Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-10
NEW YORK MARKET
....urss Of the Days Dealings In Al
the Leading Stocks

@.,ne election results. Opening
s.,ns In the popular industrials and
bIroad issues ranged from / to
To- points and these were fairly
Iii maintained despite occasional
x~s,ries of selling throughout the
~ Of the session. With q large
's"rt interest built up in the per-
a.ndicuIar decline OF the last two
y.sts. technical conditions also were
~ for a rally. which was one Of
~. ~ sharpest since the unexpected
tunsciaration of an extra dividend on
r. q Steel common last fall. Sales
~ The first half hour approximated
ID 'nT of a million shares, but
NE market turned dull after the
s -. batch OF buying orders had
zen absorbed. the days sales az
sregating about $4,000 shares.
While the removal Of political un-
eertainties was undoubtedly the
u,incipal factor in the advance, 9TH
~ contributing influences were the
trcreased demand for steel products,
iower time money rates, the pro-
nossd segregation OF the coal prop
sties of the Pittsburgh and West
virginia Railroad, which Is believed
N prepare the way for that roads
sdmiss!on into the Van Swertngen
FAMILY and indications that the gov
lament S35, 100000 issue of treas
nry certificates would be readily abb
ssrbed. Aft
aend on Chandler shares from $1.5O
~ Is cents was one Of the principal
financial developments of the day.
That stock opened three points high
o. at 36, cancelled its gain in the
wave OF profit taking and short SELF
inc that followed the initial out
hurst of buying moved up again to
"a IL and then fell to "a IL, the
vears low following the announce
ment of the dividend action. 1t
closed at 80.
steady accumulation was noted In
the railroad group, particularly
among the high grade shares. Lack
swanr1a continued to be the feature,
,his stock establishing a new high
record for the year at 146 3-S on
huying based on the belief that the
,oad will cut a huge melon. pre-
,,ratory to being taken into the Few
Nj1kel Plate system. Pittsburgh
and West Virginia preferred, which
"a N be retired at 1O5, touched a
new high for the year at the re-
demption price. up two points.
Rutland preferred broke 3 points
n II following the failure OF the
directors to resume dividends on this
issue. A recent rise in the stock
had been predicated on reports that
a nayment would be authorized at
todays meeting.
A. Paul issues also were weak ut
tbe close on rumors that the road
might find it necessary to readJuss
4, capital structure In order to COM
nle.e its rcfunding operations lext
,ear. The common stock declined
a mint and the preferred 5 1-S. An
ADVANCE OF S lac in Delaware ana
Hudson was based on the belief that
his road would follow the action OF
pusburph and West Virginia IN
mgregating it's coal properties:
Dividend influences were rehecteo
IN the movements of several INDUS
rial issues. Omission of the quar-
,srly dividend by the Daniel Boone
Woolen Mills was not announced I'M
N after the close of the market.
Prior TO the directors action. the
stock touched a record low price at
lOl.o. later closing at IL 1-S. a net
loss OF as. Fresh selling OF Amer'-
Nm Wooden, which canceiled an
early recovery cropped out IN anti
cipa,e Of this development which
rcdirected attention to the depres-
.ion in the textile industry.
Foreign exchanges staged a vigor-
Gus upturn under the leadership OF
sterling which rallied about three
cents to around $4.45 before selling,
back 10 S4.44 IA. French francs
also recovered about points to
about 5.30c on cable dispatches
from Paris reporting that J. p. Nor
gan was ready to renew the $lVU.-
10000 credit to the Bank OF France
II required.
Cali money ruled at . per cent
throughout the day. Time funds
were IN plentiful supply at rates
ranging from "a to 3 IL per cent:
Commercial Paper was quiet at 3 IA
to 3 IL per cent.
Bond prices turned upward today
for the same reason that actuateo
the rise In francs. Railroad issues
advanced in sympathy with a. brisk
upturn In shares OF the leading car
riers
Both French Republic and NUM-
cpal issues participated In today's
advance. An interesting develop
ment IN connection with French
bonds was the report that q $lO'-
100000 loan shortly would be ar
ranged for the Paris-Orleans Rail-
way.
The forward movement Of high
Grade rail liens was led by norfolk
and Western convertible &c. which
scored a net gain of about z points.
Other issues which Joined In the
advance were Atlantic Coast line 4s.
Union Pacific first 4s. and Reading
GENERAL Is. st. Paul Railroad bonds
moved counter to the general trend.
eeGining with the company's Stock
Issues.
An advance Of 3 points in the
brooklyn Union Gas u, of 10S2 car
RED this issue to a new high record
At l43. Bonds OF tne Copper. Sugar
ana Rubber companies were In good
oemand. aBnkers have placed
Privately a S5.OOO.OO0 issue OF Texas
md Pacific Missouri Pacific terminal
railroad of New Orleans 8 1-2 per
cent bonds.
Total sales tpar valued $9.19S.OOO.
Twenty Twenty
Industrial Railroads
tuesday ...... .1O1.O7 O.W
MAAAAS,