Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-26
NEW YORK MARKET
e,..ures Of the Days Dealings in All
the Leading Stocks

Sev York, Aug. 2o-1teactionary
,rica movements characterized to-
Spav's stock market until just before
~ close when a brisk demand de-
..ioned for General Electric sending
40, stock up more than ten points
t-nn, its low TO PA, and bringing
abo,,t rallying tendencies in other
esr,ions Of the list. Closing prices,
sowever. were generally lower, Col
nrsdo Fuel showing loss of more
.kan points at 81 ga and declines
n A point or so being quite common
elsewhere.
Active short ceiling was in evil
dence throughout the day. This was
s,courag ed by the apparent cessa
,ion of pool operations in several
,nnular stocks and the institution Of
rsce!vership proceedings against VIII
can and COMPANY, Chicago packers,
s,ochg and bonds OF that company
,scording sharp losses. Commission
bouses reported that substantial IL
n ldation was for the account Of
er9all traders with weakly margined
accounts, although a good investment
deresnd for high grade rails and in
dIstr.als developed through some of
the odd lot houses.
The so-called pivotal issues show
Oh only minor changes on the day
United states Steel common closed
"a higher at 10S "a while Baldwin,
American Can and Stude5aker clos
ed fractionally lower.
1 bad break in cotton prices and
n. announcement Cf gasoline price
crs in New England undoubt eddy
we-n contributing factors to the days
selling. Some Of the widest breaks
tool place in stocks in which pools
were reported to be operating. In
ternatonal paper dropped from So
II to As 5-8 and then rallied nearly
points from its low. Net losscs Of
points or more were recorded by
Chandler Motors. American Ice, Am
tlcan Water Works, Otis Steel pre-
fegred, Virginia Ra ilway and Power
md Adams Express.
Rails were rather sluggish until
fu before the close when God
demand developed for the o-called
Van Sgeringcn issues on reports
that the Erie directors had accepted
the terms Of the proposed merger
With "Niclcl Plate' with certain
minor reservations. Nickel Plat
closed | ii points higher at Ill,
Pere Marquette common climbed .
3.s to Ct IS. md Erie Common and
first preferred and Chesapeake and
Ohio gained about point each. New
Haven which had sold down to %
Z rallied to % "A off I IA.
Other low priced carriers also were
. heavy. losses of a point or more be-
Inc recorded by Wabash preferred
a. the Wheeling and Lake Erie is
sues Southwestern and Delaware
and Hudson. International Railways
Of Central America was moderately
active around the years high.
United States Cast Iron Pipe,
Houston Oil. Jordan Motors. Max
we'll Motors a." Montgomery Ward
. and Sears Robeuck were among the
relatively few Issues to close at net
gains Of a point or more.
Cal money held adv Mt 2 per
/. cent. Time morey ard commercial
paper rates were unchanged with
: business quiet.
Is Folern exchanges displayed flrm
tone. Demand sterling held fairly
. s'c.dv Just above $44a and French
fancs ruled around as. Most Of
the otter rates showed only nominal
Change
Sharp breaks in Wilson and Com
pany issues following the appoint
msnt of a receiver for the company
unsettled the entire bond market to-
day, Prices crumbled generally in
all groups except the first grade rails,
most Of which closed the day with
ssall net gains.
Although the Wilson liens nuctuat-
Cd nervouslv from the start of trad
Ing heavy selling did not break out
until after the announcement that
receivership proceedings had been
: started, The decline in the convert
able LIS n one time extended to
soout six points but an official
( statement from tho company that tho
. Z action would lac contested brought
scout fecho rally toward the close.
, Net losses were 3-S points for the