Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-16
FINANCIAL NEWS w
EEL-
NEW YORK MARKET
Features Of the Days Dealings In All
the Leading Stocks

New York. April 15.-Bear pres
sure was renewed against today's
stock market but met with little
success except in the rubber and oil
shares. The improvement in the
rest OF the list was attributed to
the buying based on the belief that
many stocks had been oversold.
Activity and strength of the cop
per shares was one OF the features
of the session. Buying OF these L.
sues undoubtedly was Influenced by
speculative expectation that the re-
cent sharp reduction in the stocks
OF the refined product and the In
creased foreign demand would lead
to higher commodity prices. Gains
OF a point or SO were registered by
American Smelling. Utah, Kennecott,
and Calumet and ARIZONA.
Weakness of the rubber issues was
due to the passing of the Kelly
Springfield field 3 per cent dividend.
New records for the year were es-
tablished by Kelly Springfield Com
mon at II 1-2. United States Rub
ferred at 60, but the three issues
made good recovery from their low
prices Of the day.
Active short covering in the steel
group was reported to have been in
spired by the publication OF statistics
showing that pig iron bookings for
last week totalled nearly 1000 tons,
tho best weekly showing in the last
month, and by the return to this
country Of z. II. Gary. chairman of
the United States Steel Corporation
who IS expected to have something
optimistic to say regarding business
conditions.
Steel common touched 81 IL for
q net gain of / 3-S with approximate
1y similar gains being recorded by
Steel.
Studebaker, which has been nm
der considerable pressure for the
past month. rallied 2 points to "a IL.
A concerted drive was made, how
ever. against a group of so-called
Chicago speciaIt.es. Chicago yellow
Cab was hammered down five points
to Sc IA and then rallied to 80: yell
low Cab broke & points to W and
then rallied to 81 IL while Ste
wart-Warner and Montgomery Ward
established new 1924 lows at " ana
90. respectively. the former, how
over. rcgaining most OF us loss:
Selling OF these issues was attributed
to Chicago professional traders.
Fisher Body jumped 8 points to 200
in the late trading on rumors that
the General Motors Company was
manning to make an ofter for the
minority stock interest In that COM
pany.
Rails held relatively steady
throughout the session. Price move.
ments in this group were rather mar
row except in Norfolk and Western
which dropped from 12S Ia to 49,
Is and then rallied to 127 IA.
Call money held at 4 Ia per cent
all day. The time money and COM
mercial paper markets were quiet
with no change in rates.
Establishment of a new 1924 high
record by French francs aroud q IA
cents was the feature Of the irregu-
lar foreign exchange market. Japan
csc yen broke 30 points to Ill
cents. the years low. In reflection
of congressional action on the jap
anese exclusive measure. Demand
sterling advanced about Il cent TO
around 4.35 or within one cent OF
the years high on the announcement
that Great Britain had approved the
report OF tho Dawes reparationS
commission.
Dissolution of the syndicate which
handled the sale of the new Japan
ese 9 lbs. coming Simultaneously
with the senate's approval OF the ia
panese exclusion measure. brought
henyy offerings Of the bonds into the
market today. forcing the price down
Ia points to q new low figure at
81 IA. Weakness Of the japanese Is
sues together with erratic fiucuta-
lions of Wilson and Company liens
settled the entire list.
Although bankers were certain
that the critical political situation
would have no effect on the financial
relations OF the two countries,
hcayiness OF other Japanese Issues,
including the governments 4s; TOXIC
bs and ORIENTAL Development w. re-
flected general uneasine%s Two
blocks OF the @ 1-2e. totalling You
600, wss absorbed bv tie market ri
the offering price but the stesdv now
Of orders which followed forced
gradual decline.
with Wilson and COMPANY stock
holders holding their annual meeting
today the erratic movements or the
company's bonds enlivened trading
In domestic Issues. Reports that
sinking furd provisions OF the con-
vertible obligations would be after
cd under the new anancing plank
brought declines OF to, IL points
from which levels buying support
was effective in causing rallies OF Six
TO 10 points. Net gains OF to 3
roints was recorded by all issues. nj
the close.
Proat taking cancelled most Of the
gains registered by French govern
mental and municipal bonds today
and also, made inroads into the rail-
road list. 600
Tosri bond sales. par value, W.
AL. 600.
Total stock sales OH. 400 shares.
20 induetriafs averaged 91.$9; pre-
yious day 90.S2.
High 1924 1924; low. MS.
30 railroads averaged SILT: pre-
vious day St.00s
High 1924. S832: low S1.0o.
New York Money Market
New York, April Is.
Foreign exchanges firm.
Great Britain, demand 4.S4y. cables
4.s5, 60-day bills on hanks 4.asa