Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-19
NEW YORK MARKET
Features Of the Days Dealings in All
the lesding Stocks

New York. Sept. 1S-Failure Of an
| old established stock exchange arm
brought about sufficient selling in to-
days stock market to check the up
ward movement of prices, closing
quotations disclosing considerable
irregularity. Early gains. which ran
from l to points. were materially
reduced or cancelled.
During the initial upswing nearly
three dozen issues established new
records for the year, including
Studebaker, Air Reduction. Good
year Tire preferred. Goodrich COM
mon, and preferred. and Union Tank
Car, Rutland preferred. Nash Motors.
| Southwestern preferred, Southern
Railway preferred. Missouri Pacific
preferred, Worthington Pump issues,
American Tobacco A and B, Postum
Cereal. United Drug and Allis Chal-
mers preferred. L. S. Steel common
closed three eighths lower, at 103 1-2
after having sold a point above that
figure. Baldwin dropped about a
point to 122 IA. while American Can
closed fractionally highet at 100
after having touched 131 3lS.
Specialties for which there is thin
market made some of the largest
gains. Worthington Pump jumped
six points to IS IL. American Bank
Note recorded similar gain at 1888
and Federal Light and Traction, In
ternational Harvester. kinney and
Company. Midland Steel Products
preferred, Pure Oil percent prefer
red and United Fruit moved up 5 to
b points.
General Baking broke points to
140 on two sales. General Electric
dropped from 265 SIS to POI, off 3 on
the day, while u. S. Industrial Alco-
hol. American and Foreign Power
certificates (25 percent paid). Della
ware & Hudson. Jersey Central,
Jones Brothers Tea. and Gulf, Mobile
4 Northern preferred lost l - or
more points.
Active buying of the western car
riers was predicated on reports of
unusually heavy grain loadings. Rock
Island common crossing IS, to a new
high on the current movement.
Call money on the stock exchange
was maintained at ? percent despite
the abundance of funds in the out
side market at concessions from the
official rate. Time money rates show
ed an easier tone with increased Of
ferings of 90-day funds at ga per-
cent.
The principal European excha nges
lost ground. demand sterling ruled Il
cent lower around $4.46 and French
francs were moderately active around
5.32 cents. or points below last
nights close. Japanese yen contin-
ued under pressure. dropping 3l6
to 40 9-16
Abundance of time funds, offered
as low as = "A percent for 80 days
maturities gave strong underlying
tone to today's bond market, result
ing in "A quiet and orderly advance in
prices. Broader inquiry for high
grade corporation issues developed
with a lapse of interest in Liberty
bonds.
Buying OF railroad liens predomi-
mated in stock exchange trading.
Among individual features. the most
conspicuous movement was rise of
one point of Interna Great
Northern adjustment Us to new
1924 top price. Other issues which
participated in the advance included
Southern Pacific cOllat eral As, Chesa-
peake & Ohio general 4 LIS and
New Haven. Western Maryland, Rock
Island. Central Pacific and Seaboard
obligations.
Heavy ver-subscription Of the
Canadian government $90,0O0,0 900
one year 4 percent note issue, offered
today, was reported by the under
syndicate. headed by the
Chase Securities Corporation. A pre-
liminary estimate placed total appli- |
cations at $200,O00,00O.
Industrial issues were moderately |
active with n good demand for cop |
per-. sugar and rubber bonds Sin !
clair Consolidated Oil liens moved |
counter to the general trend. Foreign !
and United States government bonds !
were firm. The days sales were $l2,-
35S, 900.