Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-25
Financial
NEW YORK MARKET
Features Of the Days Dealings in Al
the Leading Stocks

AhV e0a0sU8 SASSHB
New York. Sept. 2HStock process
made further recovery in today's
market with sales exceeding q mill
ior shares for the first time in nearly
three weeks Easy money rates and
the circulation Of favorable political
forecast aad a bullish egect on senti-
ment.
Professional traders continued to
supply tine bulk Of the buying power.
although commission houses report
ec thar the hecent sensational adj
vances in some of the specialties had
resulted in an increase in public In
terest. The upward movement In to-
days market. unlike some of the pre-
Vious session. embraced virtually the
entire list. although early gains were
madified in the closing transactions.
Cali money again renewed at two
percent Time money and commerce
iai pape, rates were unchanged with
business quiet.
Foreign exchange rates displayed a
better tone. rejecting an oversold
condition. Demand sterling ruled
abou, S-i of cent higher around
S4.46 SIS and French francs were
active just above Ia cents.
Special exhibitions Of strength In
Mexican government obligations and
in individual public utility and in
dUstrial issues marked trading In
bonds today. Prices continued to
forge ahead, although gains were
limited for the most part to frac-
lions.
Activity i'm Mexican bonds, which
advanced to 4 points on a sudden
burst of buying, was based on re-
ports that Mexico might obtain a
lean in return for certain oil con-
cessions. These rumors. linked with
the visit of a committee of oil men
to Mexico City, lacked confirmation
Bankers in close touch with the sit
uation expressed doubt that Mexico
would be able to obtain funds thru
any arrangement until suspension of
the Mexican debt agreement is lifted
Two score isses of which 10 were
public utilities and six rails broke
through their previous high prices
for the year. The list included Lac
lede Gas. Peoples Gas. Standard Gas
and Electric. American Water Works
Frisco, Missouri Pacific preferred
Southern Railway. Studebaker, Nash
Motors. United States Cast Iron Pipe
common and preferred. the three
Worthington Pump issues. General
paLing. Texas Gudf sulphur and Al
lis Chalmers preferred.
The weekly steel trade reviews re-
ported n slowing p of steel buying
Que to the abolition OF the Pitts
burgh plus" price plan. The steel
shares showed little change on the
GAY. United States Steel touched
l09 SIS. and then fell back to Tues
days closing price of 100.
Merger rumors and the unfaVorable
showing made by Augusta earnings
statements and September traffic re-
turns contributed to the strength OF
number of popular railroad shares
Activity of St Louis Southwestern
which was run up more than points
to "A "a brought forth a flood OF
rumors including the early acquisl-
ton of that road by the Southern Pa :
cific and the placing of the junior
issues on a dividend basis. Net gains
of one to two and one half points
were recorded by New Haven, Union
Pacific, Southern Pacific. Southern
Railway, Chicago and Great Western
preferred. Missouri Pacific preferred,
Seaboard Air Line common and pre-
ferred. Texas and Pacific and Wheel
ing and Lake Erie preferred.
United States distributing pre-
ferred jumped Z IL points on two
sales. American Water Works closed
G IL higher at 124 1-2 and the Am
erican- Chickle issues. United Rail-
ways investment preferred. National
Lead, Vivadou and United Fruit
showed net gains of two to five
points. General Baking touched a
of nd fhoY1 hrOt<o
1872. Jewel Tea. American Ice and
Union Tank Car were heavy.
A strong underlying demand for
railroad mortgages was again in evil
dcnce today. although there were Il
few individual features in this
group. Predictions by the president
of the New Haven that the road
would be able to refund next years
maturities without difficulty aided
these bends. The demand also in
cluded West Shore Rio Grande west
crn. st. Paul. Canadian Northern and
Northern Pacific liens.
Termination of the New jersey re-
ownership for Wilson & Company
contributed to the recovery of the
packing companies bonds. the con-
vertible 6's advancing points.
Brooklyn Union Gas issues again
broke through their previous high
records.
Offering will he made tomorrow of
s4,000,00O Temple Anthracite Coal
Company 90 year s IL percent bonds
at 30 and accrued interest to yield
6.55 percent. Proceeds will he used
to acquire common stock of the Tenn
pie Coal Company and not less than
90 percent of the capital stock of the
Fast Bear Ridge Collicry Company.