Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-05
: NEW YORK MARKET
rsatures o. the 0ay'e Dealings In Al
L the Ioadin0 Stocks

Unexpected omission Of the quar-
,terly dividend on the common stock
,of the American WOODEN Company,
(which broke nearly IA points to IS y.
tho lowest price since 1921. unsettled
tpdays market after a carly period of
irregularly low prices. The general
list, however. met good support. net
losses in most Of the active issues
ranging from fractions to points.
Despite the generally heavy tone Of
the market. bullish operations were
continued In q number Of issues.
nickel Plate" common scared near
price Of 1871, but later reacted 3
points from the high. The preferred
touched a new top at 93x and then
sagged to s1h, up VI. Strength VI
Lackawanna, which advanced 3
points to 133 and then eased to 1877,
was based on reports that the road
was to become the next member OF
the Van Sweringen family.
The precipitous decline in Ameri-
can Wooden which gold yesterday 1T
IGN or tx points below the year,
high, was due in q large measure 20
the touching of of a number OF stop
loss" orders in that stock. which has
a. largo speculative following. Daniel
Boone 1Woolen Mills. directors o:
which yesterday postponed the div'-
'dend one week dropped u to 1111z
and then rallied feeoly. Other tex
tile stocks moved in sympathy.
steel and equipment issues lost
ground in the face OF announcements
OF large equipment orders by some OF
the principal railroads. United States
Steel common dropped more than q
point to 107A. while Republic, Gulf
States and Vanadium Steel. Baldwin
and Lima Locomotives dropped I TO
2 points.
Much OF the eraIy selling was re-
ported to have come from floor trad
ers, who took advantage OF the sus-
pension of pool operations In a mum .
Der OF specialties and the apparent
lack Of market leadership on the long
side. Dupont, General Electric. lr-
ternational Telephone. Endicott-
Johnson. May Department stores,
Nash Motors. National Lead ana
United Railways investment prefer
red sagsed two to nearly four poin.s.
Short covering operations account
cd for the rallies in American ASil-
cultural Chemical preferred. Colora-
DO Fuel and Jones Brothers lea'
which closed about l to Ia points
Z higher. ,.
Rails Welded with the industrials
despite the publication OF unusually
high August car loadings by some OF
the western roads. Union Faciuc'
Norfolk and Western, Great Nortn-
ern preferred. Canadian PACING. chi
cago and Great Western prelerreo'
delaware and Hudson and Louisviiic
and Nashville showed recessions OF l
tf. 81. points at the close. Ca!
money renewed at 2 percent nut au-
y,nced to az towards the close.
Time money and commercial paper
rates were unchanged.
Foreign exchange rates continueo
N lose ground in reflection OF the -"
crease in grain and cotton nils De
p,and sterling ruled about a cei'l
Iouer st s4.46is and French francs
were off about four points arouI u
sac cents. Other recessions We
largely nominal .,,,.d
geact,onary tendencies continued
"a nredominate In todays pona ma,
ket. which was marked ny eN.ren" ..,,
dull trading. Prices huctuateo VIZ
in narrow limits and except 10. "
few high grade rails when resp pr,,st
Cd TO reports OF EXPANDED Ausu''
tr,Anc moved generally lower.
with traders shown disposit. n
"a await further definite poiticai oe.
,..,nnment. abroad. there vas
st.creninr Of activity in the 1orels"
list THE new Belgian 6!ss asa,m ost
nnn,ed the center OF trading lhteres.'
continuing to command q shgn. pIh
800, an a large turnover. fren|N
omS Austrian issues moved lower.
ar. proet taking reduced recent ka' u
r,ade nv Wilson and Company 80
rat,ons and various otner nu "a
zee. Including Chile Coppe, ,
punta Allegro sugar Is' A'"e'
cr,cultural Chemical rs. .,,h
NE.tahlishment OF another new n !.
..anrd nv internationally Great N t,..ad
rccoru ; ny Is at 56h featurso
ern a"' IN railroad liens. Union "a
c,ac first As and LouisFn,e az" tn,nroved
.,,,io and Nashville 4s also mp ~ !.
,,,nSerately but their gains we.e In
~ nv tho heaviness OF frlsS and
90 &c Rio Grande western
ss.hoard adjustment bs: ,a. TO-
p,,SI,c offering will be maue No.
a,m m Of s2e,oo0.ooo Canadian n r
t.nnai Railways 80 year ~ Nv and
spontaneously in New hn.r. the
s,a The issue. which pears rtes e
,S,arninion governments sa.t 70
LII, hs priced at % ana in. we're
Mia Mn s75es. The days safes WV
S7,2bs.ooo. -
-.,ssA-"aS 20 industrials 20 rai'r ee az
Thursday ....... ~. .o 90 ~ 5000