Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-20
NEW YORK MARKET
e.a.ures Of the Days Dealings in All
the Leading Stocks

~ew York, Aug. l3-Bulllsh DEM
carnations in a select assortment of
.onners, public utilities and industrial
.,scialtIes featured today's irregular
IA active stock market. Forty-five
..,re. attained new peak prices dur
80 the session. including eight met
-. ak rails. FIVE public utilities, four
,on.ccos and three rubbers.
extensive profit taking continued
...aughout. the five hours of trading,
Ir,icI,larly in the steels, equipments,
pa,nrs and dividend paying rails.
I mavjson Chemical broke points to
~ al when number Of stop-loss
s'.o,a we're touched off. but it rail-
Oh ,s.er to Is. Net losses in most
=, The other active issues were held
N point Or less.
Ais Chalmers was the outstand-
w. strong spot in the speciality list,
Losing IL points higher at Sc 1-2,
new 1924 top. on buying, undoubt-
sdIv influenced by reports that or
ders on hand were sufficient for six
-,on,hs capacity operations. Other
sueciaties TO sell at their best prices
- no year were international Bust
noss Machines, Texas Gulf Sulphur.
NJ Departmentl Stores, Gimbel
prntbers, Fleschmann, American
paJiator Postum cereal, Union Tank
Tar and General American Tank
Car.
American Can led the standard in
5nstrjals by climbing four points to a
new peak price a t l34 ga, while
American Loco moved up two points
:" new top az So rs. L. S. Steel
essed 5-8 to 10 and Baldwin and
emdebaker also closed fractionally
lower
public Utilities strengthened under
the leadership of Western Union.
which advanced more than four
nolnts 10 llS. Other issues in that
rroup TO break their previous high
n .ces were Brooklyn Edison. Brook
i'm Union Gas. and Manhattan
Guaranteed Stock. Montana Power,
Virginia Railway and Power and Pa
cifc Telephone moved up 3 to 4
points.
Coppers and shippinGs continued to
discount the benefits expected to re-
suit from tho adoption of the Dawes
plan, Marine preferred, American
international Corporation. American
Smelling. Anaconda, Inspiration and
several others moving to new high
ground.
New York Central touched 10 3-S.
ia highest price since 1916, but Tn
ion Pacific. Lackawanna, Illinois
Central Canadian Pacific and several
other hich grade carriers fell back on
proht-takin" nickel Plate drop
ped three points to 40 "a. Internal
ttonal Railways of Central American
preferred advanced ? IL points to
now top NJ 80 IL on reflection of
record breaking July earnings.
Can money held at percent. But
large "outsido" loans We're arranged
below that hcure. Time money and
commercial paper rates were I'M
changed, with business quiet.
Further weakness cropped out In
The foreign exchange market. demand
steing dropping nearly Sc to be-.
low $50 and French francs yielding
about l. points to around ) 3SC.
Other European rates yielded in
sympathy. Canadian exchange sold
at par for tho first time this year.
Unsettled by continued profittak-
ins, the bond market today was
marked by narrow and unimportant
Wce flrlUatlons. Most of the for
ccn issues were unable to shake off
The depressing effects of realizing
and hcayIness of the European ex-
changes. although Serbian SIS broke
throuEN their previous high record to
new Top a 90 Il.
The tagging interest in bond trad
ing WIS attributed in some quarters
TO desire OF many recent purchasers
10 unload their holdings at existing
high levels in the belief that money
a will lit fn11
Another factor tending to discourage
accumulation Of listed issues was said
10 he the tendency to await new Of
ierngs in order to obtain more sat
isfactorv Yields.
Trading in railroad liens provided
few features OF interest. St Paul is
sues encountered proht-taking but
continued unusually active with
large turnoyers of the percent
ponds maturing next year. These
SEQ slightly below the years record
q NJ established. Northern Pacific
7S led moder ate arvance in high
lrade issues and a revival of activity
'ook place IN the Missouri Pacific
ana lnternatonal-G Great Northern
Obligations
'ohhlCtlng movements in the in
GlSuial list We're reflected in gains
q to as in Wilson rs, and Re-
PNphc Steel 5 1-2s and losses of
soout a point in Cuba Cane Sugar
IS Wickwire Spencer Steel IS. Mag
M Copper IS and Indiana Steel IS.
New financing scheduled for to-
Norrow includes Sl0,000.000 six per-
tet preferred stock of the North
american Company. offered at S4S
w $50 par value share. Among
olNer offerings understood to be in
Preparation are s1o.oo0,ooo bond
ISSUE OF the Thomas Cusack Com
PaNS, advertisers, and 100000 for
she United Fuel and Supply Com
37Ry' Total sales were S12, 100000.