Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-18
!. NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. April 17-Pre- holiday
dullness characterized today's stock
market which developed moderate
strength on resumption of short
covering operations by professional
traders.
Steel shares gave one of the best
demonstrations Of group strength, net
gains of a point or so being register
ed by United States Steel common,
Bethlehem. Republic and Crucible.
Some Of the buying In this group
was in expectation OF an optimistic
statement by Chairman E. H. Gary
at the annual stockholders meeting
OF the United States Steel Corpora
ton next Monday.
Buying Of Southern Pacific, which
advanced nearly 2 1-2 points to 80
7-8 was one of the late features.
Other strong spots in the railroad
group included Norfolk and Wes-
and Reading and Lehigh Valley coal
rights" all up / to points. An
other sharp reduction in car load
tngs apparently was ignored.
Weakness again cropped out in
the motor accessory group, Chicago
Yellow Cab and Yellow Cab closing
at net losses of LIZ and 4 points,
respectively. Fisher Body broke four
points. Studebaker (old stock
touched So and then fell back to IS
5-s, up IA. Possibility Of unfavor-
able dividend developments has been
an important factor recently in the
selling of the motor shares. one of
the latest companies mentioned in
this connection being the Eaton
Axle and Spring, directors of which
are reported to be considering either
the reduction. or the passing OF the
dividend due to be declared next
week
Publication in the financial dis
trict Of an interview with Secretary
Mellon in which he stated that the
New England textile industry was in
q period of depression was used as
an excuse for bear attack on AM
erican Wooden which was hammered
down more than 3 points to 65, a
new 1924 low. 1t rallied later to 66
SIS. New lows also were establish
ed by American sugar Refining COM
mon and preferred at 43 IA and SO
IL respectively.
Oils held relatively firm despite a
sharp increase in domestic crude
production, special buying being not
cd in Cosden and Phillips Petroleum.
Call money opene dat IA per cent
and then dropped to 4 where it clos
ed. Time money and commercial pa
pc. markets were quiet with no
change in rates.
Foreign exchanges held relatively
firm on the light volume of trading
Demand sterling ruled just under
s4.35 and French francs were quoted
around IA cents. Another break
in Japanese yen carried them down
tn
Under the leadership Of United
States government obligations sew
eral issues of which established new
top figures for 1924. bond prices gen.
orally moved into higher ground TO-
day. improvement in the markets
tone was helped by the ready sub
scriptions Of new offerings.
Institutional buying of liberty
bonds, combined with the easing Of
money rates. stimulated activity
throughout the government list,
sending the first and fourth 4 las to
par for the first time this year and
carrying the treasur.' las to
new record price OF 101.1O 32nds
accounts OF both the British and
United States governments.
With liquidation of the Japanese
6 lbs still in progress. the price
dropped SIS to 30. which was IL
points belo wthe subscription price.
Weakness continued in the Oriental
developments SKIES, another Japan
csc issue. and the bonds yielded
3-s points. Other foreign obliga-
tons. however. were firm.
A broader tone for high grade rail-
road liens was reflected in stiffening
prices throughout this list with a
number of speculative rails display
ing Independent strength. Sugar
and rubber bonds improved with the
advance in stocks.
Award Of the s1Oooo,OOo Illinois
Service compensa ton "onCs to n New
York banking syndicate on a bid of
100.97, itw as said. would be follow
ed by public offering next week.
probably on n four per cent yield
basis. New York bankers also an
nounced today the purchase OF s5.-
10000 sort term FIVE per cent Swed-
ish treasury bills. which were played
privately without a public offering.
Total bond sales, par value. s15.-
1000,