Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-06
FINANCIAL NEWS
NEW YORK MARKET
..,.ure, Of the Days Dealings In All
the Leading Stocks

IOTkt mug. IbEdCLlOudEy
...Sencies developed in today's stock
<s,ket when 1t was unable to abb
- the large volume Of profit-tak-
=. Gales. Recessions In active ise-
ran from one to three points
n trading in reduced volume al
Ign total sales exceeded the mill
- share mark for the sixteenth
.ssecutive full session.
WblIe many observers stated that
rsart,on was warranted because
!. ,se weakened technical condition
y .se market after eight weeks Of
..sdlIy rising prices, 1t undoubtedly
lived added impetus from the
'.,,auncement OF another cut in
s.,,ern crude oil prices and the
,S1Csslon Of the common and pre-
s.~red dividends on pressed steel
-, Apparently little attention was
IA 10 favorable trade news which
y~laded reports OF increases in the
iii activity from steel centers. pub
s"a,,nn Of excellent earnings state
Is by chain stores and public
-.Gey companies and an increase in
~, loadlnRs on the western rail-
ieads NJ,
-s,hln a narrow range OF one point,
'Iosinz 81 lower at 10S IL. Bald
-, American Can. Dupont, Ameri-
.,n Tobacco Is, Gulf States. Interna-
,intaj paper. Maxwell Motor A.
sarage Arms and several other pop
gGar lndustriaIs showed net losses of
70 points.
iglI highs during the session. These
'ocluded American International
r6rnoratlon Associated Dry Goods
cannon and preferred. Fleischmann
rotorado Fuel and Iron. United
yrult, Foundation Company. Marine
stferrcd. Mack Trucks and Jordan
Motors.
Rails were mixed. strength OF
Tackawanna. Delaware and Hudson
and the Wheeling and Like Erie Is
slfs. all Of which broke through
heir previous high prices OF the
,ear being Counteractcd by the
beawnrss Of Rock Island. Great
Northern preferred. Nickel Plate
md Missouri Pacific preferred, all
AZ which showed losses OF n point or
more.
Special weakness cropped out in
Atlantic refining on rumors OF I'M
ayorable dividend action when the
directors meet next week. the stock
closing nearly two points lower ut
83-4. The pressed Steel car issues
.ouchcd new 1924 lows.
Call money again ruled at 2 per-
rent. Time money was obtainable
from . 10 , II percent. depending
UPON maturity. The commercial
Gt IN lei xsffN n
the bulk Of the business being done
al : II percent.
Foreign exchange rates continued
10 strengthen in anticipation OF
further favorable Developments at
the London reparations conference.
Demand sterling advanced more
than cent to 81 40 SO. new high
record for the year. and later react
"a to 81 IL IL. and French francs
sold above : . cents for tho first
time in nearly two months but fall
ed 70 hold their fun gain until the
dose Swiss francs advanced to
within a few points OF par.
nfsplte the establishment OF sew
sal new high records by foreign
anh t. s. government obligations to-
day, the general trend OF bond iss-
nes was downward in reflection OF
Increased proiit-taking.
Price movements mainly were
limited 10 fractions but they were
sufficient TO carry three Liberty is
sues and the treasury 4 LIS to 1924
high levels. although closing quota
lions failed to hold at the top. Pre-
seHtatou Of the Dawes plan to the
German ENJOYS and tho buoyancy
Of tho European exchanges exerted
favorable effect on foreign bonds.
the Austrian - and French govern
mental and municipal issues estab-
fishing new 1874 records.
The $4,000 Norwegian loan, Of
tered today, was subscribed.
Investors showed considerable In
ierest In the six percent bonds Of
fered AT ~ IL and subscription books
we're closed at noon.
Trading interest in railroad bonds
again conferred in the Chesapeake
and Ohio convertible 5s which have
reflected the program made In the
Nickle Plate merger negotiations.
The bonds lowered around 1913 today
With one block OF 100000 changing
hands
Because Of current high levels of
Liberty bonds II was reported today
mat government sinking fund opera
lions would he suspended indefinite
" Total sales were 15,0S0.OO0.