Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-09
" FINANCIAL NEWS "
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. April s-Renewal Of
professional selling pressure brought
about further reaction in today's
stock market although independent
strength was shown by a wide yari-
ETY. Of issues. Public interest was at
low ebb. the days transactions total
ling only about 100000 shares.
Wall Streets speculative commune
ity apparently devoted the major
part Of its attention to the cotton
market in which futures were bid IN
70 to 10 points on a running in Of
the short interest.
Early selling in the stock market
conferred principally in the industrial
list, United States Steel common
touching new low on the movement
established by Kelly-Springfield.
Vanadium Steel, WHY'S Overland
preferred and several other issues,
Rails continued their upward
movement under the leadership of
Norfolk and Western, which estab-
lshed new 1924 high at 1913 1-2, I'M
til just before the close when that
stock broke to 127 "a. This break
unsettled the rest Of the list, Missouri
Pacific preferred which had estab-
lshed a new top at AZ 1-2, dropping
back to Al and a number of others
slipping a point or more from their
earlier high levels. Southern Paci-
fc closed 1 ga lower at 80 IA and
Northern Pacific dropped from So Is
10 81 IL despite the publication of
the annual report showing that IS
dividend fully earned in 1923 with
small margin to spare.
News that the new revenue bill
had been ordered reported favorably
to the senate today by the finance
committee was responsible for the
early afternoon recovery in a num-
Der of the standard industrials but
they fell back later when heavy SELL
ing broke out in the rail group. Late
selling Of Northern Pacific was in
spired, in part, by the report that
the house public lands committee
had reported favorably a resolution
for an investigation of the roads
land grants.
Among the industrials that moved
against the current trend. Interna-
Water Works issues and American
Agricultural Chemical preferred,
were the most prominent. Standard
Milling, making its first appearance
on the tape in several weeks. broke
90 l-2 points. Oils held relatively
steady. Mariand closed about a
point higher and Superior touched
new 1924 top.
Call money opened at percent and
then dropped to II where it closed.
Time money and commercial paper
markets were quiet with the bulk of
the business being transacted at L.
percent.
Foreign exchanges maintained
firm tone. Demand sterling ruled
about a cent higher at $4.33 3-S and
French francs climbed about ten
points to around $50 cents. South
American exchanges were slightly
reactionary.
Bond prices drifted irregularly
lower in today's market, which was
featured by erratic fluctuations of
American Agricultural Chemical and
other fertilizer issues. Technical re-
adjustments brought about substan-
tia recoveries in numerous industrial
liens which recently had been under
selling pressure,
In an early display of strength.
American Agricultural Chemical
: rs advanced more than points
to 81. nine points above the recent
record low. Resumption of selling
pressure caused a five point break to
on IL oHi w tiiC poiioo AeesNi AiAS'~N
up to IS l.. The company's five per-
cent liens, after establishing a new
low price yesterday, regained
point. Spectators, who have been
singing out weak spots for attack.
concentrated today on International
Agricultural Chemical 5s. driving
them down more than five points to
record low figure. Virginia Caro-
lima obligations. however. moved
higher.
Improvements in the earnings OF
the Missouri Pacific railroad stimu-
lated demand for the company's
bond issues. some Of which reached
new top prices on the movement.
Fresh buying OF Seaboard ADJUST
ment IS was prompted by reports
that an extra payment would be
made on accumulations.
Considerable interest was aroused
In bond circles by the brisk compe-
tition for the New York state $45.-
600, 900 bond issue, which was award
ed on high bid of 101.4657. the
highest price ever paid for states
bonus bonds. Public offering will be
made by the successful syndicate as
early as possible.
Total bond sales, par value, Vs.
$4,000.
Total stock sales, $4,000 shares.
Twenty industrials averaged ?3.43;
not loes