Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-16

NEW YORK MARKET
Features of the Days Dealings in Al
the Leading Stocks

New York, Aug. ia brisk upturn
in prices took place in today's mar
ket with buying orders we'll distri-
buted throughout the list. Pool OPP
erations resumed on the theory that
the recent so-called corrective SELL
ing" had been completed. furnished
the main stimulus for the advance,
but brokers also reported an increas-
ed public demand for the high grade
industrial and railroad issues.
Industrials continued to set the
pace. American Can led the So
called pivotal shares with a net gain
nearly points higher at 124 1-2.
L. S. Steel common showed a net
gain of l IA at 10S ga after having
touched 100. and Studebaker moved
up one point to SO IL.
Higher commodity prices and a
substantial increase in car loadings
for the week ended August over
the previous week helped to create
bullish sentiment. Private cables
holding out hope for a satisfactory
conclusion of the London repara-
tons conference also Influenced
some buying.
Speculative interest in the rail
group was confined to few issues.
I1SdNy VI
Railway, said to be for the account
of important banking interests, sent
that stock up nearly 3 points to
g. IA, a new high for the year. New
York and Harlem jumped II points
TO 1852 on a few odd lot transactions.
Rutland preferred and Frisco pre-
ferred also attained new peak prices,
the net gains being 3-S and ga
points. respectively.
Copper shares continued to give an
impressive demonstration of group
strength, the rising trend of metal
prices being an important factor in
the buying. American Smelling. a
large silver producer climbed 2
points to a new high at y SIS while
Kennecott crossed 40 on rumors Of
a possible increase in the dividend.
Revival of speculative interest in
the automobile issues followed the
publication of the July motor pro-
duction statistics showing a gain Of
5 percent over June, the first increase
since April. Mack Truck waN the
outstanding individual feature, bios
ing nearly six points higher at its
record price of 103.
Exceptionally good buying was
noted in a number of specialties. net
gains of 2 IL to 4 points being
recorded by General Electric, Nation
al Lead, Endicott-J ohnson. Associat-
ed Dry Goods, Brown Shoe. Internal
tional Telephone. International Bust
ness Machine. United Fruit and In
ion Tank Car.
sCall money held steady at per-
cent. Offerings of funds in the time
money market were scarcer, but
there was no material increase in
the demand and rates we're I'M
changed Commercial paper rates
ranged from 3 to IL percent with
business quiet.
Foreign exchanges held firm with
trading restricted pending the out
come of the London conference. Can
adian dollars duplicated their high
point for the year at 99.S7 cents.
Sterling sold around $4.54 and
French francs ruled around SIS.
Although active demand expand
ed in assortment of railroad and in
dustrial issues, bond prices today
failed to make much Roadway. Fresh
buying of several second grade rail-
road liens was offset by profit taking
in, others and foreign obligations
continued to mark time pending def
mite settlement of the Ruhr evacua-
ton problem confronting the Lon
don conference.
Demand for the railroad issues
centered chiefly in the ST. Paul con-
vertibles and refunding LIS and
the As of 1925. Seaboard 6s and adj
justment5s. Frisco income and adj
justment 6s, Katy" adjustment SIS
and Philippine Railway As which adj
vanced from about ! to 3 points.
katy" As and New Haven rs on the
other hand, lost ground.
Rising prices for copper and sugar
were reflected in an improved de-
mand for bonds of these companies.
Chile Copper skies and Magma IS
scored moderate gains and Eastern
Cuba Sugar 1-2s were active at
higher prices.
Advances of more than a point
were registered by Republic Steel
5 les, International Mercantile
Marine 6s and Virginia Carolina rs.
A local bank from the syndicate
was awarded $12.000,000 Illinois
State bonds and will probably make
an offer next week of the two issues
SO, 100000 four percent road bonds
and 100000 4 1-2 percent soldier
bonus obligations.
Investment bankers today predict
ed that the forthcoming German loan
would yield investors better than s
percent. asserting that il the coupon
rate were fixed at 1-2 percent the
offering price probably would be |
around 93