Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-11
w FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings In All
the Leading Stocks

tH0 60d0tU0 0yOCk0
New York, April 1o.-Rensva1 a,
selling pressure based on unfavorshie
trade news brought about anothe,
sharp reaction in tods3-s stock Market
net losses in the active issues rangins
from one to ivs points. More fhan
two score stocks, including IJnife6
states Steel common, Baldwin. Ameri.
can Can. Studebaker and other indus.
trial leaders, established new low
prices for the year.
Unfavorabls trade devslonmen..
which furnished the ammunition ~,
bear attacks included q decrease Of
J slightly more than 130. 900 tons in the
March untitled orders Of. the Unitsd
state Steel Corporation. q shrinka n
Of 2S.72s in the car loadings for fhs
week ended March 20 al compared wifi
tho same week last year, and reports of
further curtailment In the automobile
industry.
Spectators for the decline. WIN h.v.
been hammering the market success
fully for the last I'VE days, had IfttI.
difficulty in uncovering weak snot. IN
all sections Of the list, but opin,on
varied as to the amount Of real Iiori-
dalton that they had brought out.
While the daily turnover was the larr.
est Of any day this week, it was we'll
under 100000 shares. Commission
houses reported that the number ~
margin calls was relatively small. con-
sidering the extent Of the decline This
twas construed as indicating that stock
generally were in fairly strong hands
Publication of the unified tonna pe
statement was the signal for another
attack on United States Steel. which
was depressed to $50 and then rallied
to IS, OF ID on the day. In view of
the uncertainty as to what action the
directors will take concerning an extra
dividend on United States Steel at their
meeting later in the month, bear trad
ers were reported to be rather cautious
in extending their commitments IN this
stock.
Speculative selling Of the motors lin.
doubtedly was Influenced by the an
nouncement that the Paige Motor Car
Co. had curtailed operations and that
industrial Improvement in Detroit had
shown q decrease last week. Stude-
baker told stocH) dropped more than
two points to 89&, Willys-Overland pre-
ferred broke more than five points TO
sSs. and most OF the other motor and
accessory issues slumped one to n
points.
Woolworth broke 81 points to 29c.
Fisher Body eight to 2O2, and Ameri
can Can, Dawson Chemical. Du Pont.
General Electric, United States Cast
Iron Pipe, National Lead and Otis
Steel preferred were among the many
issues to sag - or more points.
American Sugar Refining sold at asa,
tho lowest price on record.
Rail shares yielded with the rest of
thn 1irt ~ In l. H.
was shown by Texas & Pacific, which
moved up nearly two points to 80,
new 1924 top, on rumors of n forth
coming consolidation with Missouri
Pacific and two other southwestern
lines. Norfolk e Western dropped
moro than two points to 124E.
Call money opened ut Al per cent.
and then advanced to ~. where 1t clos
cd. The time money market was dull
and the commercial paper market fair
" active. the ruling rate in each being
~ per cent.
Foreign exchange trading was quiet
with principal rates holding fairly
steady. Demand sterling ruled slightly
above 1898 and French francs were
quoted Just below six cents. A fur
Their stiffening was noted In the Cana
dian rate.
Bond prices wavered in today's dull
trading, with interest confined almost
entirely to standard railroad and local
traction issues.
hill at Albany stimulated buying of
tho marlborough, b. NJ. T. and Third
Avenue Railway issues on the ground
that the measure would benefit the COM
Danics and also arouse more interest
in the market for their securities.
MIXED movements prevailed in the
Speculative rail group, firmness of Chi
cago & Alton and Grand Trunk issues
being offset by the weakness of Frisco,
New Haven. Chicago e Great Western
and other lines. The industrial list also
presented spotty appearance, chemi-
cal company liens scoring additional
rccovercs while prices of sugar and
copper bonds were shaded further.
Action Of foreign government obliga-
tions again failed to reflect the atti-
tude Of the bond market on the Dawes
report.
New financing announced for tomor-
row is the largest in several weeks.
rankcrs will offer s20.100.0o0 Fennsyl-
vana Railroad one to 15-year per
cent. equipment bonds at price or s9a
to yield mn average Of about sos per
cent Offering also will be made or
$500 600 Consumers Power co. su-
YEAR - per cent. bonds at 9os to y1eio
$50 per cent. Proceeds from the sale
will he used to finance expansion or the
companies properties In Michigan.
Total bond sales. par value, $lo,-
$4,000.
Total stock sales $4,000 shares
Twenty industrials averaged 9l.e4;
net loss 1c6.
High 1924, 1924; low. 91.64.
Twenty railroads averaged Sl2s; net
loss $40.
High 1924. S6.S1: low, si.25.