New Britain herald., 1924-09-04
WALL SE. REPORTS

New York Sept. 4.--stock prices drifted to lower levels at the open ing of today's market on a continu- alton of profit-taking sales and bear selling. renectipg speculative disap- pointment over the failure of the market to rally after the Labor day holiday. American Woolen opened unchanged and then dropped i b-s points, Norfolk & Western lost 1 and number of other popular issues eased fractionaliy. Colorado Fuel rallied point on short covering.
 Continued heaviness of the princi- pal European exchanges, which was construed as an indication that the benefits from the Dawes report might not be felt for some time, also was considered factor in the sell ing, demand sterling again falling more than cent to SAG 3-s. The decline in the stock market was an orderly one, losses of point or 50 being recorded by National Lead. Republic Steel, Du Pont and Mar l lin R ockwell while American Can, International Harvester. Texas Sul- phur and many others dropped 1-2 to 3-4. Jones Bros. Tea, which was weak yesterday, rallied 1-2 points and American Woolen rallied a point from its early low. Peoples Gas ad- vanced kactionally to a new 1924 l high.
 New enterprises organized last month In the United States with au- thorized capital of sfoe,o ,oo6 or. more numbered 42s, representing a total capital investment of sSsS,sbo, GOO, according to compilation of the Journal of Commerce. In August a year ago 251 companies were in corporated with combined capital of s3a5, .000. Since. the first of this year 5,163 corporations have been chartered with aggregate capitaliza- tion of s4,S23,6oo,00O.
 Professional bear traders contin- ued to seek out weak spots, particu- larly among the industrial special ties, which, with the lack of inside buying power for the Standard Rails and Industrial, resulted in rather I general reaction during the morning. | Lowering of-the renewal rate on cali money to per cent failed to stem the tide of selling. Offerings of the popular rails were more abundant, Delaware & Hudson, Union Pacific, j Norfolk $ Western, Great Northern preferred and several of the low priced issues segging to 2h points. Despite the generally weak tone, most issues developed resistance points above last weeks lows. which operators for the advance construed as an encouraging sign. Among. the many industrial issues to sell to ? points below last night's final prices were American Can, Gulf States Steel, Mack Truck, Pan American B, Marine preferred. IntarnAtional Paper ana Brooklyn Union Gas Good buying support developed for Colorado Fuel, which rallied 2 IA points and for American Wool and | U. ;. Jdst Iron Flpes sE4
 l Wall street, 1880 ?. m.-Selective buying caused various stocks to give admission 5of strength which ulti- mately short covering in spots Nickel Plate common and preferred rose to IT and s2 1-4 respectively both new high figures. sugars went up on the further advance In raw and refined grades and Strombere Carburstor, Stewart Warner, Davisor Chemical, American Ice, Interbor' ough Rapid Transit and United Fruit were also strong. American Wooler got up to 72 3-s compared with it' early low of 6s%.
 Spectators sfor the decline re- tained control of today's stock mar ket, being aided in their opsrations by the passing of, the American Woolen dividend. Special strength developed, however, in number of issues, including Nickel Plate,' Norfolk & Western, Lackawanna and studebaker, Sales approximated 150,e shares
 The closing was irregular. The unexpected omission of the quar- terly dividend on American Wooleu common resulted in that stock breaking over 12 points to 60 Is, a new low, and bringing about fur ther unsettlement in the senera' list. Subsequent buying of Stude' l tA al 40, and a brisk demand for Lacka- wanna caused general strength ening of prices at the close.