Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-01
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the leadina Stocks


Features Of the Days Dealings in All
the Leading Stocks
New York. Sept. S0.-Activs buy
ing of the standard induStrials Inn
parted firm tone to closing prices
in today's stock market after an
early period of considerable ir-
regularity. Net gains. as \ rule. were
small. Chief speculative interest
conferred in the southwestern rails.
several of which attained a new peak
price for the year on buying in
f1uences by high current earnings
and merger developments.
Higher call money rates brought
about some selling by professional
traders in the early dealings. but 1t
failed to bring out much long stock
and was eventually abandoned ex-
cept in issues in which unfavorable
developments are reported to be
pending. Extensive gasoline price
cuts along the Atlantic seaboard had
temporarily depressing influence
On the oil shares. Cosden sank to q
new low at 80 SIS but later rallied to
% Ii for small fractional gain
for the day. Atlantic Refining
closed a point lower, the other active
issues in the oil group showing only
fractional changes.
United States Steel common closed
5-S higher at los II on a small turn
over. Chairman Gary, in state
ment issued after the directors
meeting at the close of the market
said that the operations of the fin
fishing mills were between IS and IS
per cent of capacity, and that Sep
TENDER bookings and shipments were
better than those of the preceding
month with further improvement ex-
pected in October.
Declaration of only the regular
quarterly dividend of l IA per cent
on American Can was followed by
heavy selling by bear traders. ap-
parently on the theory that the fall
ure of the directors to authorize an
extra payment would result N
liquidation by tired holders of long
stock. They succeeded in hammer
ing the stock down to LIT IL but
it was taken up as quick as 1t was
offered and the price soon rallied to
129 IA, easing slightly below that
figure at the close.
There were several points of
Ill lllS NSW
highs for the year being establish
ed by the Missouri Pacific and st.
Louis-San Francisco issues, as we'll
as by the less active stocks of some
of the other carrier operating in the
southwestern territory. Heavy ac-
emulation of Lehigh Valley which
was credited to New York Central
interests, carried that stock up more
hon NttNt.- tn tIA 1.t lob act
price since the segregation of the
coal properties.
Large blocks of North American
again changed hands around ID. Re-
vival of speculative interest in the
motors and motor accessories result
ed in Steward-Warner being lifted
up nearly 3 points to GO IA and a
net gain of one point in Thinker
Roller Bearing. Copper stocks i'm
proved slightly on reports of a bet
ter demand for the red metal. Con-
solidated Gas of Baltimore contin-
uing its rapid climb TO a new top at
Isl.
Call money renewed at IL per
cent and held at that figure all day.
Time money and commercial paper
rates held firm with business quiet.
VI SAs3h SNNiAhSC iSSpotNSu loNoI
ably to reports of progress in con-
German loan. Demand Sterling
ruled about IA of cent higher
around $4.45 IA and French francs
were moderately active above 5 IA
cents,
With trading retarded by the tight
er money situation, bond prices drift
ad irroo1Ila rift " fhnro Activity, IN, he.
leading income and adjustment bonds
in Guiding those of the Frisco and
Katy" railroads was prompted by
the fact that they sell ex-dividend
tomorrow. Price movements gener-
ally. however, were narrow and in
significant.
Explanation for the recent furry
in Mexican government obligations
was found today in the announcement
that Texas banker. comparatively
unknown in Wall street would at
tempt to sell s50,000.000 Mexican six
percent bonds. International bank
ers protested ignorance of the plan
and little detailed information was
available. 1t had little effect on the
listed bonds, although most of the is
sues eased off slight Whitley. Trad
ing was quoted in other foreign bonds
with the new Belgium 1-2's setting
a new high record at 81 1-2.
Despite a good demand for a num-
Der of southwestern railroad bonds
the main trend of the rail group was
lower. Some Of the high grade is
sues. including those OF the Burling-
ton. Southern Pacific and Big Four"
roads were heavy.
Liberty bonds were irregular with
the treasury LES in demand.
Public offering will be made to-
morrow of s5.000,000 public service
company of Illinois, 40-year les
at 96 to yield more than IA per-
cent. Scheduled for Thursday is an
offering of s12. 10000 United Drug
Company 20-year SIS with preference
in subscription given to old bond
holders. Proceeds will be used to
call the company's percent bonds at
115.
Total sales. par value, $13,421 900.
STOCK MARKET AVERAGES