Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-23
NEW YORK MARKET
:. 1890 Of the Days Dealings IN AZ
the Leading Stocke

i 80 York. Sept. 22-Price move
49, In today's stock market lack
4. .sssormity, bullish demonstration
~ public utilities and Bpeclalties
80 counteracted by the hbASiness
number Of standard induuttials
~ Ais. Business was In moderate
800. the days sales AggregAted
.ssnt three quarters Of MILTON
hres a.. ,,.u. .,.
=. vas largely reflection Of higher
srnin9s. The accumulation Of local
=. shares was stimulated by reports
an early termination OF the rate
s,eation In the preliminary proceed
- Of which the companies hsvs
IN successful.
Trsnty-five issues attained new
..sr peaks during the session, IN
,snSing Consolidated Gas, Brooklyn
/ ,;nion Gas, North American Com.
ssny. Standard Gas and Electric,
ssooles Gas, Pacific Gas and Elec-
~ Federal Light and Traction,
/ smsncan Tobacco. and Liggett and
Vrsrs issues, National Biscuit,
rsshnar, Packard Motor common
.sd preferred. Worthihgton Pump
"a Savage Arms.
/ Oil shares showed q temporary dis
.ay Of strength on the announce.
srent Of higher prices for heavy
snackover crude. the first favorable
market Developments in the oil in
dusry in some time. Houston touch
"A n on the rally but dropped back
h,er 10 ~ 1-2. where It was I'D one
iii point on the day. Gains In the
sher oils also were materially re-
doced or cancelled later.
United States Steel, Baldwin and
studebaker all closed fractionally
oxer on a relatively small volume or
uading American Can. the most
arlvs member of the big four"
touched 1870 in the early trading and
hen fell back to 127 7.s. off 1 s.s.
Most Of the high grade rails lost
round, although Missouri Pacific
ueferred. Southern Railway prefer
rsd and Kansas City Southern pre-
isrred broke though their previous
hlgh levels. Rock Island, Reading.
tackawanna, Nickel Plate preferred
and Northern Pacific lost one to two
points
Standard Plate Glass. which broke
sharply Saturday due TO the conSus.
Ion over the change OF the corporate
name, rebounded 1-2 points to 26
At the opening and then slipped
hack to % 1-S. North American, the
most active feature of the entire list,
was bid up to Be- Id. and then eased
70 49, up 2 SIS on the day.
L. y. Government obligations and
high grade railroad issues led the
. bond market to higher ground in to-
lays active trading. Steady buying
by banks desiring n better return on
heir surplus funds carried a num-
her Of the Liberty Bonds to within
striking distance ~ their 1924 peak
eves and also pushed several gilt
edged corporation issues into new
hlsh territory.
!. Establishment by the new BelRiaf,
! lis Of a new high record at 81.
three points above the Offering
prices, marked trading In the foreign
llh Attractive features Of the sink
ING fund provisions. calling for
monthly payments beginning October
l. were held partly responsible for
the rise In the issue. Cubans 4 l.2s
touched new 1924 top price at 80
II! Mexican assented issues. how
ever were subjected to selling pres
sure the LIS dropping, to a new
low AT 10.
Prospects Of increased earnings,
combined with merger possibilities,
contributed to heavy accumulation of
ihe International Great Northern ad-
'ustment Is which sold today at a
record high price Of IS.
Predictions OF better earnings also
oroueht nm upturn in st. Paul Rail-
way liens and In the bonds Of Pere
Marquette. Union Pacific, Frisco,
Denver and Rio Grande and other
western carriers.
Brisk buying Of Brooklyn Union
Us per cent issues. based on re-
ports Of an early settlement Of pend
ing litigation. sent these bonds to
Mw 1874 high levels. The issue ma.
turing In 1929 mounted five points to
lM' Wilson ana Company liens also
were In demand.
Total sales si3.5S0,O 900.
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