Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-26
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Sept. 3I-Stock prices
moved irregulariy lower in today's
market under large volume OF
profit-taking sales. The recent re-
duction in the short interest had left
many stocks vulnerable to selling
pressure although good buying sup
port was provided when prices APP
preached their recent resistance
points.
paid to the builish trade news which
included the publication of record
breaking car loading statistics for
the week ended September t. an
other batch of favorable August
earnings statements and a decrease
of 200 barrels in the daily average
production of crude oil for the week
ending September 20.
Bullish demonstrations in the
public utilit wand motor shares,
which combined furnished Is OF the
10 new 1924 high records established
during the season. featured the
days tradings Among the new
highs were American Water Works.
Consolidated Gas. I.aclede Gas,
North American. Public Service of
New Jersey. International Tele phone.
Studebaker. Maxwell B, Nash and
White Motors.
Most of the standard industrials
lost ground. United States Steel
common dropped IL to los IL,
Baldwin sagged nearly a point to
123 IL. and American Can showed
a loss Of / 3-S at $50 is
Railroad shares offered better re-
sistance 10 pressure than the indus
trials. Buying OF the carrier stocks
la Inn, Ia
full manner in which most roads
have scaled down their expenses
during August, net income exceed
ing that of the same month last year
in many cases. despite reduction
in gross. Peoria and Eastern was
one Of the outstanding strong spots,
rising more than 5 points to 10 Ia,
the highest price since 1922. Chica-
go Great Western preferred and
Pittsburgh and West Virginia pre-
ferred also attained new peak price.
Specialties continued TO provide a
number of strong spots. Internation-
al Combustion Engineering, Inter-
national Paper. American Chicle
certificates. Burns Brothers. A. NAL
linson. McCroryl Stores 8 and Will
son and Company preferred were
among the issues to show net gains
of two points or more.
Independent steel stocks yielded to
selling pressure. Bethlehem Steel
dropping more than two points to
f.; and Republic. Gulf States and
Crucible falling about a point each.
Some Of the other weak spots In
cluded American Agricultural pre-
ferred. American Ice. General Bak-
ing, National Biscuit and General
Electric off = to points.
Call money ruled unchanged at
per cent Time money and COM
mercial paper rates held steady with
business dull.
Foreign exchange rates f1uctuated
within narrow and irregular limits.
Demand sterling ruled slightly high
er around S4.41 and French francs
held relatively steady around 5.c1
cents.
Announcement that deliberations
were under way in London between
allied bankers and German repre-
sentatives over the terms of the in
ternational loan to Germany held
foreign obligations firm. Indications
of favorable progress in the negotia-
tions promoted some fresh buying
of European bonds. Accumulation
OF Mexican issues for which Wall
Street has been unable to offer any
explanation. continued despite Off
cial del.ials that the government of
Mexico was negotiating for loan.
Strength OF Peoria and Eastern
income AZ, which mountde 3-S
points to a new 1924 high, at 50 3-S,
was attributed to reports that a cor
responding rise in the roads shares
was based on buying by New York
Central interests. Wabash 4s ana
second rs responded with gains of
two to three points to a favora BILE
August earnings statement and pre-
dictions that dividend action on the
company's "A" preferred stock
would be taken before the end OF
the year. Other active railroad Is
sues were the lnternational-Gr
Northern firsts Is, Rio Grande West
ern Is, New Haven Is. Big Four is,
and PENNSYLVANIA is. Approval OF
the Wicllwire- Spencer Steel Corpora
tons readjustment plan brought
about rally of 3>1-2 points in the
company's Z per cent bonds. Liz
gett and Myers Is advanced l 3-S TO
a new top price and Rogers Brown
Is moved up "a.
Liberty Bonds moved higher. on
an expanded volume OF dealings.
An issue OF $15.750.O00 Pennsyl-
vania Railroad general equipment
4 IL per cent certificates have been
purchased by Kuhn, Loeb and Com
pany. subject to approval of the In
terstate commerce commission. The
bonds. maturing annually from DC
tober l, 1925, to October ]. 1859,
are being distributed privately at
prices averaging an income yield OF