Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-30

NEW YORK MARKET
Features Of the Days Dealings In All
the Leading Stocks

= tn0 600OitS0 SSOCk8
y New York. Apr. 29.-stock prices
! continued to lose ground in today's
: ,narket on selling inspired by re-
!. Iris OF poor trade conditions in sew.
: sraI important industries.
Z speculative uncertainty over the
: sividend action of the U. s. Steer
!. Corporation directors, who met aft
z A. the market close, had a tendency
20 restrict trading.
fluctuations Of Z. S. Steel COM
mon during the day were rather err
ratio, the stock opening So lower
At 9S II, moving up to 80 3-8 later
and then see-sawing until it finally
i touched 9S in the final sale. Heavi-
. ness also cropped out in the indie
nendent steels. Bethlehem, Gulf
States and Republic closing at net
iosses of "a to IA points.
L. S. Cast Iron Pipe was again
one of the individual features.
It opened IA lower at 81 So, slip
ned steadily to 80 and then bounded
inward to a new high record for
the year at "a IL. only to fall back
again to 30 "a for a net loss of
nearly one point on the day.
Three companies in which special
dividend action was expected today
disappointed Wall Street prophets.
They were the Hayes Wheel Com
nanv which declared the regular
diyidend of Is cents instead of lac
ing the stock on a 81 basis as MANY
had predicted; the Punta Allegro Su-
gar Company, which declared the
regular dividend of $1.25 although
some optimists had looked for a
higher rate, and the Wabash Rail-
road. which failed to take an action
nm the preferred A stock, resump-
ZION Of dividends on which has been
wdelv discussed because Of high
current earnings.
Hayes Wheel, which opened at 81.
brcke to 81 IL on the announce
ment Of dividend action, rallying
later to IS IA for a net loss of
. "a. Punta Allegro Sugar closed
/ IA lower at SO J-S. Wabash pre-
ferred A. which has sold as high
as AZ "a this year. closed at 45 for
net loss of 1 IL points on the
day
Selling pressure was particularly
effective in the motors, textiles and
sugars. but many of these issues
ctsed above their low prices Of the
Gay.
inlcHEO elIOW LAD broke u -
points to Al and then rallied to 43:
Yellow cab broke l. points to
80 J.. and then moved up to 81 rs,
while net losses of | to = points
we're recorded by American Wooden,
Sudebaker. Mack Truck, Pierce Ar
row preferred and Stewart Warner.
With few exceptions the active
rails we're again reactionary. Heavi-
ness Of the Erie issues in the face
OF good quarterly earnings state
ment vas attributed TO reports that
hpril gross was running below
March. the preferred issues losing
about a point on the day. Lehigh
Valley, "Nickcl Plate" New Orleans,
Texas and Mexico and Atlantic
Coast Line closed | to . points low
en-
cali money opened at . "a per-
cent advanced to 4 and then to
4 -. where it closed. Time money
and commercial paper rates wcer
unchanged.
Foreign exchanges held firm on
quiet trading. Demand sterling ruled
rcarl, ! &c higher around $4.JS l.,
AMI French francs were quoted just
under q &c.
Bond prices Jagged in dun trad
lhS To-Day WIN sudden SllllcHlHS
Of money rates dcpriving the mar
kct of the motive Tor recent buying
Lower.
The reaction which this change
wrought in United States govern
mcnt bonds unsettled other sections
Of the list, with scattered rccessions
taking place in foreign, railroad and
Industrial hens.
Constructive activities were cen
tcrru almost entirely in Serbian Ss.
which forged ahead to Il new high
level fer the year at s. L. Bank
ets were inclined to credit the move
ment to continued reports of better
conditions in Jugo Slavia.
Wilson and Company issues again
were Conspicuously weak, the con-
Nertibe Gs dropping four points to
2 1874 record low and the other
liens Welding 1 to ) points. A de-
cline in Punta Allegro Sugar IS re-
feCtcd disappointment over declara-
ton of only the regular dividends.
\ good demand was reported Tor
tho 10000. 900 Dutch loan and sew
cral other important bond issues
which we're offered today.
Total bond sales (par Nalue) Sl-'-
Ol@O0U