Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-02
FINANCIAL. NEWS w
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

the Leading Stocks
New York, April stock prices
displayed firm undertone in to-
days market, the dullest fun day
session this year. Except for an is
olated drive on Studebaker, which
was hammered down two points be-
low yesterdays final figure, there was
a. marked absence of selling pres
sure. Indications that the short in
terest was becoming unwfeldy. were
seen by many traders In the appar-
ent ease with which several stocks
were bid up on relatively few sales.
WhEe constructive interests were
encouraged by Washington reports
that leaders of the two major parties
in the senate intended to expedite
pending legislation and that admin
istration officials were hopeful re-
earding a 70 per cent reduction on
1923 income taxes before congress
sdiourns, they made no concerted
effort to boost prices. Floor traders
reported that most of the buying
came from short interests.
Strength and activity of st. Paul
, preferred which touched a new 1924
high at 20 1-2 and closed slightly be-
low that figure for a net gain of
nearly = points, was one of the few
features.
The buying apparently was based
on the improved earnings position
of the road as revealed in the Feb
ruary statement. as the stock is one
of the few on the big board" for
which there has been no thought
of dividend action.
Reports of further curtailment of
activity in the Youngstown district
failed to affect the steel shares.
United States Steel common and the
independent issues showing slight
fractional gains. Bethlehem moved
lp nearly a point on the announce
ment by President Grace that March
shipments and production were the
largest of any month since the mid
die of 1923.
Oils made only a feeble response
to reports of an advance in prices Of
Gulf Coast crude, although Marland
closed point higher at 81 1-2. Rub
Der shares yielded slightly on the
announcement that dividend action
on y-Springfield per cent pre-
ferred had been postponed for one
week.
American Can closed nearly a.
point higher at 1O5 Ia despite the
circulation of bearish rumors about
that stock before the market opened.
American Wooden was neavy in the
early dealings, touching 67 "a but it
snapped back later to 60 ID, up rs
sn the day. Jones Brothers Tea
,ouched n new low at IS IL and
then rallied three points. Du Pont,
General Electric and United States
Alcohol were the strong spots among
the specialties.
Outside of ST. Paul preferred, in
terest in the railroad group was con-
fined largely to Chesapeake and
ohio and Norfolk and Western. each
of which moved up about l L.
POINTS.
Foreign exchanges were strong,
new high records for the year be-
ing recorded by the French, Belgian.
Italian, Swiss and Scandinavian
rates. Strength of French francs
was attributed to the active cover
ing of short contracts.
Cali money opened at five per cent
and then dropped to 4 IL. The time
money market continued firm. deal
ers reporting a shortage of funds at
I - per cent for 80 day loans al
though the shorter maturities ruled
at that figure. Longer dates COM
handed "a. The commercial pa
per market was quiet. prime names
being unchanged at IL per cent.
Failing to develop n definite trend
in todays dull trading. bond prices
displayed strong undertone in most
sections of the list. At the close
the market was enlivened by active
selling of the Peoria and Eastern
Income ds, which dropped J IA
points to Il price more than five
points below last weeks high level.
Opportunities for profit taking
supplied the motive for unloading
these bonds and also brought frac-
tional declines in other spec >ative
issues. Liquidation of the American
Agricultural Chemical z LIS con-
tnued.
The principal constructive move
ment was in the obligation of the
St Paul Railroad. which met good
buying support at levels slightly be-
low the high figures for the year.
Average gains of about n point also
were recorded by the French NUM-
Cipal issues on the strength In the
foreign exchanges.
Offering of the $50, OOO.O Swiss
government loan met with good
response. books on the issue closing
within two hours. "SwitchinS OPP
erations from the United Kingdom
lbs selling around par. into the
Swiss : lis offered at 81 IL We're
reported in progress. investors be-
ing attracted by the higher yield.
Total bond sales, par value, 49,
GS600O.
Total stock sales 526, 900 shares.
90 industrials averaged M19: net
gain -
High 1924. 1O1 "a; low M.U3.
20 railroads averaged Si.36: net
gain IL