Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-03

NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

Of the local public utility issues
brought about SUFFICIENT liquidation
and hear selling in other sections of
the list to check effectually the up
ward movement OF prices in today's
stock market. leaving closing quota
tions irregularly lower. he unfav-
orable Interpretation placed by some
professional traders upon. recent pei
itical developments also was a fac
tor in the days selling.
Extraordinary strength of the
grain market and rally of approx
mately one cent in cotton futures
also served to divert speculative in
terest from the stock in the COM
modify markets. However, more
than a score Of issues js attained
new peak prices for the year includ-
ing such widely diversified stocks as
United States Distributing commoa
and preferred. Commercial Soirents
"A" and B. Montsomery-W Ward.
railway steel spring. st. Joseph
Lead. Foundation Company Radio
Corporation, Simmons Bed Common.
and preferred. Goodyear Tire Pre-
ferred and Spicer Manufacturing.
An opening gain OF more than six
points in Frisco preferred which
touched a new high At IS l-2 in re-
Election OF the Inauguration os divi-
dends. vas the outstanding feature
in the railroad group. The stock
eased later TO II Is The common.
which touched a new top at 81 sased
souri, PaciIic. preferred and Gulf, Mo-
bile and Northern preferred also
he.tered their previous top prices.
Most of the other rails moved within
rather narrow limits. 500 prefer
red standing out with a gain of four
points on one sale.
American Can closed point lower
at 1872 and most of the other standard
industrials Welded fractionally. While
the liquidation of local gas stocks
gave rise to all sorts Of rumors the
selling appeared to be due to the
announcement Of new financing by
the Brooklyn Edison company.
Sales Of Montgomery Ward at the
highest price in several years re-
fected record breaking September
sales Equipments held firm on 70.
ports OF large railroad orders. High
er earnings also accounted for the
strength of United Distributing
common and preferred at 81 SIS and
123 respectively.
High priced specialties for which
there Is a thin market. reacted rather
sharply when pressed for sale. Nash
motors broke six points and losses Of
two or more points took place in
General Electric, American. Water
Works. Common, Dupont. Associated
Dry Goods and General Baking.
Call money held steady at Ia
per cent. Time money and CONNER
eial paper rates were unchanged
with business quiet.
Foreign exchange reacted in re-
fection OF the heavy velume of
grais and cotton bills Demand
sterling ruled about "a Of a cent
lower around $3.50 SIS and French
francs were quoted just above ) IA
cents. razilian money rallied
sharply on a denial Of revolution
rumors. r7.
~ Heavy buying Of Frisco railway is
sues. based on the inauguration Of
preferred dividend by the road was
the outstanding feature Of todays
bond market. Price fluctuations gen
orally were narrow with A firm IN
dertone prevailing.
A spirited demand for the Frisco
income and adjustment s's followed
the sharp rise ia the preferred shares
to a new high record. Gains OF sew
eral points were scored by these is
sues. the advance being acecntuated
by the announcement that directors
were considering declaration Of an
initial payment on the common stock.
Buying Of other western railroad
liens early in the day was counter
acted later by profit taking, giving
the rail list an uneven appearance
Wabash and Peoria and Eastern is
sues responded to favorable merger
reports.
Preliminary plans for fotation at
a $26.0oo.0o0 bond issue by the Brook
I'm Edison company. announced to-
day, promoted general selling OF To-
cal public utility issues. Both the
Brooklyn Edison and brooklyn Union
gas bonds Welded to pressure. The
new Brooklyn Edison issue will con-
sist Of - wear. s per cent obliga lions
which %ill b. sold, to retire the
president rs and to reimburse the
treasury FOR capital expenditures
Kuhn. Loeb and Company an
nounced today the purchase from the
Fennsvlvania Railroad company Of
s5o.o0o.ooo forty year Eve per cen,
bonds which will he offered to the
ouo"c through a nation wide .vndi
"sts AZ W II to Weld approxima Aiv
$40 per cent sales were 1888
900.
stock market avera ees:
20 industria,s 20 railroads
THURSDAY ....... 1894 al.<s