Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-01

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


New York, March 31.-Stoct
prices showed marked Improvement
in today's dull session. For several
weeks in succession, spectators far
the decline have staged a Monday
reaction. apparently 70 rthe erect
it would have on price movements
the rest of the week but TODAY NAV
encountered stronger resistance ana
finally abandoned their attempt- the
subsequent short covering indicatinr
AN oversold condition In many parfs
of the list.
Bullish sentiment was ENCOURAGED
by Washington reports that the END
of the senate oil inquiry was in sirhf
and that the senate finance commit
tee would complete its tax revision
work this week. Apparently little
attention was paid to the sitter call
money rate which opened at Ave
per cent and soon advanced to 8 IL.
Early selling pressure was con-
centrated on the Independent steels.
new 1924 lows being established by
Bethlehem. Crucible, Rpublic, Gulf
States and Schloss-Sheffield All these
stocks recovered their losses, how
ever, Crucible showing a net gain
of almost 2 points at the close.
New low records also were made
by nearly two score additional stocks
Including Hayes Wheel, Fiske Rub
Der common and first preferred.
Cluett Peabody, Anaconda Copper.
Western Union. Brooklyn Edison.
Western Maryland common and
second preferred, Lima Loco and In
ternational Combustion Engineer
ing.
Widespread comment was aroused
an snp-nr Il,
American Telephone. which dropped
2 IL points to 123, the lowest this
year on rumors of new financing.
The stock, which is the most widely
held on the big board" rallied near.
ly . points on official denials Of the
rumors.
Fresh buying OF General Electric,
apparently based on the showing
made in the 1923 earnings report
published today sent that stock up
to 219 IL but it slipped back later
to 217 Ia where 1t was up 3 IA on
the day. Corn Products, another re-
cent weak, spot. also showed good
recuperative powers. selling as high
as 172 81 or nearly II points above
last weeks low.
U. S. Steel common, Baldwin and
American Can all closed a point or
again took place in the leather is
Sues being particularly pronounced
in Central Leather preferred which
touched AZ 3-S and then eased to
al 5-S for a net gain of 2 5-8. A six
point jump in Woolworth featured
the speciality list.
Trading in the rails was some
what irregular although most Of the
important price movements were up
ward. Norfolk and Western was
again active at rising prices, touch
ing 125 "a and then slipping back
to 124 3-S, up ID, st. Paul preferred
touched q new high at % 2-S. Read
ing and New York Central each
moved up about a point.
The time money continued firm
with 10 per cent o.33, FOR all loans
up to 30 days and comparatively lit
tie money available below 4 3-4.
Prime commercial paper rate was
unchanged at Sd.
The foreign exchange market
showed a strong untlertone. Demand
sterling eased slightly to just below
$40, but French francs were firm
above $50 cents. Other European
rates also improved. "ar
Bond prices wavered in today's
dull trading with activity restricted
to some extent by the renewal of
call funds at per cent and q SUBJ
sequent advance to 5 1-2 per cent.
Price movements were mixed In the
railroad and industrial lists with a
few individual rail liens showing
conspicuous strength and chemical
issues yielding to selling pressure.
The first important foreign fin
ancing since the sale of the Japanese
,.,.yl 10 70 I,.rp % >rx
of $30,000.O00 Swiss government -
year IL per cent bonds at " IL
to yield approximately 5 "a per cent
Speculative buying of the Bel.
gian government Z 1-2 bonds based
on hopes Of drawing lucky numbers
for resumption at 115 on June i,
was halted today with the announce
ment that the drawing had been
completed. The obligations moved
about a point below Saturdays high
level.
Norfolk and Western convertible
6s. st. Paul, Denver and Rio Grande
and marlborough issues advanced
fractionally today but their gains
We're offset by weakness of Ameri-
can Agricultural LIS. which
touched a new low at 01, Cuba Cane
Sugar IS, Virginia Carolina LIS
WIN warrants anu CHiteu o'"sSS
Rubber IS.
The st. Louis-San Francisco Rail.
way company has sold to Speyer and
Company. J. and w. Selignan and
Company, Guaranty Company OF
New York and Lee. Higginson and
Company, subject to the approval Of
the Interstate Commerce Commits
sion. $S550O,000 of its series ~
j L. per cent prior lien gold bonds
due January l, 1924. 1t Is expect.
ed that the bonds will be orereo
shortly for public subscription.
Total bond sales. par value. ST.
10000
Total stock sales. 726, 100 shares
20 irdustrials averaged 03S7; mel
gain 20.
High 1924, 101.2 low 93.0S.
20 railroads averaged S4,2a; mel
gain 40.
High 1924, $3.50: low S2.74.