Daily Kennebec journal., 1924-04-08

NEW YORK MARKET


New York. Apr. 7.-Reneval a.
bear selling apparently due to spec-
,,Iatiye disappointment over the a.
lay in the publication Of the Dawes
report impaired q reactionary trand
TO today's stock market, net losses
In the active issues ranging from
/ to 8 points. Selling pressure was
most directive i'm. the steels. euuip-
ments, motors and rubbers. many
Of which sold at their lowest prices
~ the year. Baldwin was one Of
the principal targets for bear at
tacks, being hammered down To
ia "a, q new 1924 low, but raIIvine
later TO 116 7-8, where It was on
is on the day. Additional new low
records were established by Chand-
Ter Motors at As 7-6. Gulf States
steel at 20 3-4. Crucibie Steel 1T
q Is, .Keliy-Springfield at IA "a.
Il. 8. Rubber at % and American
Agricultural Chemical preferred At
1S "a, but all closed above their low
prices Of the day.
Rails offered stubborn resistance
10 selling pressure with pronounced
strength developing In Norfolk and
western, which touched 131 "a and
closed slightly below that figure for
a net gain Of nearly 2 points. An
active demand also was noted for
chesapeake and Ohio. which sold as
high as rs and closed at 75 IA, up
rs. Several of the western carriers
Welded fractionally on profit taking.
selling of the steel shares apparent
" was Influenced by reports of
lessening Of activity in the industry.
U. 8. Steel common closed a point
lower at 98 7-8 and losses of 1 to 2
points were recorded by Bethlehem,
Republic and Gulf States Steels. /,
There was nothing. in the days
news to account for the renewed
selling OF the motor shares. Stude-'
baker was hammered down nearly
2 points to 02 Ia and losses of q
point or more were recorded by
Stewart Warner, Mack Truck, Hayes
Wheel and Maxwell Motors A.. One
Transaction in Fisher Body was re-
corded at 213. or 4 3-4 points be-
lows the previous sale. .-.
Dupont broke nearly 3 points on
the publication OF an unfavorable
u. 8. supreme court decision against
that company. Other outstanding
weak spots were Corn Products.
American Radiator, American To-
bdCCO OHltCu duu "OOI-
worth. off 2 to 3 points.
Call money opened at IA per-
cent and advanced successfully to
A flrmer undertone was noted in
Ing rate unchanged at 4 1-2 percent.
Prime and commercial paper was
steady at 4 IL percent.
Enraiop oxnh N prao turned
tionary after firm opening. De-
mand sterling advanced about a cent
10 SABA and then fell back to
4.32 3-8. French francs held fairly
steady Just above B "a cents. South
American exchanges were higher.
After a period Of irregular price
fluctuations. active selling developed
towards the close of today's bond
market. carrying a variety of indus
trial issues down to new low levels
for the year. Unfavorable trade re-
ports were the basis for an attack
against rubber and chemical COM
pany liens with the downward
trend accentuated by the renewal of
bearish operations on the stock mar
ket
New minimum figures for the year
we're established by Virginia Caro-
fna Ss which declined 2 5-8 to
80 is, American Agricultural Chem
cal 5s Kelly Springfield SIS. Fisk
Rubber .8s and Wilson Convertible
Co., Heaviness developed In Inter-
national Mercantile Marine Us. Ger
ro de Pasco Sc and New Haven. Erie
and St. Paul issues. losses OF 1 to y
points in the rail group being. at
tributed to profit taking.
Recoveries of more than 3 points
were registered by American Agri-
cultural Chemical z 1-2s and Wick
re-Spencer Is. both Of which re-
Gently suffered severe losses. Bank
Ing interests identified with these
companies said both issues had been
singled out as targets for bear at
tacks and that a natural recovery
was now taking place.
Four syn1icates, comprising VIZ
tually all the city's largest banking
Institutions, will compete for the
S450OO,OOO New York state soldier
bonus bond issue on which bids VIII
he opened tomorrow. Other banks
are submitting individual bids.
Total bond sales (par value) $lo'-
$4,000.
Total stock sales. $4,000 shares.
Twenty industrials averaged
II