Daily Kennebec journal., 1924-04-03
FINANCIAL NEWS w
NEW YORK MARKET
,...ure, Of the Days Dealings in All
the Leading Stocks

Nssered Ns further Improvement to-
; hut trading continued In rela =
~, small volume. Professional
a. traders, apparently discouraged
their recent failure to dislodge
I've for covering purposes, sus-
~dad their attacks while opera
ans on the long side were Of a
l,hsr cautious character.
fBuIllsh sentiment undoubtedly was
ssted BY the brighter prospects for
rJv action by the senate on the tax
dmction bill. Speculative expecta-
that the market will make q ia
hla response to the Dawes re J.
ers which probably win be made
,hi,c at the end of the week, was re-
.ctsd & in the strength Of stocks likely
horeft by an amicable settlement
the troublesome reparattons prob
'pevIval Of interest in the copper
.ares was based on prospective
,r,nr orders from abroad. Ameri-
Smelling was tho leader Of this
nun closing nearly 2 points higher
si Most of the others improved
aetionally. American zinc issues
3ere strong.
|Gneculative interest In the railroad
konn was divided between the Erie
M 81. Paul issues. buying of both
k,rg predicted on large current
frnfngs. St. Paul preferred touch
1 a. new high for the year at 30 IA
j Ie Erie common and first pre-
15sed approximately a point higher
25 "a and 35 5-8 respectively.
ther strong spots in that group
Ere Southern Pacific which climbed
[a-4 points to 80 and Northern Pa
tc and Chesapeake and Ohio, each
which advanced about a point.
feteel shares rallied slightly on
lblcation Of weekly trade reviews
timating that March ingot produc-
[nn would equal that Of last April,
N peak month in 1923. u. s. Cast
4 N Pipe rallied 2 1-2 points on
sort covering. Studebaker moved
n IS on President Erskine's
kternent that the company should
In the $40 dividend this year with
|b0 percent margin to spare.
k;eneral Electric climbed more
I'm 8 points to 223 IA. despite Of
La denial that there would be any
bck spit-up. Reynolds Tobacco
4 one OF the weak spots yesterday.
filled more than 3 points. Marked
Enforcement also was registered by
her tobacco shares. Oils held firm
a hthe greatest activity in the low
Heed issues, particularly Trans
influential, Skelly, and Superior.
Ming of the last named being based
4 reports of Increased operations.
Ehmerlcan Telephone rallied anoth-
III IL points to 1875 "a.
kall money opened al 4 1-2 percent
In dropped to four after noon. Lit
y d change was apparent in the time
bncv market. short term loans rul-
"a at IL percent and the longer
6turties at ga. Prime COM
frclal paper was unchanged at
IL
Establishment of new high records
n French and Belgian francs. the
fmcr crossing six cents, featured
a foreign exchange market. Profit
King was noted. however, in the
Eian, Swiss. Spanish and Scandi-
Isian Currencies.
Responding to lower money rates
U reports that senate action on the
y reduction measure would be ex-
bted bond prices displayed mater
J improvement as trading expand
today. Liberty bonds, in which
IRE was n revival of activity, led
standard investment issues into
kher ground.
{rho rally OF the French franc to
|Cve cents stimulated buying OF
9nch bonds, the governmental So
&nincd new high level for the
pr at 90 and most of the munich
y issues registered substantial
bus. Other foreign obligations
G2 firm.
ETh eight point break in Wickwire-
Tncer Is was attributed to specu-
ivc activities. With a narrow mar
u prevailing in the bonds, a rela-
&ly small volume of offerings
fuwn on the market toward the
pSe was sufficient to depress the
NE at one time to 81. Officials or
j company said that interest re-
iTments had been more than earn
&ir 1928 and also in the first quar-
a Of this year.
Improvement in the earnings Of the
10 railroad last year, as shown In
y annual report today. contributed
an upward movement in the COM
nys bonds. with gains comparing
Iorably 10 those of the st. Paul
pes. which again held leadership
The rails. f
local bankers were awarded ST.
1000 9030 year 1-2 percent i'm
pVement bonds Of the territory OF
wail, which will be sold around
Offering is expected shortly OF
Put s5,000.0o0 Northern States
wer IS and other public utility
pes.
Total bond sales, par value. $13.-
,eoo.
Setal stock sales. 709,1o shares.
Evenly industrials averaged 95.12;
gain. .93.
lgh 1924, 1924: low 93.0S.
twenty railroads averaged S4.91;
gain .55.
High 1924. $3.50: low sara.