Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-17
NEW YORK MARKET
Features Of the Days Dealings in All
the leading Stocks

the Ieaotn0 SHOCKS
New York. Oct. 1s-Stock prices
turned reactionary today. uneasiness
over the political situation bringing
about further selling ot the specula-
tive industrials, many Of which lost
l to points. Commission houses
reported growing disposition on the
part of traders and small investors
to stay out Of the market until after
the election.
Further accumulation Of the oil
shares took place following publica-
tion of the weekly report of the
American Petroleum Institute show
ins reduction OF e6.540 barrels daily
in production for the week ended
Oct. IL. Net gains in this group,
however, We're held to fractions.
the new German bonds continued
to attract considerable attention.
touching a record high at 95ts, as
against the offering price of 90, and
then yielding about a point from the
top.
United States Steel common closed
unchanged at 1861 after having
sold above 106 in the eally trading.
Republic Steel fell back about a
point in reflection o f:he relatively
poor quarterly report just issued by
that company. Other independent
steels yielded fractionally.
Reports that the directors Of the
American Hide and Leather Com
pany would discuss a recapitalization
plan next Tuesday TO eliminate 1850
dividend arrears on the preferred.
stimulated the buying of that stock
after having sold as high as 64ts.
Central Leather preferred Also rallied
Ia points. Recent heavy selling of
American fan and Corn Products was
attributed to liquidation Of the estate
of Nathan Allen. of Nenosha. Wis,
one of the founders of the Central
Leather Company.
Stewart Warner broke 3 points to
81 on heavy selling from Chicago and
then rallied feebly. American Can
sold as high as lo1 but reacted later
to 1855. off l on the day. Losses of
l to , points also were recorded by
Baldwin. Brooklyn Union Gas. Cuba
Cane preferred. Dupont. United
States Cast Iron Pipe and National
Biscuit
Further cuts in tire prices broush,
about some selling of The rubber is
sues. Independent strength. how
ever, was shown by GOODYEAR pre-
ferred, which closed point higher
buying being based on reports rha
action would soon be taken toward
the payment of accumulated divi-
bends. Railroad shares were rather
sluggish. I.ackawanna dropping 9.
ana Norfolk and Western I%. Other
chages We're largely fractional.
Inc money markets were quiet
CAL loans held steady at 21scc. Time
| money rates We're unchanged with
| lenders disinclined to make conces.
Slons to meet the lower rates. quoted
by the borrowers.
Commercial paper rates easeC
snshtiy. prime names being available
as low as &c.
Foreign exchanges were slichtl,
firmer. French francs were agar
quoted around 5Ac. Demand ster.
ing was moderately active, lug.
! above sassy. Scandinavian cmen-
c'es made moderate recovery from
yesterdays heaviness.
Drastic scaling down of the allot
ments on the German loan toda,
caused the liveliest scramble for Tho
bonds in stock exchange tradin,
since the offering last Tuesday
brlsk bidding. by dealers, who, re-
ce.ved only small percentage Of
their applications. carried the pric,
~ " new HlSn record at 9Jbs, a
! which point extensive profit takin,
set In and drove the quotation bacl
| to 94l2. slightly below Yesterday,
! final figure.
Sales of the German obligations or
the stock exchange today approyi
mated S5,000.000 representing one
thlrd the days total bond transoc
| tions. and bringing the turnover TO
/ me three days up to about So. 900
wv. Blocks Of as high as so75 Oo
changed hands. '''O'
! With trading in domestic corpora
tion issues completely overshadowet
by activity in the German liens. pric
es or the active railroad and indus
triai mortgages again fiuctuate,
Wlthln narrow limits. Demand TO
the rail bonds turned from the in
Festment TO the speculative class
! several Of the latter displaying rally
ing tendencies. Sugar comnanv is
sues, including Warner Is and pnnt.
HleSre rs, were conspicuous heoy,
: spots ''e"' V.
outside the foreign list the prin
cIpai feature of trading was, the es
.apnshment Of new high record h,
the treasury AIS at 1O6.i5 on a SINAI
turnover. Otheer l.. :. Government
issues were firm:
! The s6.000,000 Bogota loan ofrere,
/ To-Day was readily absorbed and othe
financing also met with a good re
| ception. oo" ie
90 Total ota bond sales, par value. SIS.