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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Apr 24, 1920
Page
14
After a brief rally the market declined to new lows led by Steel, Baldwin and Mexican Petroleum. The day saw widespread declines in major issues with analysts noting panicky conditions and a potential for short rallies but little forward movement.
Atlas Tack Corporation acquires H C Tack Company of Cleveland. The deal involves 600000 to 700000 dollars, financed by existing cash of over 1000000 dollars. A new midwest plant will raise Atlas Tack capacity by over 50 percent and lift earnings 2 to 3 dollars per share, with further capacity growth planned.
The protective committee for 58 stock exchange houses seeks authority to settle with Allen A. Ryan at $20 a share. Ryan had earlier waved the offer but later refused to revive it, choosing to buy in short contracts. Negotiations continue with mediation attempts failing.
Stock trading was heavy and irregular with losses intensifying in the final hour on concerns over Mexico and credit conditions. Declines led by oil issues and Pan-American while rails and metals showed mixed results. total volume 1,450,000 shares and Treasury discounts rising in several Federal Reserve branches.
A broker notes he could borrow 3 million for six months at about 8 percent with 9 percent possible if available, but lenders have relied on call money as time funds dry up. He warns renewals after October will be unlikely and rails may lead a summer rally if liquidity returns. U.S. Steel weakens, extra dividends discussed, traders anxious for a rally amid overhang and potential bull movement if steel improves. Financial Editor's Notes.
Thin volume in New York and Chicago bonds as traders report varied results across issues. Notable notes include Cuba, Pacific, and steel company securities, with several 4s and 5s showing modest gains or losses amid unsettled demand and shifting rates.
Fragmentary OCR notes show a money market item with scattered references to railways and cities. Specifics are unclear but mentions Den RG imp Hud ii Central Pitts CC StL Gla San An AP Pacific rail links appear.
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