Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-17
FINANCIAL NEWS
NEW YORK MARKET
Features OF the Days Dealings in All
the Leading Stocks

New York, April 1e-Stock prices
registered further improvement on a
small volume Of business in today's
market. Short interests again fur
nished most OF the buying power, which
was particularly effective in the sugars
and industrial specialties.
While the prompt acceptance of the
Dawes report by Great Britain, France
and Germany has had cheerful effect on
speculative sentiment. domestric trade
news continued to be the dominating
factor in the determination of price
movements. Recent trade reports which
include predictions of an early ad-
vance in California oil prices and net
earnings of approximately S. a share
on United States Steel common in the
first quarterly report, which will be
made public April 80, have had ten
dency to restrict commitments on the
short side OF the market.
Money loans Of Wall Street brokers
are now estimated at approximately
,S20,000,000. the lowest in about two
years and a reduction of about s3o,-
100000 since March 81. Brokers bar
rowings have been declining steadily
since the first of the year. when they
totalled about S1,400. 600, 900.
United States Steel closed unchanged
at 97a. Baldwin. which had touched
liza in the early trading, dropped back
to 110s. also unchanged. Studebaker
closed nearly a point higher at $50
after having sold a point above that
figure. American Can crossed 80 and
then fell back to s7S, up {.
Fisher Body was the individual fea-
ture. soaring 10 points to 2l9 on re-
ports that the General motors Corpora
tion. which owned so per cent. of Fish
er Body stock, was negotiating for the
minority interest. Other strong indus
trial specialties were Corn Products,
which closed 81 points higher at 1914:
Woolworth, which closed at S12s. up
Il; United Fruit, which moved up 81
to 1898, and United States Cast Iron
Pipe. up % 10 7Is.
Another bear raid against Yellow
Cab forced that stock down more than
points TO Coz. a new low, but it
snapped back later to 81. Chicago yell
low Cab closed fractionally higher at
5S} after having sold at so, also q new
low. in the early trading.
Strength of the sugar shares was
due to an advance in refined prices. net
istered by Cuban American preferred.
Cuban Dominican preferred, Punta
Allegro and South Porto Rican.
Call money opened at Il per cent.
and then dropped TO 4, where it closed.
Time money and commercial paper
markets were quiet with Al per cent.
the ruling rate.
Foreign exchange rates held rela-
lively steady except for further
break in Japanese yen which forced
them below Al cents to another new
low record for the year. Demand
sterling ruled between s4.S4i and s4.35
and French francs were quoted just
under 81 cents.
Continued heavy selling of Japanese
government Cd per cent. bonds. which
established a new low price Mt 90a.
failed to depress the bond market to-
day and prices of other foreign ard
domestic liens turned upward.
Liquidation inspired by unea siness
over the political situation and disso-
luton of the syndicate which reflectes
in the initial sale of $4,000 block
of the Japanese bonds at 81. Suisse
quent offerings drove the price down
to. 90s before resistance was encoun-
tered. The closing price of 90s rep
resented net loss Of {. Weakness
of Japanese issues was offset in the
foreign list by strength of French mu-
nicipalS and Serbian SIS, which touched
a new 1924 high at IS.
The remarkable recovery stoged by
Wilson & Co. obligations after reports
of receivership were denied was given
fresh impetus today by the rise of the
convertible SIS to high level of 1S3,
a gain of almost 20 points within two
days. Under the leadership of sugar
company liens, which advanced ! to 3
points. numerous industrial issues
moved higher today and the demand
for public utility mortgages widened.
L. S treasury AIS reached a record
high level of 101 4-32.
The improved market tone manifest
ed today, it was felt in bond circles,
was the forerunncr of better invest
ments which would help by the diver
sion of funds due to current trade dull
ness.
Total bond sales. par value. ST.
537, 900.
Total stock sales 6S7 400 shares.
Twenty industrials averaged 91.77;
previous day 91.39.
High 1924. 1924; low a0.S3.
Twenty railroads average s1.60; pre-