Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-06
Wall Street Briefs

New York, Sept. Unusually
heavy Canadian financing in this
market, necessitating the transfer of
funds across the border in large
measure accounts for the strength Of
Canadian exchange. which has been
selling at a slight premium. Wall
St:eet bankers, however, state that
it is unlikely that the premium Will
excesd Ia OF one per cent as any
thing over that would undoubtedly
result in the shipments to Canada of
our gold of which we have a tremen-
dous surplus. Because of shipping
and Insurance charges, together with
the Joss of interest on Gold in transit.
it would be Improbable to ship gold
with TIE slight premium prevailing
at this time.
Decision Of the New Haven man
agemenc TO electrify % mile branch
extending from South Norwalk to
Danbury, Conn, was considered by
observers to be the best sort of evil
dence that the road finally has turn
ed the corner Through its accom-
plisEment the use of steam locomt-
tives CT the main line between the
Grand Central and New Haven, will
have been eliminated and at a leia-
lively small investment, unofficially,
the cost was placed at not far from
S600,C
Speculative Wall Street, ever alert
for cause and effect when stocks
move up or down, dabbled in the the
Dry today that early strength and az
tiyity in shares of Cosden Oil, in con-
trast TO the weakness of the general
list, might have had support from
the prince of Wales in a holiday ding
at the market. The princes recent
visit to the Sands Point home of Mr.
cosden apparently was the sole basis
for the report. Old timers in Wall
Street recalled reports that :ie
Ii:nce's grandfather. the late King
Edward VII, had taken several plum
ges on information furnished by his
wealthy American friends.
Important railroad legislative OPP
Grating and construction problems
Will be discussed at a series of con-
ferences between rail executives in
Ne~ York. beginning September 16.
A meeting of the board of directors
CT the American Railway Association
is scheduled for that date, to be fol-
loved by a gathering of the execu-
tive committee of the Association of
r. Hway executives. Both organfza-
rions are expected to canvass the
legislative situation thoroughly and
to discuss the changed attitude of
the Interstate Commerce commission
regarding the installation of Auto
| motto train control equipment. At
thu same time the eastern presidents
coli ference probably will consider
ftne re-grouping of railroads for con-
soiidation purposes.
Freight cars in. need Of repair on
August fifteenth totalled o03,941, or
SIS per cent of the number on line, an
increase of 1877 over August j, the
American Railway Association re-
ports.
Commercial failures in the United
States for five days this week total
led ao1, against 366 for six days last
week and 241 for five days a year
ago, r. G. Dunn and Company re-
ports. More defaults occurred this
! week in the east and the west than
in the corresponding period of 1928
but there We're decreases in the south
and on the Pacific coast
The International Railways of
Central America recently bought
10000 tons of steel rails from the
United States steel products COM
pany and 41,00O creosoted ties. com
pletint the material required for the
construction of 1913 miles of railway.
this will give the entire system $40
miles Of railway in Guatemala ann
Salvador, resulting in two - intc-.
oceanic railways. one from Fort B:r--
riers through Guatemala and the
nj her fhroucI, So1x-oJo,