Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-12
NEW YORK MARKET
...,,.. of the Days 0ealinss In All
tbe Leading Stocks

49, York, Sept. 11.-Rallying
Ss.rcies characterized today's
is market. Selling pressure was
90 s,s.d soon after. the opening
sppst some of the grangers and
Aa~ industrial specialties. but it
Ia "a bring out much long stock
ta'ie. sventuaiiy was lifted with the
az an,t that prices moved trregularly
hisher ,r Tho eoat,n1 ann
~ OF popular stocks at current
70 levels generally was construed
pa an Indication that stocks were In
.snr hands after the recent sharp
.mion. Omission Of the Eaton
'.le and Spring dividend was the
w ~. adverse news and was Offset
eDn ,, case of time money rates and
e y e. commodity prices.
Fading In u. 8. Steel common
-. unusually light although the
ss ae. closed "a higher at 1O7 IL,
a'' ,on price Of the day. Baldwin.
snsricar, Can, Dupont. General
1s ,ae,i Allis Chalmers, Allied
Ecs'srnical. Dawson Chemical, Mack
1usck National Lead, Tobacco Pro-
,'..a and Union Tank Car showed
~. Gains OF / to 2 IL points.
os again appeared to be under
..cumulation, net gains of a point
more being scored by Marland.
%.rsson General Asphalt, Mexican
Edward and Atlantic Refining Buy
~ N these issues was based on re-
L ,s. Of q further curtailment OF
psnauction In some of the principal
ppd.contincnt and western fields.
ac,iye selling OF Great Northern
.,sssrred which broke 3 "a points
.wsMI IL undoubtedly reflected spec
",.,ive disappointment over the
.smi.annuaI earnings. but good buy
INK support was PROVIDED ana the
ssck rallied to 62 "a.
Another attempt to depress the st.
paul issues failed to make much
ssadvay, the net losses being limited
n srnall fractions. Northern Pacific
md chicago and Northwestern lost
+ IA and "a. respectively. South
on Railway common. the regular
s'vidend on which was declared to-
say. closed a point higher.
schultz Stores was in brisk de-
mand. closing at a net gain Of more
,ssn points. General Baking
mmped Z "a to 100 and Internation-
Il Telephone closed nearly 3 points
higher at SO 3-S.
Cali money was unchanged At 2
mrcent Time money rates showed
an easier tone. but business was quiz
n Commercial paper held steady.
Foreign exchange rates pointed
inward with some short covering
r,ported as a result Of the extension
II the Morgan 500, 100000 credit to
ths Bank of France. Demand Sterl-
me ruled about q cent higher around
NA "a and French francs were ac-
i've around 8 1-3c.
Dullness characterized today's
fond market. which was featured
principally by partial recovery Of IT.
Paul Railway issues after yesterdays
drastic decline. Foreign obligations
hel6 firm but fractional price recess
acns were general in domestic is
NueA
Oh1cial denials Of a rumored re-
+, espitullsation by the st. Paul allay-
4 he uneasiness of bondholders to-
~. although liquidation Of the
RAIDS four percent bond maturing
next year continued in heavy vol
ume. The Chicago. Milwaukee and
Puget Sound As also extended their
| decline.
Il French government bonds re-
ponded slightly to announcement
at the 500. 100000 credit granted
w. P. Morgan and Company to
10 Bank OF France for stabilization
v the franc had been renewed for
tnother six months. This Develop
usnt, however. appeared to have
been discounted several days Z ago.
Activity continued undated in the
new Belgian G lbs. which attained
anew top price at 06.
Conflicting price movements
marked trading in other sections of
Tie list advances Of a point or 30
"a Chicago and Alton b, Wilson
l.2, Atchison general a. and
Steel and Tube Is being Offset by
similar losses in Baltimore and
Ohio Il. Grand Trunk Railway 6s
and the Wilson convertible liens.
Total bond sales (par value $780,
$4,000
~ ale -