Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-14
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Aug. 13-Prifit taking
ward movement of stock prices in
today's market, which developed
considerable irregularity. Bullish
demonstrations vert successfully
conducted in a number of rails, cop
pers, public utilities and industrial
specialties but heaviness was appar-
ent in most of the sttel and equip
nent share.
Publication of the weekly steel re-
views showed furthtr improvement
in sales and operations apparently
had little market effect. Crucible
Steel broke points to 40 IA and
Rtjublic, Gulf States and Otis Steel
preferred yielded l to > points.
L. S. Steel closed IA lower at
JOG II. Weakness of Crucible was
attributed to unfavorable dividend
rumors.
Reports that large consumers
were again in the market for cop
per impaired fresh strength to these
shares, Kennecott and Chile advan-
cling fractionally to new high prices
for the year, while Cerro de Pasco
closed point higher at AZ II. Buy
ing of these issues also was stimu-
lated by the announcement that for
eign governments were heavy pur-
chasers of silver for coinage purpo-
ses.
Except for some good buying in
New York Central, Nickel Plate and
Big Four, all of which bettered
their previous peak prices, chief
speculative interest in the railroad
group was confined to the low priced
carriers, Texas and Pacific, Frisco
preferred and Missouri Pacific pre-
ferred being among the issues to es-
tablish new 1924 highs. Chesapeake
and Ohio closed more than a point
higher despite reports that minori-
ty stockholders were dissatisfied
with the proposed terms of the Van
Sweringen merger. Sharp recessions
took place, however, in Canadian
Pacific, Delaware and Hudson, Lack
awanna and jersey Central. Nickel
Plate also cancelled its early gain
and closed about l II points lower.
National Biscuit was heavily bought
just before the close. showing a net
The Pan American issues touched
new highs on the movement and
then reacted on realizing.
Leather issues gave a good DEM
onstration OF group strength, Amer
lean Hide and Leather common and
preferred and Central Leather pre-
ferred closed l to > points higher.
Further accumulation f Railway
Steel Spring was associated with re-
ports of an impending splitup of the
Stock.
Call money ruled unchanged at
percent. The time money and COM
merCial paper markets were quiet
with rates unchanged. Foreign en-
changes fluctuated irregularly within
narrow limits. Demand sterling
ruled around S4.54 IA and French
francs were fairly active around
1.65 cents.
Bond prices today resumed their
upward trend under the leadership
OF the railroad liens which were
stimulated by the quick sale of the
Baltimore and Ohio railroads S75,
100000 issue OF first mortgage obli-
cations.
The offering was heavily over-sub-
scribed, cash subscriptions aggre-
gated S150,000.O00, with approx
mately one half the holders of the
$40, 100000 prior lien lbs to be
retired subscribing for the new is
sue on an exchange basis. The fact
that these holders were granted
preference in allotment brought ac-
tive bidding for the , LIS, which
carried the price above par. Mean
while, the new five percent bonds,
listed on the New York curb mar
ket. commanded a half point prem
ium above the Offering price of 9S
and II.
The keen demand for the Balti-
more and Ohio bonds infused fresh
strength into other railroad liens.
Seaboard adjustment SIS, Erie prior
lien as and convertible as "D'',
Lake Shore As and Missouri Pacific
As gained point or so. Unusual
activity developed in the Frisco is
sues on the announcement that d.
rectors next week would consider
plans to rearrange the company's
capital structure.
Foreign bonds today recovered
from yesterdays profit taking des-
pitee the check to progress of the
inter-allicd conference by failure to
reach an agreement on the Ruhr
evacuation problem. French IS
moved up a point.
Public offering will be made to-
morrow of S5,00O.000 Rock Island
five year percent notes at 90. Pro-
ceeds from the sale will be used for
additions and betterments.
Total sales S14,15S,000.
Sfock MarLent Averages