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

New York, Sept. S.-Short cover
-. operations brought about a brisk
s.sily in the latter part of today's
..crk market after one week Of
sssdily declining prices. The morn
- selling, which carried a number
- issues down / to 3 points, reflect
u the closing out of weakened mar
~srat accounts and uneasiness over
~ outcome Of the Maine election.
confidence was restored later
-ssn II became evident that there
as scarcity in the floating supply
- many issues, which apparently
"a been oversold. The recovery con-
.srued through the late trading, des-
ia the efforts of bear traders to un-
ssttle the list by attacking Allied
rhsmical, National Enameling,
american Sumatra Tobacco preferred
srd other vulnerable specialties.
closing prices of most Of the popu-
isr industrials showed net gains from
mail fractions to 2 points.
New lows for the year were estab-
;shed by Union Bag and Paper. Park
and Tilford, Standard Plate Glass,
= body preferred, National Enameling,
! American S9uHldtid 4ODdCCO
and Chandler Motors. New highs
xere registered by Jewel Tea pre-
ferreh, Utah securities and + it's
burgh and West Virginia preferred.
One Of the days features was the
Increased demand for the oil shares.
Marland stood out with a gain Of 2
points at "a 1-2 while Cosden, At
lantic Refining, Colorado Fuel,
n
the certificates. Standard Oil of Cali
forna and Underwater moved up 1 to
points.
U. S. steel common closed IL
/, point higher at 10s So after touch
INK new low on the movement at
JOS 3-s Baldwin and American Can
showed net gains OF about 1 point
each.
Motors were irregular but good
buying developed in Maxwell "A"
which closed nearly points higher.
American Bosch Magnetic broke 4
points on sales. American Wooden
! developed good buying support for
the first time since the announce
ment Of the omission of the dividend,
closing 3S higher at SO rs, Sugar
stocks responded TO the highr COM
modify prices. Among the other
popular industrials to record net
gains Of a point or more were U. S.
Cast Iron Pipe. l.. S. Industrial Alcp-
hol, L. s. Rubber, American Hide
. and Leather preferred. American Wa
ter Works, Famous Players. Interna-
tIonsl Paper. Sears Roebuck and
Woolworth.
Rails fluctuated within more mar
row limits. good buying being noted
in Rock Island common, Nickel Plate,
ST. Louis Southwestern and Missouri
Pacific. all mp Il point or so. Lacka-
wanna closed "A lower at 141 after
having fuctuatcd 1879 is and
li2 IL
Call money dropped hack to per
cent on the stock exchange, that
rate holding throughout the session.
Time money and commercial paper
rates held steady in quiet trading.
Foreign exchanges opened firm
i, and. then turned reactionarv again
under the pressure of grain and cot
ton bills Demand sterling ruled
about cent lower around 81. ~ 1-2,
and French francs were quoted just
under =; cents.
Bond prices huctuatcd unevenlv
IN today's apathetic trading which
was marked by an absence of spec
ulative interest. Demand for GER
Tain high grade railroad issues i'm
parted firm tone to this list I'm the
early dealings which were counter
acted by selling of other liens later
In the day. Liberty bonds scored
moderate Improvement. following
The announcement Of the treasury's
: offering OF $3.50 100000 one year
certificates on a . "a per cent basis.
an unusually low interest rate for
this maturity. While tho rate was
the same as that for the $50, 900. 600
offering made last June. the certifi-