Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-04
NEW YORK MARKET
4 LOO. Of the Days Dealings in All
''Lss'' the Leading Stocks

s.epDid;ng continued on a restricted
VI Total sales again approximate
~ .aout three quarters of million
s as; reasons were forthcoming
A,arket observers for the down.
~ trend. IN some quarters the
ss S was expressed that the IRE
eas. ., rally had discounted all the
-,ble news and absorbed most
M new buying, leaving the mar
rem to attack by bea: traders.
~. money rates also were con-
$3.50 a contributing factor. With
,la'' ..residential election only eight
~ awoy, there was also a dis
sss saior on the part Of some traders
e..sribe the decline to political
s@erstions on the theory that
.rIs.ors for the advance desired
80 lictt on the drift of political
NV. .rnent before extending their
rnni,tments.
kept for the default on the b. p.
n knight, Inc, bonds. trade
~, was largely favorable. Weekly
III trade reviews reported further
,.,,orement in demand and jncceas-
4 Tn-erations, while pig iron output
!. tucust increased six per cent ever
!1iy ,
n ,be past four months. Other
sGmb factors included reports Il n
20 reduction in Mcxic1n Oil PRO-
frsitn. heavs' oversubscript.on of
<. $4,000 Belgian bond issue ard
Ans commodity prices.
tinted States Steel common clos
a noint lower at 108 as on total
rts Of about 5000 shares. Ameri-
~ Can showed net loss OF / IL
,ej,,s ut 1872 and Baldwin closed /
| il lover at 122.
American Wooden broke more than
M, pojnts to II IL in reflection o.
10 nnfarorable conditions in the
.sfrle trade. Net losses of two to
.sarly six points also were register
Il by Associated Dry Goods, Ameri-
NJ, Smelling, Colorado Fuel. Ameri-
an Agricultural Chemical preferred,
3srtrican Ice, nternationaI Paper,
&srnar. Warner, Stromberg Carbur-
|etor National Lead and Woolworth.
E.. s. Cast Iron Pipe touched n new
tgh at 109 -, but later slipped
stk to 107 for a small fractional net
ts Among the relatively few strong
scots in the Industrial list was South
fputo Rican Sugar. Virginia Railway
Ind Power, Universal Pipe and Ra-
Eiaior preferred and Brooklyn Union
eas. Mp to points. Rails yielded
Iyih the industrials although excc;.-
lbnally good buying was noted in
Norfolk and Western. Nickel Pla te
0mmon and preferred and Pere
Marquette preferred, up 1 IL to .
~ points.
Call moncr held at . 1-o per cen.
throughout tire session. Time money
ai commercial paper rates weru
Iynthansed.
Foreign exchange displayed Az
easier tone. Demand sterling drop
fsa nearly 1-@c lower % around
M and French francs ruled about
joints lower at 5.33 IL cents. a
larhfr rise in Argentine paper pesos
y above 81 cents reflected IT," IN. =
Creased grain and livestock expoi Is
D9T that country.
Bond prices driftcd idly today, with
s.ing tendencies developing to-
a'e the clos2 after an ea",v period
s;eaGiness. Trading aga.a was
ssi''c'eL by the shifting If bank
ln9s N connection with c'irrea- fist
iha month onuirements snd c~,o
Ering demands
leadership in the foreign list was
fs'umtG by Tho new Belgian ) 1-.ns,
Nered Yesterday ut o.. the bonds
sd today as high as % on n large
llrrover Allotment on the 100000
'@ ISSUE. which vas /; bout four times
pthsuhscrihed. were cut to % per
~nt With the new Hungarian bones
selling n point above the price at
enrh they were offered in July. II
vas reported that bankers would
arket here an additional $1,000. 600
asae' originally allocated for foreign
inscription ut SIS.
Norfolk and Western convertible
ues kept pace with rise of several
Fmts In the stock. but other rail
Sues moved within narrow limits.
"s haven franc IS. Northern Pacr-
and st. Paul refunding LIS
ns' crouna,
eepofls from Washington that no
sNsc IN inc sugar tariff would be
.,ue'co before election impaired a
s.u e' tone TO sugar company liens
n Eastern Cuba, Cuba Cane and
aau issues moving moderately
wsser Brooklyn Union Gas Is Of
W. ,.s aoVaneed more than points to
$50 ~ record Steel. Copper and
su'peF Company bonds were heavy.