Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-07

NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stoeks

Features Of the Days Dealings in Ar
the Leading Stoeks
View YORK. Oct. 6.-Stock prices
turned reactionary in today's mar
ket when heavy professional selling
pressure was exerted against the 81.
Paul issues, arousing apprehension
over the roads ability to refund the
large n,aturities peNt year. Net
losses in the active issues reached
from small fractions 10 :. l.. points.
trading however, being relatively
light in character.
st. Paul preferred was hammered
down : Ia points to a record.break.
ing how at IL Ia and then rallied
point the common touched q new
low at 10 rs and then recovered to
II -. off 81. The preferred has
sold this year as high as 80 Ia and
the common at Is Is. In 19O6. the
preferred sold at II Us a share and
nary estimates Of September opera
income of more than $3.UUO,OOO, rep
earnings since 1915. and gross reve.
nue. exceeding $50. 3OO. 900, the high
est for that month since 1916.
L. S. Steel. Baldwin, American Can
and Studebaker. frequently referred
to as the pivotal shares. closed frac.
tionally lower. Chandler and Gen.
eral Motors touched new minimum
prices for the year at 81 rs and
IS 81, respectively.
Several OF the western carriers
lost ground in sympathy with the
| weakness in the st. Paul issues
losses Of a point or so being recorded
by Northwestern Pacific. Union Pa
cific. Rock Island. and Texas and
Pacific. Heaviness also was noted
in Lehish Valley and Delaware and
Hudson.
Oil stocks were heavy despite
favorable trade news. which included
publication OF statistics showing rec
ord breaking consumption OF gaso-
line in the United States during Au-
gust and a reduction Of stocks on
hand, smaller Mexican oil exports
and an increase in Smackover Crude
prices by the Standard Oil Company
of louisiana.
Hartman Cooperation rallied . SIS
in reflection Of per cent increase
| in September earnings. Other strong
spots included Ar Reduction. Amer
lean Locomotive, american Water
Works 4 per cent preferred. Bayuk
Brothers, Jordan Motors. Sterling
Products, simmons Company. and
yellow Cab up to - points, and
Nash Motors. up =.
American Ice. Goodyear Tire pre-
| ferred, Schloss Sheffield Steel and
I Foundation Company fell back to
: IL points.
The advance in the call money
rate. while somewhat of a surprise,
| probably was due to the withdrawal
! OF funds to finance crop movements.
Time money and commercial paper
| rates held steady.
Foreign exchange eased slightly,
demand sterling being quoted at
$445 "a AMI French francs around
) Lie.
Political uncertainties and the
1 marking up of the call money rate
| from = L. to = per cent also were
factors in the days selling, the bulk
! of which was believed 70 be Of pro.
fessional origin.
Heavy liquidation Of the st. Paul
issues overshadowed all other devel.
| opments in today's bond market
! Prices in the general list were re-
| dictionary.
st. Paul Is of 1925 broke more
than s points to 63 and then rallied
| to g. IA. Net losses OF TO 8
points were registered by the con-
! vertible 4 las. refunding IFS con
vertible IS. Las of 1882. 4s OF 1884
! and the Puget Sound division 4s.
Obligations of the Nev' Haven
I Railroad. which also viii be called
/ upon to meet heavy maturities next
, year. reacted in sympathy, but the
| net losses were held to fractions.
| adjustment As, stamped. and Denver
! and Rio Gr3nde refunding SIS were
other heavy spots. Northern raci-
tic issues were firm.
Industrial mortgages held relative
~ firm, L. s. Government Issues
eased slightly in reflection Of tenn
Foreign government liens held
steady on reports that the flotation
Of the German loan would come next
week, with a seven per cent coupon
and an offering price to yield 1-2
per cent Belgium 1-2s touched a
new high record at IS ~.
Public Offering win be made short
ly Of a sI1100.000 issue of secured
1-2 per cent gold bonds of the Con-
tinental Gas and Electric Corpora =
/ tion by a banking syndicate headed
by Otis and Company. The price. 80
and interest to yield SIS per cent.
The new financing Is in connection
with the recent large merger Of wes-
! tern public utility companies serving
| Kansas City. No. Columbus. Ohio.
! Lincoln, Neb.. and about 1870 other
| communities.
| Sales $!o,619.000.
| Stock market averages:
! 20 industrials 20 railroads