sugar Refining created an
other new record for low for all time
at 45 and then rallied to Al, up l ga
on the day. South Porto Rican
Sugar closed . IL points lower at
80 IL after selling as.low as 81 IL.
Short covering in Tobacco Pro-
ducts, which closed points higher
at 56 after having established a new
years minimum price at So, I'M
doubtedly was Influenced by the re-
turn to this country today of George
Whelan, the principal stockholder,
who declared the outlook for the
tobacco industry this year was very
good. Revival of a demand for Nor
folk and Western. which rallied
about 8 points to 127 IL on rumors
of special dividend developments,
was the feature of the railroad list.
ollleI active Shares III lIldC group
displayed a firm tone.
Call money held steady at 4 IA
percent all day. Time money and
commercial paper rates We're I'M
changed, the bulk of the business be-
ing done at IL percent.
Foreign exchange trading was quiet
with the principal rates fluctuat ting
within a narrow range. Demand
sterling held fairly steady just above
S4.33 and French francs were quoted
just below six cents.
A late rally in the bond market,
apparently prompted by the alacrity
of the Preparations commission in ac-
ceptng the Dawes report, today
carried some of the French and 9TH
er foreign government issues into
new high ground for the year. The
movement, coming after a period of
hesitating prices and dull trading.
was too late, however, to countera ct
the general downward tendency.
With the return of the French
franc to above six cents, French re-
public SIS touched a new top price
for the year at 80 Ia and municipal
obligations moved up briskly on
fresh buying. Danish municipal SIS
advanced 2 IA points and Bolivian
SIS reached a new 1924 high at 80.
Several domestic issues shared in
the late recovery. Punta Allegro
Sugar IS recovered a point in the
face of increased selling pressure
against a majority of sugar stocks
and bonds, some of which esta blish-
ed new low levels. A renewed de-
mand for United States treasury is
sues carried the MELONS" up to a
new high figure, 2 5-32s above par
A break of 4 IL points on Wilson
SNffL l. other pnysa nssteltunlie
Il 12s and weakness in the COM
pany's other liens unsettled the in
dustrial list. Rubber, sugar and cop
per company bonds generally lost
ground.
Oversubscription of the New York
State $45,000.000 bonus bond issue
and ready sale of the 100000
Pennsylvania Equipment certificates
were interpreted in bond circles to
,, mean that the underlying position OF
the investment market is unusually
sound
Total bond sales, par value, So
Si4 900.
Total stock sales, 1,006.500 shares
Twenty industrials averaged 92.33;
net gain 80.
High 1924. 1924; low 1854
Twenty railroads averaged S1.S3;
net gain .5S.
High 1924. $3.50; low SIPS.