Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-16
New YORK MARKET


r
.:.m yo.!.. :,c.: sv--stock prices
,,-ncI ..:y;ss. just before the:
"a OF to..y's E.lrs:et alie- an early
ssr,od OF i.rsyIarity wlscn was fea-
p,',ed by the strength Of ceverai now
..scad railroad shares. With tho
de exception OF Monday, Jan. 2.
.-.,I Gales Cr approximately half
..silo1 af.are3 were the smallest Of
nv full day session this year.
Heayy selling Of Crucible Steel,
..sich was hammered down three
,o,nts to So IA On runaors OF unfav-
p,s.s,e dividend developments at to-
.,rrroy's meeting Of the board of di-
.sc.ors caused the late break. Loss
~ Of to points were registered by
,metcan Can. Baldwin, Colorado
TmsI General Electric. Dawson
rsemicaI, Maxwell Motors issues.
rated States Cast Iron Pipe and
western Union Telegraph.
gock Island issues were in brisk
asmand on reports that the Southern
parffic had acquired large blocks OF
!. a.orks In connection with merger
sons. The common touched 81 5-8
I'd then eased to 80 "a. up / IA
md md the 6 and percent preferreds
/. e,osed at net gains Of Ia and ia
tesuectiveiy. Good buying also was
,nted in Frisco common and preferr-
a Gulf Mobile. and Northern pre-
erred. st. Louis, Southwestern pre-
erred and Western Maryland sec
and preferred UP to 2 points.
More than 81 dozen issues estab-
psned new peak prices for the year,
General Baking standing out with a
net gain of 9 points at 1'". Other
.,ocky to better their Prev. high
,rices were Standard Milling, CHM
gel Brothers common and preferred,
aoodyear preferred, and prior pre-
fered, Columbia Gas and Eclectic and
consolidated Gas Of Baltimore. Ame-
,rican Type Foundry. Niagra Falls
power preferred. American, Chicle,
sIoss- Sheffield Steel preferred and
General American Ttak Car preferr-
3D.
oils we're again under pressure in
reaection Of price cuts ins the middle
vest and Rocky Mountain districts,
Narland closing a point lower at 81
and ia and n number OF the others
Welding fractiOnally.
Most Of the dividend paying rails
Loaf ground. losses OF a point or more
being recorded by Baltimore and
Ohio. Lackawanna. Southern Rail-
vay and Delaware and Hudson,
Nash Motors jumped IA points
IN one sale while Union Tank Car.
Sears Roebuck. Kelley Springfield s
psrcent preferred and Loose Wiies
Biscuit second preferred moved up 3
10 points.
Money rates held steady despite an
enormous turnover of funds in con-
nection with income tax payments
and maturing government loans. Call
money held at 2 percent. The time
money and commercial paper arkets
we're quiet.
Foreign exchanges were slightly
reactionary with business on a fair
is large scale. Deand sterling ruled
about half n cent lower around S4.45
md rs and French francs declined
sis points to around 5.31 cents. South
american currencies thu d
strong.
Bond prices failed to develop a deh-
rite trend IN todav's quiet trading.
Accumulation of selected railroad is
sues liyened trading In the domestic
list kut price changes generally were
narrow and insignificant.
Investment houses were reported
toh unloading some Of their present
holdings on the anticipation of the
forthcoming German loan but their
scattered offerings apparently were
easily absorbed without putting any
strain on the market.
Liberty bonds failed to, reflect the
reported resumption of the treasury's
'i'kin- fund operations. said to have
fscn conferred on the third 4 las.
This issue with most Of the others.
moved lower with tho treasury and
las suffering the heaviest loss. Tho
turnover Of several larxc blocks Of
Liberties in over the counter trading
vas credited ~ lniying for tie treas
ur'r sinking frrd.
henan1 for Rock Island obligations