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

tens, was the outstanding develop
ment in today's irregular market.
The advance in the industrials. which
started three days ago, was halted
around noon when selling broke out
i'll general electric and some of the
standard shares in that group.
Buying of the rails was influenced
by two important considerations-the
| unusually good February earnings
statements and the statement by In
| terstate Commerce Commissioner
Esch before the house rail commit
tee that the proposed plan for re-
vision of rates might prove disas-
! trOuS to business and that in his
opinion rates should not be altered
to meet price fluctuations. Possibil-
tiles Of special dividend distributions
also was a factor in the demand for
some issues.
Southern Pacific was the individual
feature. being pushed up A.. points to
93H on total transactions of more
than $4,000 shares. Union Pacific
climbed more than points to 1917
and then reacted slightly, while At
Gibson, Northern Pacific, Chicago,
Northwestern, Canadian Pacific, st.
Louis Southwestern. NeNw York
Central, Lackawanna and several
Otl6IS dut duCSu q pOllll VI
Diversion of speculative interest in
the railroad group encouraged profit
taking in a number of the industrials.
General Electric dropped more than
five points from its opening price TO
III and then rallied 10 219i2. y. s.
Steel moved within a range OF l
point closing "a lower at 99is. A sud-
den burst of buying in Studebaker
just before the close sent that stock
up more than point to 50. Baldwin
closed a point lower at 11IA and
American Can was off q at 1864.
Cable reports that France would
| undertake reparat tons negotiations
i with her allies after the publication
| of the Dawes report, without waiting
for the result of the German cleo
tions. had a good effect on sentiment
and undoubtedly was responsible for
the temporary display Of strength in
| the copper group. Oil shares held
, relatively firm. Strength of Marine
| preferred which moved up more than
one point apparently was due to the
announcement of President Brush or
| the American Internatioal Corpora
ton. that it's holdings Of Marine
stocks would not be liquidated.
| Call money opened at AZ percent
and then dropped to four. Business
in the time money market was of a
| restricted nature with q few show
term loans reported at Az percent,
but with Az the ruling rate for loans
u pto 80 days and the longer maturl-
| ties commanding 4A.
| Foreign exchanges developed re-
dictionary trend on heavy profit TAX
| ing in the French and Belgian cur
rencies. Demad sterliG was slightly
lower at $3.50. while the French
! francs may have been Influenced by
| a increase of 800 million francs in
the French governments borrowings
at the bank of France.
Under the leadership of speculative
railroad issues and standard public
utility liens, bond prices today work
ed into higher ground. While changes
! generally held within narrow limits,
the market responded readily to low
err rates for money which was in
!, plentiful supply. and buying was well
distributed throughout the list
| Obligat tons of the carriers were the
| favorites in trading, with substantial
gains recorded by southern Pacific
collateral tours. Missouri Pacific 6s.
Louisville and Nashville SIS. Atlantic
Coast Line as and International and
Great Northern adjustment 6s. Brisk
activity again developed in the st.
| Paul issues, which moved into new
high ground although the advances
| We're small.
Recovery of Wickwire- as,
which moved about four points above
yesterdays close, was attributed TO
support of the interests close to the
company which absorbed the few
bonds which were offered. Copper
! bonds displayed an improved tone and
International Mercantile Marine 6s
moved up more than a point on the
strength of shipping stocks.
Reports were current that financial
assistance to Belgium would take the
form of long term loan instead OF
temporary credit. While j. p. Nor
| gan and Company and the Guaranty
Trust Company were named as likely
bankers in the case. another syndi-
cate was said to be preparing to bid
for the business. Local bankers have
been awarded 100000 South Caro-
! lima 10 month notes on a $50 percent
| basis.
Total bond sales, par value, s12,-
$4,000.
! Total stock sales S64,500 shares.
20 industrials averaged e4.91; net
loss 81.
High 1924. 1924: low 93.0S.
20 railroads averaged 1914; net
| gain 81.
High 1924, $500: low sz.74.