Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-30
NEW YORK MARKET
...,es Of the Days Dealings in All
the Leading Stocks

..v York, Oct. 29-Pre-eIection
nsass characterized today's uneven
du ns market. Speculative interest
s.oeA confined to a few issues. tran
was .;ons in which were Influenced by
srt trade or news developments,
",in body of stocks drifting low
wv nth losses, as a rule. limited to
fractions. A.. I-n,taa ct.+.. CO.,
Iteration to earn it's full dividend
CIr,,,enents in the third quarter
ieeunh about some selling Of the
III III shares. United States Steel
s.ss sron closed a point lower at 1O7
"a a and most of the independents
sst.idsd fractionally. Revival of acr
liz in Penn Seaboard. which closed
n "at,,y higher, reflected the elimi-
Ms Inn Of heavy interest charges thru
n !s. Inuidation OF bank loans.
ln Investment rails displayed a firm
an. the unusually heavy car load
, ~ and favorable September earn
,nss reports acting as a sustaining
,nsuence. Atchison and Atlantic
r"sst Line closed about a point high
y, Int Norfolk and Western fell back
AZ on reports that the negotiations
t,r The leasing of that road to the
psnnsylvania had been broken off.
Vow 1924 highs were established in
,be railroad group by the preferred
u .,ocks OF he Omaha. pittsburgh and
West virginia. Colorado and South
,rn t(rn,: Bangor and Aroostook.
a,d Pittsburgh, Fort WAYNE and chi
" "" hudson and Manhattan touched
a neT low.
Merchandising issues continued TO
develop outstanding points Of
s,,ength. Montgomery & Ward was
I'D M / ~ points to new high FOR
,he year at 80 IL while II. II. Mallin-
can advanced points to %, new
Ion on tie current movement. Sim
mons Company also attained new
peak price at ~ Ia.
American Tobacco issues jumped
about points cacn on the announce
,nrnt Of increased dividends but sold
N about q point from their highs in
tho latc. trading. Maxwell Motors
~ continued its ri9e to new high
prolnd on buying Influenced by re-
,orts Of record breaking car sales.
Good buying also Was noted IN Beech
mt packn" American Metals. Nm
tern9;Ional business Machines and
~ Joseph Lead, up | to . points.
,oInts TO - 81 on rumorS Of new IL
nancinr but later rallied To above -
an a denial of these rcbnrt". !iout II
Porto R!can Sugar broke 8 points
in = now low at 80 and American
Water Works ana West Penn Power
each showed net losses Of 3 points.
Other weak spots were General Elec-
lrIr American Bosch Magnetic. Con-
=, nlI-
, and American Express, off | II to
, - points.
Call money held steady at . ! .
rprccnt. Time money and CONNER
rial paper rates were unchanged with
business pul"t
Foreign exchange rates held firm
tcspite UNPRECEDENTED Grain and cot =
ION exports in the last few weeks.
pemon sterling advanced slightly to
around 80 3-S and French francs
ruled Just under ) \ cents.
Bond prices held relatively steady
to-day. although conflicting price
movements marked trading in virtu-
.ally all departments Buying orders
were most effective in railroads.
Announcement that negotiations
for the loaSc Of the Norfolk and Wes-
tern 10 th" Pennsylvania Railroad
had been abandoned caused a break
in the Nurtolk and Western convert:-
a bic es Whici, closed TIC day with n
net loss "l : - points.
other railroad issues. however. re-
spondcd 10 a steady demand with
substantial gains scored by AtChison
Is. New York Central 6's. st. Paul
refundinc / / -2'@. Chicago and Altol
I * and I\IuSuq CITY GDllt hCrn SIS
Scabonrd issues were active on pros
Iccts that tho road would profit by
tic completion of its new branch line
In Florida.
Price changes were narrow and in
significant in other sections of the
list. Weakness persisted in sugar
company issues. American Sugar 6s
and Eastern cuba Sugar IS reccding
point OF more.
New bond offerings tomorrow In
Clude $4,000, 0n0 National Steel Cars
Lines Company 6 percent equipment
notes, issued under the Philadelphia
plan. which will hc sold to yield 4,23
tn 6 percent and $4,000 600 Michigan
highway and tt percent bonds
priced at - Il and lo2 respectively.
Total sales were $3.50. 900.