Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-10
NEW YORK MARKET
features Of the Day's Dsalinas In All
the Leading Stocks


New York, April e-As n .,nc,,
market factor today, the much ner.
aided Dawes report proved to hS /.
"dud" instead Of bombohelI thsf
many observers had predicted. pricsS
slipping throughout the entire iist IN
one of the dullest full day sessions
this year.
Chief speculative interest centsrsd
IN Woolworth which broke e. Is
points to Sol IL following the pubJi.
cation Of recapitalixation nian
which involved the splitting I'M of
the present stock on q 4 to basis
by reducing the par value from 500
to $25 and the declaration Of q divi-
dened Of So on the new stock. This
IL equivalent to $12 on the old, an
against the present dividend Of Sc.
With net earnings running over $3I
o share last year. many holders Of
the stock apparently counted on q
larger dividend distribution and dis
posed of their holdings when the
directors action became known.
Led by American Can which was
hammered down more than two
points to 100 Ia another flock OF new
i 1924 lows was created during the
day. They included American SUGAR
Refining at Al 1-8; Gulf States SfeAl
at 50 5-S: Studebaker old stock AZ
81 1-8 and the new at 80 IL and
Crucible Steel. WHY'S Overland pre-
ferred. Du Pont, National Lead ana
Jordan Motors. Baldwin duplicated
its previous low at ia 81.
U. S. Steel common sank more
than a point to 81 IL or within half
q point Of the years low. Selling Of
this and other steel shares was con-
Quoted despite the assertion Of
Chairman Topping at the annual Re-
public Iron and Steel stockholders
meeting that q recession in activity
was natural after the heavy buying
Of the first quarter but that current
earnings were satisfactory" the
quarterly report Of the Schloss- Shelf
field Company, which showed net
earnings of 1898 on the common also
was regarded al favorable in view
OF the supposed depression in the
pig iron industry during that period.
Indications that the bearish action
Is still in temporary control Of the
market was evidenced by the sue
cessful manner in which standard
industrials were depressed in the last
hour. While commission houses
again reported that public interest
was at low ebb, the number Of So
called amateur shorts was said to
be increasing.
Rails and oils held relatively steady
until late in the session when they
showed a tendency to decline with
the rest Of the list. AS a rule, how
ever, recessions in the active issues
to show independent strength were
the Burns Brothers Coal shares and
American Water Works common.
Call money opened at IL per-
cent and then eased to IA where
1t closed. There was little activity
in the time money and commercial
paper markets. the ruling rates being
IL per cent.
The reaction of the foreign ex-
changes to the Dawes report was
favorable. French francs jumped
nearly 20 points to GOA cents, or
within a few points of the years
high. and similar gains were record
ed by Belgian and Swiss francs. De-
mand sterling moved up about one
half cent to around $4.34.
With the bond market falling to
reflect any definite reaction to the
Dawes report prices today held firm
in an unusually dull trading session.
A revival OF interest in local traction
issues. following announcement that
agreed on u compromise transit bill,
provided the only feature Of trading.
Chief interest in bond circles CEN
tered in plans for new financing.
Preparations were under way ror an
early offering Of about $20.000,000
Pennsylvania Railroad per cent
equipment trust notes. An issue OF
$6,000.000 Wisconsin Central three
year IL per cent notes were placed
privately Several other important
issues were said to be about ready
for offering.
Official denials tina. the American
Agricultural Chemical Company was
having any financial difficulties. or
that a reorganization or capital read
justment were In prospect, steadied
the company's bonds after their re-
cent break. Interest Jagged in spec
ulative railroad liens and fresh SELL
ing pressure developed against rub
Der and sugar company bonds.
Total bonds sales, par value, $12.-
$4,000.
Total stock sales $4,000 shares.
20 industrials averaged 92.90; net
loss .53.
High 1924, 1924: low $3.50.
20 railroads averaged S4.65: net
loss SO.
High 1924. ss.s2: low ss.74.