Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-05
NEW YORK MARKET
Gestures Of the Days Dealings in All
the Leading Stocks

x.w York, Aug. 4--Estabiishment
- new high record for the year by
Tf,sted States Steel common at 10
t.atured today's stock market, the be.
r,nilug Of the ninth successive week
:, Using prices. Sales exceeded the
U,glion share mark for the flfteentli
rousecutive full session.
Heavy profit -taking. which was
.,roed BY several commission houses
~ The belief that the technical con-
Ii,,on OF the market warranted at least
temporary reaction, gave the gen.
al iIst an irregular appearance most
q he day. Secretary Hughes predic-
.t,n nj success for the Dawes plan
"a ~. the departure from Berlin of the
G.rr,an ENJOYS to the London repair.
stIons conference.
Twsnty one stocks established new
,,ab records for the year, They In
.hSed American Can. Colorado Fuel
ciurI Iron. Union Tank Car, American
nsdiator. U. s. Cast Iron Pipe, Chino
copper Schultz Stores, Associated
NV Goods, Famous Players, United
rrnit Mack Truck. American Inter-
ratoral Corporation, Chesapeake ana
ohio pere Marquette preferred and
D,,tsbureh and West Virginia. Fed
arsl Light and traction dropped one
noInt to rs. the years low.
Ruving Of steel common, about 100.-
ma shares of which changed hands,
was influenced to some extent by in
creased sales for pig iron In the local
,nsrket last week and reports of in.
ceased mill activity In various steel
eaters. General Electric was anoth-
=, outstanding feature. jumping
,sarly II points to 2S1. a. record for
all time, and then slipping back to
III.
speculative interest in the railroad
sro,Ip was confined largely to the So
Salled Van Sweringen stocks, Pitts
burch and West Virginia sold as high
ass2 IA. but later reacted 2 points
from its high.
Oils and motors again came in for
considerable speculative attention.
Motor truck stocks were strong on
the theory that the revival Of pros
psrity in the agricultural egion would
stimulate sales. Oats, with few ex-
captions, showed fractional changes.
Revival of activity in the Barnsdail
issues was based on reports of sub
stantlal reduction in funded debt, to-
rether with predictions that the net
earnings for the second quarter would
equal or exceed those Of the first
three months.
Commercial Solvents issues broke
shout points each in further refiec-
ton Of closing of the company's
plants. The "a" stock recovered half
Of It's loss and the "B" closed only a
point under Saturdays final quota
ton. Heaviness cropped out in At
lantlc Coast Line, National Lead,
Pullman Company, United Railways
Investment common, American Agri-
cultural Chemical Air Reduction and
Pan American, off 1 1-2 to 5 points.
s. Krcsge broke 13 points on 2
sales. Call money again ruled at 2
percent A few sixty day time loans
we're reported at 9 percent, a new low
for the wear, but other rates held
steady, The commercial paper mar
let was quiet with no change in
rates.
Strength Of sterling exchange
which advanced . cents to new 1924
high si.45 5-S. was the feature Of the
foreign exchange market. Other Eu-
topean rates also improved.
Establishment of new high records I,
BY several foreign and u. S. Govern |
Ment obligations impaired a general !
" frmcr tone to bond prices today. |
although the volume CT trading de- |
cined with the transfer Of further |
speculative interest TO me stock mar |
ht
The departure OF German ENJOYS
for the London conference inspired I
confidence in the outlook for Eu- |
iOpean separations settlement and led !
to additional accumulate Of foreign !
bonds. French and Belgian issues sold /
At the years highest level. with other /
continental loans scoring substantial
galns
Price changes in the Liberty bond
group were small. but were sufficient
&c carry the first and fourth 4 LAS to
1894 ton prices. Increased lnstitu-
tional buying was reported. ,
New financing absorbed most of the /,
interest in investment quarters. SUD-
scription books were closed early In
the dav on the most important offer
iNgs-sin 400 900 Canadian Pacific
percent dcbonture stock and $1a.0OO.-
00o commonwealth Edison bonds.
Offerings Of the S25. On0, 900 Norwe-
slan loan will he made tomorrow by
, banking syndicate headed by the
National city Company. The bonds.
bearing six percent interest. will he
Priced around 81 1-2. Listed Norwe-
sian issues weer slightly heavy 10
ay in anticipa ton of the new financ-
tg
An advance in Chesapeake and Ohio
convertible 90 to above 1908. n record
ffice. featured trading In domestic
lsSlps Iunroye,nopf In fbn bonds