Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-23
NEW YORK. MARKET
Features Of the Days Dealings in All
the Leading Stocks

Features Of the Days Dealings in All
the Leading Stocks
New York. Apr. 22.-Reactionary
price movements again predominant
ed in today's stock market as bear
traders successfully uncovered weak
spots in various sections of the list.
Fifty-two stocks established new low
prices for the year, including Stude-
baker at 81 IL, Baldwin at los and
American Wooden at 62 3-S, but
many OF them made good recoveries
from their low prices of the day.
Short covering operations which
were under way just before the
close. particularly in the steel shares.
apparently were inspired by the con-
structive Interpretation placed by
many traders on President Cool
idge's address before the members
of The Associated Press and the
failure of short interests to bring
about heavy forced liquidation.
Marked strength of British and
French currencies, which touched
tracted considerable interest in the
financial community. Re-opening of
the European markets after the pro-
longed Easter holidays witnessed a
sharp rise in exchange rates abroad
which was Immediately reflected
here. Demand sterling moved up
two cents to above $4.35 and French
francs scared more than 40 points
to around e ga cents. japanese
yen broke below 40 cents to a new
low and Dutch guilders dropped
| about 10 points. other changes be-
ing OF little Importance.
Copper shares held relatively firm
throughout the session in further
reflection Of speculative belief that
an decreased foreign demand for the
red metal will materialize in the
near future as result of the rapid
progress being made toward a get
Element o. the reparations problem.
Steel shares showed good recupero-
| tive powers after an early period of
| heaviness.
| Weakness Of a number Of the oil
shares which resulted in Marland
and Standard of California touching
new 1924 lows was attributed in
some quarters to reports that er-
forts were being made to bring about
n downward readjustment of crude
prices in an effort to discourage ex-
tensive drilling operations now in
progress.
Textile shares were freely sold on
reports of further curtailment of
production in some of the New Eng
land mills. American wooden was
hammered down to e. 3-S but it
rallied later to 63 IA. where it was
off = points on the day.
| Some of the stocks which made
good recovery from recent heaviness
were Coca Cola, Colorado Fuel and
Iron, Cuban-American Sugar. Will
son and Company and Van Raalte
preferred.
With the exception of Baltimore
and Ohio. which recorded another
new low for the year at 81 Is, most
OF the active rails displayed a firm
tone. Gains of point or more were
recorded by Canadian Pacific. Mick
ell Plate" and 800" preferred.
Call money held at four percent
all day. Time money rates were
unchanged with loans up to 90 days
commanding 4 il percent and lend
ers asking "a for the longer ma
turtles The commercial paper mar
ket was fairly active with prime
names available at IL percent but
| the bulk of the business being trans
acted at "a
Despite the predominance Of re-
dictionary tendencies in today's bond
market, new top prices for the year
were established by a variety of
French and u. S. government issues.
The continued decline in stock prices
discouraged buying of all but high
grade investment liens and diverted
additional funds into liberty bonds,
enabling the first and fourth 1-4s
| to attain new high ground above
| par.
Improvement in French bonds fol-
| lowed a 40-point rally in francs to
u ID cents. the highest quotation
since May, 1923. Reports that dan
| ger of disa greement over certain fea-
lures of the Dawes plan had been
removed stimulated steady accumu-
lation of both governmental and mu-
! nicipal issues.
Renewed liquidation of Wilson
and Company liens and various su-
| gar. rubber and chemical issues de-
veloped with the weakness Of stocks.
Although bankers reported satisfac-
| tory progress in the plans to extend
! the Wilson bank loans for six
months. they asserted that no active
efforts were being made to support
! the company's securities. leaving
them open to attack. The converti-
BILE z lbs broke points today and
the first prices yielded l 5-S.
The first of number of impor-
tant railroad equipment issues sched-
uled for early offering to take shape
Is that of the Southern Pacific Com
| pany. Bankers tomorrow will sell
$17.64O,OO0 one to Is year 3 percent
| certificates at 90 IL to yield an av-
erage of sos percent for all maturi-
ties. The Union Pacific and New
York Central Railroads are said to
be contemplating somewhat larger
equipment offerings. Preparations
also are under way for an offering
Of about $5,000,000 northern states
power bonds.
Total bond sales, par value, $12.-
$3.50, 0c0.
Total stock sales S62, 900 shares.
TWENTY industria1s averaged