Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-24
FINANCIAL. NEWS W
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. Apr. 23.-Stock price.
moved up briskly today under the
impetus of broad covering move
ment which apparently was based
on the realization that the short in.
terest was becoming unwieldly az
indicated by the unusually large
number Of stocks loaning fiat" and
at premium. Net gains of 1 to ?
points were quite common at the
close. with sugars, oils and motors
giving the best demonstrations Of
group strength.
While sentiment is still divided AZ
to the immediate trend of prices
opinion OF traders was quite general
that the so-called short interest in
the market Is one of the largest in
history. Several brokers reported
that the size of the loan crowd"
demanding stock to make delivery
on snort contracts this morning was
the largest In their experience. the
unprecedented number OF "a Issue.
loaning fiat" that is, without nav
ment OF interest by the borrower.
Trade news, as rule, was favor
able. Loadings of revenue freight
for the week ending April IL, which
were made public today, showed a
substantial increase after several
weeks OF decline. This was construed
as an indication that there had NOT
been any further sharp curtaiIment
In business. announcement also
was derived from the steel trade re-
views which reported that the VOL
ume OF construction work and of
railroad consumption this month
compares favorably with March.
United States Steel common closed
nearly a point higher at 81 rs. Bald
win rallied two points to III and
then eased to 40 ga. Strength Of
American Can. which closed nearly
= points higher at 90 IA, was at
tributed in part to reports that the
company had settled the govern
ment's claim OF about $4,000, 900 for
back taxes. Ample reserves had
been set aside for this contingency.
Studebaker closed more than .
points higher at SO rs.
Short covering in the motor group
was prompted to some extent by the
statement of President Sloan Of Cen
eral Motors that sales of cars and
trucks In the first quarter OF the
year were well above those of last
spring. Gains of l to . points were
in this group, including Chandler.
Stewart Warner, Strombcrg Carbu-
rotor. Mack Truck and the Yellow
Cab issues.
Higher raw and refined prices, to-
Gether with rumors of favorable div
idend action. contributed TO the
strength of the sugar shares. Cuba
Cane preferred rising more than J
points and American Sugar Rein
ing. Cuban Anne rican, Punta Allegro
and South Porto Rican rising | to
"a. Resumption of dividends by
Mexican Seaboard ana reports of an
increased consumption of gasoline
stimulated the buying of the oils.
French and British exchanges
mounted to new high levels for the
year on what was described here as
active short covering by European
spectators. particularly In the Lon
don and Amsterdam markets.
French francs crossed $50 cents
and sterling sold above $40.
Call money again held at 4 per-
cent all day. Time money and COM
ncrcial paper notes were quiet. with
no change in rates.
General improvement was shown
in the bond markets tone today. al
though trading was 'dull and un-
cNentful. The upward turn in stock
prices was reflected in stiffening
quotations for virtually all classes
Of bonds New issues totalling about
$4,000 900. which were offered to-
day were readily absorbed re-
covery Of ! Il. points in the Wilson
and Company convertible Z lis fol-
lowed announcement that the new
Iecapitulization program would be
announced within few weeks and
that a large majority OF bankers
holding the company's notes had
agreed TO a six months extension
Despite strength of American Su-
gar Refining stock, the company S
six percent bonds were subject to
selling pressure, a decline of more
than two points representing about
the only weak SPOT in the industrial
list. Punta Allegro Sugar rs moved
higher
Application of the nickel plate"
Railroad to the interstate commerce
commission to sell SIC, OoS,OoO 5fo re-
funding mortgage bonds &and to is
sue SS6.010,000 additional securities
from time to time for refunding pur-
poses, marks the first step in the
roads extensive financing program.
Offering OF the S26.00O.OO0 issue is
not expected until authority of the
commission has been obtained.
Total bond sales. par value, &c.
sci 900.
Total stock sales. 702, 100 shares.
twenty industrials averaged 81. 40;