Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-22
NEW. YORK MARKET
Features Of the Days Dealings In All
the Leading Stocks


New York, Aug. 2I-Reactionary
price tendencies prevailed in today's
stock market. which was again called
upon to absorb an unusually large
volume OF profit taking sales. BuIiish
demonstrations in Dupont Corn Prod
nets and l.. $. Cast Iron Pipe failed
~ stem the tide of selling in order
standard rails and iadustrials, many
Of which dropped / to 3 points.
Come irregularity took place at the
ooeniDg. due to the usual evening up
ii speculative accounts after brisk
,uIn in the other direction. SO great
was the supply of come of the popu-
,c- sharc3 that they could not be dis
po5od OF. except ct concessions in
g;oted values. This encouraged a
rtzunption Of short selling in some
a. the SoInti!c shares, which was
giren added impetus by the stiffening
~ money rates and the announce
rent of u rew @tock Offering by Mach
TricI;G ana the circulation CT unfar-
o.ab!c rumo9g concerning St. Paul
.ayu..@a nd financial pl, ms.
Laiccd states steel common clos
e. mere than Il point lower at 100 rs.
wri!e american Can showed a net
Icsy o. ncaIly two points at 1874 IS
E.hUin T2s run Up to 12G . and
ten dropped about two points from
the high FOR email fractional Lose.
.:taGobCEe:. hoDcrcr. moved up in
,-.agctky with r1Czt Of the other
inoto.c. touching 4 new top at 80 IL.
t5aIt trcat4 other Issues also broke
through thot- previous high prices:
t,t~orabtrs Caruurctor advanced
c..-iy . points. announcement of q
- DC. cent increacc in common stock
t.o1g.t freGh realizing into Mack
,1jct. which closcd nearly four
points lJvc:' at i0".
Ccppc. shares lost sroucd On re-
r9.tS o. IN casing In read metal
. Tee jhippinG3 continued to dis
ray . l-m tong, Marine preferred
fal American International Corpora.
ton recording new highs at 43 IL
ln4 . rs respectively.
Tees Gulf sulphur failed to res
pend to tho placing Of the stock on
2 81 annual basi@. this action already
having been riscountcd. Consider
ablc interest was aroused by Gpecu-
htlyc activity In Corn Products,
trading in which has been restricted
by high corn and low sugar prices.
International business machines, r.
n. Macy National Lead, General
Electric and Wilson and Company
preferred lost two or three points.
Tailr were mixed but losses again
exceeded gains. Nickel Plate" rail-
led more than a point and the in
tornational railways of Central AM
erica lsrues continued their rise to
higher ground. bat net losses Of one
10 ?aarly three points were recorded
by the St. Paul Issues, New Haven.
Iackawanna. Delaware and Hudson,
Chicago Northwestern. Atlantic
Coastlinc, Illinois Central and sew
cral others.
Money rates displayed firmer
tone Call money held at 2 per cent
that marked scarcity of offerings in
.ac outside" market. below that fig
ure. Time money rates were advanc-
"a Is of one per cent but there was
little increase in activity. CONNER
cial paper also stiffened with the bulk
NJ the prime names moving at 3 Ia
ptr cent.
Foreign exchange rates pointed up
ward for the first time this week. De-
mand sterling advanced 2 IL cents
to around s...51 and French francs
ruled about seven points higher
around 5.45 cents.
Reactionary tendencies prevailed in
toGay's bond market as tho hardening
q time money rates caused general
withdrawal of buying support. u. S.
and foreign government obligations,
domestic railroad and public utility
issues all drifted lower. although
selling pressure was not particularly
heavy except in n few isolated cases.
The advance in time funds ana
commercial paper, marking the first
turn in the money situation In many
"etks. had decidedly chilling effect
on bond trading. which has derived
lis main stimulus through the sum-
mer from tho prevailing low rates.
With increased demands resulting
from reviving trade md the crop
movement. there was also percepti-
Bile decrease in the amount OF call
money offered at per cent with in
dicatioNs that this rate would be
forced higher before the end OF the
month.
Liberty bonds were the first TO re-
feet uneasiress over the money sit
ua,ion. active issues declining 32nds
10 10 Sends. Some liquidation OF for
ogn government and high grade rail
securities which had been acquired
on tho basis of their higher yields
also resulted.
Individual features of trading were
supplied by the Wilson and Company
convertible issues. St. Paul Railroad
Ani Carolina. Clinchfield and Ohio
liens. Reports that the terms of the
Ataon reorganization affecting the
compday's bends would he especially
cFahti' caused sharp break In the
convertible l-2s. which at one time
were about points lower. A net
RS Of 4 "a points on the day was
recorded, with the skies losing 3
points.
lntimation by bankers that the ST.
raul Railroad refunding program
would postponed until next spring
led 70 UnloCGing of these issues which
hod been pushed up recently by spec
H%iNc buying. based on the success
~ other railroad refunding opera
.'ons Carolina. Clinchfield and Ohio
vs. Jumped two points following an
nrouncement that the Atlantic coast
me ana Louisville and Nashville
loihl'N had accepted the lease of the
road
The days bond sales were sll,s44..