Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-04
Financial
p NEW, YORK MARKET
Features Of the s0sys Dealings in-Au
fhs Les6fHS etseks

N0W 4OIhp NV ASSYS@T NAs>>~s~
reacted sharply In today's market on
what was widely described ~ 4 ''Do-
iitical scare Recessions In stand
ard Issues ran from 1 to 2 IL points
with losses Of 3 to 5 IL points in
some OF the high priced specialties.
Senator Brookhart's speech at
lacking President Coolidge provided
bear traders with an excuse for an
attac kon the general list. this SELL
ing being augmented by the extern
si,e liquidation OF pools and profess
sional traders. apparently prompted
by desire to tighten their commit
1nents pending further indications Of
the DRIFT OF political sentiment.
Commodity markets again at
tracted the major interest OF the
speculative element. Further ad-
Nances in wheat and rye were fol-
lowed by extensive profit taking
sales. bringing about substantial re-
Cesslong from the high prices.
There was nothing in the days
trade news 10 account for the sell
ing OF securities. The weekly mer-
camille reviews reported further
StdLcu tudt lhC
trend OF business was upward with
The decline in September CONNER
cial failures the largest In several
years. The Texas Company advanced
the price Of heavy Smackover crude
from > to - cents a barrel. The
American Wooden Company an
nounccd the withdrawal OF women's
wear worsted fabrics shown by two.
of It's largest mills. the entire pro-
duction for the spring season having
been sold.
United States Steel common fuc-
tIated within q range of about one
point. closing Sd lower at 1O7 rs.
American Can, American Sugar Re
lining, Baldwin, Cuba Cane pre-
fcrred, Du Point, Studebaker, United
States Cast Iron Pipe, United STATES
Industrial Alcohol, and Utah Copper
were among the many issues ham
mcrcd down one to two and half
points.
Despite the marked heasiness of
the general list. nearly a dozen is
sues, most OF them obscure special
ties, attained new high prices Tor the
year. They included Postum, Mont
somery Ward. st. Joseph LEAD. Unit
rd States Hoffman Machinery and
Wells Fargo Express. General Mo-
tors Z per cent preferred touched
new top at % IA. while the new
common sold at 80 -. a new low.
Selling pressure in the railroad
group was directed chiefly against
I.ehigh Valley. which was forced
down to 90 II and then rallied to
III Il. off "a On the day. Lack
awanna selling eX-dividend VI .JO
made up its dividend on the first
sale. advanced to no ana then fell
back to 137. Losses OF a point or
more also were recorded by Rock
Island. Atlantic Coast Line, Chicago
Great Western preferred. Chicago
and Northwestern. Gulf, Mobile and
Northern, New York, Ontario and
Western. st. Louis Southwestern.
and Texas and Pacific.
s. S. kresgc broke 10 IL points
TO I2o on one sale. Consolidated Gas
OF Baltimore. which enjoyed a sem
sational advance earlier In the week,
fell back ) II points. Other weak
srots were General Baking. Good
year Tire preferred. Pierce Arrow
preferred. Nash Motors and Rail
way steel Spring. off ) to points.
Fisher Body was one of the few
strong spots. gaining ; L. points.
Cali money held at 2 12 percent
all day. Time money displayed a
frmer tone. and although rates held
steady offerings were in saller vol
time, The commercial aper market
was quiet with rates unchanged.
Foreign exchange rates were firm
with business quiet. Demand ster-
ling rates held around $4.46 and
French rancs were quoted just
ahose 5 IA cents. South American
rates advanced on the expectation OF
an increased foreign demand for
grain, due to the high prices pre-
Nailng here.
Fond prices drifted irregularly
lower today in sympathy with the
reaction in the stock market. Scar
ritv OF time money offerings and
waning public interest contributed
TO the easier tone.
Many semi-speculatice railroad ISIS
ues. which have displayed independ-
Cnt strength in recent sessions.
Welded to profit- taking today. Fris-
co adiustment and income SIS. at
tracted buying orders in the early
trading but were unable to hold their
caina. closing the day with fraction
al net losses. Other rail bonds which
lost ground included Denver ana Rio
1;rande refunding IS. st. Poul con-
yertible and refundinE 1-2s, Sea-
hoard refunding SIS. st. Paul con-
vertihle and refunding LES. Sea-
hoard refunding As. international
Great Northern adjustment SIS and
Northern Pacific refunding As. which
showed average declines Of about a
point.
investment demand for new rail-
road obligations was reflected In the
ready absorption Of the $5o.ooc.o0
Pennsylvania Railroad issue. offered
today.
Foreign bonds held relatively firm.
with Swiss s les and Dutch East
Indies s les OF 1853 representing
the chief points OF strength. liberty
bonds were depressed by the tighter
money situation. Prices OF public