Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-18
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

New York. Oc.. 1I.-Stoch prices
gave al. impressive demonstration ~
strength in today's marker, ne. gains
in most of the active issues ranging
from large fractions to thc4e points.
short covering by SPECTATORS who
had offered stocks freelv IN The early
days OF the week. played large part
in the days trading. but the active
demand for some Of the specialties
were suggestive Of pool operations.
American Can. the mos, active Of
the so-caIleG pivotal shares, closed
nearly points higher at Icy -.
Baldwin moved up i "a te ~ Sd
and United States Steel common
showed ne. gair Of 3-4 al LOG II.
all closing at their .op prices.of the
day.
Maintenance of high car loading
and reports that trunk lines eXecu-
t1ves are making rapid progress in
the reaching of agreements on con-
solidaticn plans revived speculative
interest in the railroad shares, sew
erai of which recorded substantial
gains, Nickel Plate jumped 4 IL
points to Ill IL and gains of - to
. l-1 points were recorded by Lehigh
Valley. Norfolk and Western, Atlant-
tc Coastline. Rutland preferred and
Texas and Pacific.
Copper shares were slow in pick
ing up, due TO speculative disappoint-
mert over The relatively poor semi
annual report of the Chile Company
Republic Steel also was inclined to
Ecaviness Oh reflection of poor earn
ings for the third quarter. Gulf
States closed nearly points higher
at G0 81.
Lowering of the call money rate
from : - 20 per cent had cheer
full effect Oh sentiment. Pubic parti-
cipifation continued in small volume
although many traders who liaC sold
OUT their stocks earlier IL tie week
were attracted b! the brisk upturn
today.
In all, nearly three dozen issues
closed at net gains of points or
better. with approximately double
that number recording advances of a
point or more. Some of the out
standing strong spots included
American Water Works. Colorado
Fuel, Postum, United States Indus
trial Alcohol. Woolworth. American
Ice. Central Leather preferred and
Commercial Solvent issues. Goodyear
fire preferred. Nash Motors. Enited
Drug. International Business Ma
chimes. United Fruit, Railway Steel
Spring, Pullman and Public Service
Corporation. up = to j. points.
Little activity was noted IN the
time money market due 10 the dis
inclination OF tenders to meet the
lower bids o: borrowers CONNER
cial Paper rates we're unchanged.
Foreign exchange .radins Has quiet
with :hs principal rates moving
within narrow range Demand
j:eriing held 'alr!y steady around
S4.4 "a and french francs iulec
JUS, below ia :era:s
A :iearcut Givisic1 IL the trend
o: bond prices with foreign obliga-
lions working lower and domestic
issue. scoring substantial: recovery,
featured today's market TIT new
GermaI bords YIELDED fractionailS
&c extensive profit-taking although
transactions continued ir heavy
volume, United States treasury 1-2s
reached new record high price at
10e 1850.
Reports that the French govern
ment soor would undertake pro.
gram of internal and external financ.
ing contributed &c the heaviness of
French bonds the leading govern
mentab ana municipal issues decifn-
Ing a point or more. Demand for
the German liens vas less urgent
but steady absorption of offerings
held price fluctuations within frac.
tional limits The closing quotation
OF % rs represented a net loss OF
is on the day. Sales of the issue,
Appropriated $2.300. 600. as compar-
ed with almost 5000, 600 yesterday.
Railroad bonds, moving uE in
sympathy with the accumulation OF
the stocks OF the carriers. led ad-
vance in domestic issues. The de-
maDd included Denver and Ric
Grande- refunding Us Erie convert
ible IS. D.. Seaboard consolidated Is,
Frisco adjustment and income Is,
and St Paul convertible 4 LIS,
which advanced a point or SO.
Magma Copper Is. falling back
5-S points, were only the Isolated
weak spots in. the industrial line. Oil
and sugar liens were firm Liberty
bonds, following the trend of the
treasury issues. moved frregula-ly
higher.
Gales were s1:,sS4.OOo.