Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-27
NEW YORK MARKET
....urss Of the Days Dealings in All
re- the Leading Stocks

rsr York, Aug. 26.-Short cover
...hnerations impaired a firm tone
.' onening prices in today's stock
~w,,tet but the failure of specula-
~ on the long side to follow up the
asrsnee led to a renewal of selling
assure, leaving the closing quota
.i'ns decidedly irregular. Business
" in reduced volume, total sales
less than G75,C00 shares being the
Myest in month.
celling pressure was directed
,,.ceIy against specialties, which
s-ss been the subject of unfavor-
- rumors. Some of the most ac-
@gc selling took place in such issues
!. chandler Motors. Famous Play
-, International Paper, Cuyamel
r r Kresgc Department Stores and
y.tional Enameling, which showed
.s declines of l to 3 1-2 points.
Standard industrials showed mix
N changes on the day. U. 8. Steel
sio.sd IA higher at 1O8 7-8 after
S,viry touched 100 10. American
csa touched 134 ga and then eased
- 1ss3 10. up "a. Baldwin and
s,udcbaker showed small fractional
,sceseions. Chairman Gary's an
,onncemcnt that the improvement
/, the steel trade in the last few
months had exceeded his expecta-
,I9ns was not made until after the
r4Yset closed. ~
gtilroad shares showed mixed
Ranges. One Of the significant
,sa,ures Of the July earnings reports
NV being published is that net in
rosne for that month compares IA
-orably with that of the same month
Nd year, despite rather substantial
-pductions in gross. Katy" common
vas one Of the features Of the rail-
toad group, closing l SIS higher at
10 Nickel Plate" issues improved
f.actionally in reflection OF the ac-
ceptances Of the proposed merger
,,tms by the Erie directors. Most
az tho anthracite carriers responded
fayorably 10 reports Of increased
July earnings.
Active selling of Congoleum which
broke more than three -pointsf1 to
A. followed the announcement Of a
new stock Offering. Weakness of
Chandler was again associated with
rntavorabe dividend rumors. Pub
lie utilities showed good gains during
The early trading but they reacted
With the rest Of the list later. U. 8.
Cast Iron Pipe was one of the out
Standing strong spots, touching a
new high at 10S 3-S and then slipping
back 10 100 IL, pj 1 3-S. Jordan
Motors and Fleischmann also sold at
their best prices OF the year.
Call money again held at 2 per
cent. Time money rates were I'M
changed with business quiet. Com
mercial paper was fairly active with
3 IA per cent the ruling rate for
prime names. Trading in the for
principal rates held Arm. Demands
sterling was quoted around $4.4S IL
and French francs ruled around
SOC Other European currencies
showed only nominal changes.
Reactionary tendencies again pre-
dominated In today's bond market
with liberty bonds. foreign obliga-
tons and railroad issues participa-
ting In the downward movement.
Trading was dull with price fiuctua-
tons mainly confined to narrow
limits
Conflicting movements featured
dealings in the Wilson and Company
issues, which attracted considerable
trading interest in view OF receiver
ship proceedings, against the COM
pany. The convertible SKIES and
LIS recovered almost 4 IL points
OF yesterdays sharp break as selling
pressure was diverted to the first
&c. which fell back 2 IS.
Reports that the French govern
ment might float another external
loan later In the year had a depress-
Ing influence on French bonds. but
failed to bring about serious liquid
alton. The Republic z lbs and IS
we're heavy and several OF the NUM-
cipal issues averaged losses of about
a point. Belgian and Serbian OBJ
legations also lost ground.
Continued liquidation OF banking
interests was reflected in declining
prices for investment securities. in
Guiding Liberty and high grade rail-
road issues. Heavier commercial de-
Hands. 1t was indicated, were caus-
Ing banks TO shift their capital into
other channels.
An Offering OF $12.5OO, 900 Pacific
Gas and Electric 5 IL per cent
bonds today was oversubscribed. Lo-
cal bankers were said to be figuring
ont $4,000. 900 issue for the Domin-
lon Coal Company OF Canada, a sub
adiary Of the British Empire Steel