Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-23

NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Aug. 22-Stock prices
crumbled sharply today under the
weight of large volume Of selling
orders for both accounts. Net loss
in the active issues ran from l to
points with total transactions
again we'll over a million shares.
There was nothing in the news
to account for the heavy liquidation.
Many observers regarded it as a
, normal setback. due to the weaken
| ed technical condition of the market
as result of the recent drastic re-
duction in the short interest.
Bullish operations in Nash Motors,
Z. S. Cast Iron Pipe and American
Water Works, all of which sold at
their highest prices of the year
temporarily interrupted but failed
to halt the downward terend of the
general market. Other stocks to
break through their previous top
prices were International Telephone,
International Railways of Central
America, Reynolds Tobacco 81,
Ohio Fuel Supply, American For
eign Power issues and Pierce Ar
row prior preferred.
United States Steel broke nearly
points to 1OS and carried all the
independent issues down with it al
though the net losses in these were
relatively small. Erratic f1uctua-
lions took place in American Can
which opened at 134 ga. dropped
one point, rallied four and then
dropped back to 1874. Baldwin and
Studebaker failed to hold early
gains and closed lower.
Colorado Fuel dropped more than
several points on reports that oil
drilers in the Moffat field of Colo
RADIO had struck water. Recent
buying of this stock has been pre-
Dictated on the possibility of oil de-
Velopments. Other outstanding
| weak spots were General Motors,
international Harvester. New York
Dock, Railway Steel Springs. Tide
water Oil and United Fruit, off > IL
to D points.
A run in of the short interest in
Atlantic refining sent that stock up
to % 81, but is eased later to 90 rs,
where it was up 3 3-S on the day.
west Penn Power closed nearly >
points higher at 50 3-S. American
Sugar Refining, American Tobacco
issues, Liggett and Myers, Schultz,
Moon Motrs' and Eeastman Kodak
were among the few shares to- show
net gains of a point or more.
Rails yielded with the industrials
put the losses as a rue were not as
large. Jersey Central broke ten
points on one sale and rallied 3 on
the next, while New York Central.
New Haven, and Norfolk and West
ern Southern Railway, Lackawanna,
Delaware and Hudson and several
others dropped point or more.
Call money continued to rule at .
percent. Time money and CONNER
cial paper rates were firm but bust
ness was quiet.
Foreign exchanges again turned
reactionary with trading extremely
light. Demand sterling dropped to
below $3.50 and French francs ruled
slightly above 5 IS cents.
Bond prices again worked lower
today as the continued weakness of
Liberty issues Influenced further
selling of other high grade obliga-
lions. Erratic fluctuations of the
st. Paul Railroad liens, which de-
ciined one to points in the early
trading and then recovered, was a
feature of trading.
Contributing to the early reaction
OF the st. Paul bonds were reports
that the road, in planning its next
years refunding program, was dis
satisfied with tentative terms pro-
posed by bankers and would frame
counter proposal. Uneasiness over
lumors that no financing would be
attempting until earnings improved
were partially dispelled by officials
OF the road who asserted that the
outlook for fall tonnage was better
than at his ime last year.
Recovery of the bonds later was
accelerated when reports reached
Wall Street that Van Sweringens
were buying st. Paul stock with the
view of eventually linking the road
with their new Nickel Plate to form
the first real tranScontinental rail
system.
Today's decline in Liberty bonds
exceeding more than a half point
IN some issues, brought losses with
in the past few days to as much as
point. Selling was traced to
banks, which were reported to be
finding better employment Off
their funds in the interior through
the movement of crops and the re-
vival of trade. A local syndicate
headed by the First National Bank,
was awarded $20000,000 Province of
Ontario 4 IL percent bonds on
bid of 94.S6. which compared with
a bid of 94S0 by a competing syndi-
cate. Directors of the Skelley Oil
Company authorized an issue of So,
$4,000 convertible 6 IL percent
notes to be offered TO stockholders.
Total sales ST., 100000.