Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-11
NEW YORK MARKET
Features Of the Days Dealings In All
the Leading Stocks

View York. Oct. 10.-stock prices
speacted sharply in today's market.
sknoring such favorable trade news
~as an increase Of nearly $4,000 tons
In the unified orders OF the United
. States Steel Corporation, publtea-
ton OF record breaking carloadfngs
statistics for the week ended Sept.
81 and the conclusion Of negotiations
Tor the German loan.
Selling pressure originated with
. hear traders. who apparently acted
on the theory that all :he good news
In sight was out. Profit taking over
the holiday and liquidation inspired
j, by political uncertainties also were
regarded By some traders as factors
/, in the decline.
United states steel common closed
a point lower at 107 after having
scid az high az 1913 "a. American
Gan was off IA at 1c3 So or near
~ 4 points below its early high.
baldwin lost ] So at 113 7-S which
vas IL points under the days
. maximum. Further liquidation In
General Electric cent that stock TO
3i3 81. or nearly 40 points below the
Years high established early In Aug
ust.
Nash Motors broke seven points to
IA and Losses Of 3 to 4 IL points
took place In United Cast Iron Pipe.
IVnolworth. Consolidated Gas or
Baltimore, Nickel Plate. Rutland
preferred. Hallway Steel Spring and
Worhinston Pump.
Nearly 100 issues sold off l to
points, some Of the most popular
being American Locomotive. Ameri-
can Sugar Refining. Colorado Fuel.
North American. Philadelphia and
t.s l. a
AIlls- Chalmers. American Ice, Ameri-
can Tobacco Crucible steel. Dawson
Chemical. Maxwell "a" National Bis
cult. Pullman. Tobacco Products and
General Motors. the last named at
new low.
The decline in rails wa. not as
pronounced as the reaction In the
tndustriaIs although net losses OF
point or more were recorded by such
prominent issues az Atchison. Union
Pacific. Norfolk and Western. South
ern Pacific. Frisco issues. Katy
preferred and Wabash preferred
"a"
American Water Works fuctuated
within range of four points. clos
ing at 108 for a net gain OF ga.
Utah Copper and Indian Motorcycle.
up and points. respectively. were
show net gains on the day.
. Foreign exchanges responded ia
vorably to the signing OF the German
loan agreement demand sterling ad-
ranced more than cent to above
s449 and French francs climbing
more than five points n around $50
cents Japanese yen established n
new low record for the year at 81 IS
cents. South American exchanges
lost on profit taking.
Cali money held steady al 2 IL
per cent. The time money market
was quiet with no change in rates.
Commercial paper displayed a some
what firmer tone.
\ sharp break in the Warner Su-
gar issues and renewed weakness OF
the st. Pauls were the outstanding
incidents in today's bond trading on
tho New York stock exchange. An
rounccment OF the signing OF the
German loan agreement was follow :
cd by heavy advance orders. con-
trucd by members OF the offerins,
syndicate as an indication that the
American portion of the loan will be
readily disposed OF.
Prompt over subscription was re-
ported Tor the S12 .000. 900 issue OF ten
year six per cent convertible notes or
the ran-American Petroleum and
Transport Company. This brought
the total bonds offered this week to
above 500. 900 600. practically all the