Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-08

NEW YORK MARKET
Features Of the Days Dealings in All
the eeadinQ Steeks

New York, Oct. -Desultory trad
ing characterized today's stock mar
ket with price changes generally
small and unimportant. Total sales
fell below 10000 shares for the first
ume since the middle of September.
Bear traders made an attempt to
unsettle the general list during the
morning, entering their attacks on
the sugars and few vulnerab BILE
specialties. but they failed to bring
out much long stock and their eff
forts were soon abandoned. Oper-
ators on the long side, however.
we're unable TO bid up prices with
without running into substantial vol
umes of stock with the result that
trading was rather listless in the
latter halt of the season.
L. S. Steel common, American Can
and Baldwin all closed fractionally
higher.
A heavy tone developed in several
OF the high grade rails, Atchison.
Delaware and Hudson, Lackawanns.
Nickel Plate" Illinois Central
preferred. Rock Island per cent
preferred. and Gulf, Mobile and
Northern preferred showing recess
sions of point or more.
Heavy selling of the sugars was
attributed TO the political distur-
Dances in Cuba and to speculative
disappointment over this Years
earnings. American Sugar Refining.
Cuba Cane preferred and Punta
Alegre closed l to IL points lower
| while South Porto Rican broke four
points to 81.
Further accumulation took place
in Bayuk Brothers. which closed
Us higher at 46 rs American
Ice rallied point to IS on official
assurance that earnings were salts
| factory and the present dividend
tate would be maintained. Union
Tank Car. Wells Fargo Express,
| National Dairy and General Asphalt
| were up l to points.
st. Paul issues made further
| slight recovery from yesterdays
! early weakness. Southern Railway
was heavy in the early trading in
response to the filing of a suit by
| preferred stock holders in an eff
| fort to recover back dividends al
legged to be due. but rallied later on
| publication Of an official statement
| disputing that claim.
American Water Works broke Z
points to l9S l.: and then rallied
| feebly. Chandler Motors touched a
| new low at 81 Is, Consolidated Gas
| OF Baltimore broke four points on
one sale and Nash Motors dropped
IL
! Call money held steady at . 10
| per cent. The time money market
was firmer. maturities Of four to six
months being quoted at 3 Il to } -
per cent. instead of . to 3 IA, al
| though business was quiet. CONNER
| cial paper rates were unchanged.
Strength of the South American
rates featured the foreign exchange
market. Argentine paper pesos and
| Brazilian milreis were quoted at
is 3-S and II "a cents. respectively,
as compared with Sc 30 and II / 4
yesterday. European exchanges
! eased slightly. demand sterling be-
| ing quoted Just above AS IL and
| French francs ruling around Soc
, cents.
Partial recovery OF the st. Paul
issues, reactionary tendency in the
general list. prompt over-subscrip-
ton OF the S15,0O0,0O0. 6 10 per cent
| external sinking fund OF the gold
bonds OF the North Railway Com
| pany OF France and the announce
ment of an Offering of 81 900, 600 Fin
nish municipal bonds were the out =
I standing developments in today's
I bond market.
! st. Paul As Of 1925. which bore
| the brunt of Yesterdays selling pres
| sure, rallied ; IL points. recovering
! about half their loss. The CONVEX
! tible 4 lbs showed gain of IL
| points with corresponding advances
| in the other st. Paul Issues High
grade railroad liens were heavy,
Union Pacific, refunding rs and Nor
folk and Western Convertible. Is
eanch losing point and several
| others yielding large fractions.
Adams Express As advanced a point
to new high at So.
; Foreign liens were mixed with
Standard issues holding steady on
! reports the terms OF the German
| loan would be made known Thurs
| day. A firmer tendency in the time
money market had little apprecia bic
effect on United States government
securities. which moved within mar
row and irregular limits.
Sugar company liens lost ground
| in sympathy with the decline in
stock prices.
Bond sales s1O,o36, 900.