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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Apr 05, 1929
Page
21
New York April 5 The stock market opened with reactionary trading as nervous investors liquidated amid a Federal Reserve report. Gains appeared as call money eased and steel shares rose on optimistic industry earnings expectations.
New York stocks treaded water amid rumors of oil executives curtailing output. Amex slid then rebounded to a new high. NCR, Wright Aeronautical, and IBM posted moves, while tobacco brands rise in Britain and Liverpool markets stabilize. Chicago grains and New Orleans cotton show late session volatility on weather and demand signals.
Freeport Texas reports consolidated net profit of 736 037 for the quarter ending February 28, up from 405 160 a year earlier. Fed reserves show 4 570 000 added in week ended April 3 while open market purchases fall 33 700 000 and government securities 1 300 000. American Home Products declares regular 25 cent monthly dividend payable May 1 with record April 15. Union Oil California 1929 first quarter earnings about equal to 1928 at 2 500 000 or 66 a share. Bethlehem Steel faces federal suit in Newark for patent infringement seeking injunction. Beth lehem Steel offers 7 percent preferred to 41 628 employees, 68 percent of total on books for 76 475 shares at 122. Industrial averages: 30 industrials 305.37 up 5.92, 20 active rails 151.10 up 2.33.
Stock analysts express mixed views as market nervousness persists. Hornblower and Weeks-Alston see little buying interest, while E. F. Hutton praises Bethlehem Steel and Chisholm and Chapman call General Motors an excellent buy at current levels.
Potatoes receipts reach 91 cars with 261 old and 35 new on track. U S shipments total 622 cars. Market remains nominal and nearly unchanged amid sparse sales. Wisconsin round whites 50 65 cents. Minnesota North Dakota round whites 55 60 cents. New Texas Bliss Triumphs No 1 at 3.00 3.25. Florida Spaulding Rose No 1 at 6.50 per barrel.
Cotton opened steady with a decline of 5 points to an advance of 1 point as liquidation and local selling pressed prices. Liverpool cables and favorable southern weather aided weakness while nervousness over weekend conditions spurred some covering. Market remained quiet and near the week’s lows after the initial half hour.
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