Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-11

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

new 1OIh, sept. 1V.-StOCk QTICSS
were under pressure during the
greater part of today's session. net
losses of to 3 IL points being
quite common at the close. Selling,
which came largely from profession
al traders. was conducted in the
face of several favorable news de-
velopments. including an increase of
TO-, sos tons i'll the untitled orders
of the L. s. Steel Corporation last
month, the first gain since Febru-
airy, and the publication of record
breaking car loadings statistics for
the last week in August.
Bearish sentiment was created by
the heavy liquidation of the St. Paul
railroad issues. which broke TO new
low levels Cor the year in further re-
hection of unfavorable financing
rumors. The omission Of the Union
Bag and Paper dividend and pre-
dictions Of dividend cuts on other in
dustrial stocks which have not been
covering current dividends require
ments with safe margin.
New York Central, which had sold
as high as los 3-S in the early trad
ing, dropped to 106 ID following an
nouncement of the regular dividend,
indicating that disappointment was
caused by the failure Of the directors
to place the stock on height per
cent annual basis although no such
action was anticipated at this time
in conservative quarters.
United States Steel Common clos
ed 5-S lower at JOG 3-4. after having
sold as high as 1OS "a, the selling
apparently being inspired by the
suggestion OF one of the weekly steel
trade reviews that improvement in
the first week of September was not
uniform. Present operations OF the
corporation are reported to be about
50 per cent of capacity. American
Can broke from 1917 3-S to 123 81
and then rallied to 125 / s, off > is.
Baldwin closed more than point
lower at 119 rs. Lackawanna
broke 3 5-S points to 140 81 on
President Truesdale's denial Of ru-
mors that the road was to become
a part OF the new Nickel Plate sys-
tenn Losses of point or more were
recorded by Northern Pacific, Nor
folk and Western. Delaware and
Hudson, Katy" common. Nickel
Plate common and preferred and st.
Louis southwestern.
Hartman Corporation broke about
? IL points in reflection of a dis
appointing semi-annual earnings
statement Union Bag and Paper
closed ) S points lower at rs. Other
weak spots included General Electric
and Kelsey Wheel. off ? to 4 IL.
Money rates were unchanged, call
money holding at , per cent all day.
Commercial paper rates ranged
from ) IA to 3 "a with business
quiet.
Foreign exchanges were again re-
dictionary. Demand sterling ruled
about a cent lower around $3.56 and
French francs were quoted just
above 8 1-4c.
Heavy liquidation of st. Paul Rail-
way obligations inspired by the same
factors that were at work with the
stock market unsettled today's bond
market and caused a general recess
sion Of prices. The st. Pauls As of
1925 and the convertible IS suffered
the heaviest losses, both yielding
more than 4 points. Declines of
to > IL points were recorded by the
other active issues.
The break in St. Paul liens de-
pressed other semi-speculative rail-
road bonds. Drisco A and income
Is fell back l to > points and Chi
cago and Terre Haute IS declined
l IA. New York Central 6s and Nor
folk and Western convertible Us also
receded about a point.
Foreign bonds marked time, al
though Belgian & LIS esta blished
new high record at 95 "a and
French issues held steady in antici-
patton Of the renewal of the $lb,-
600. 900 Morgan credit. The $40
0OO, 600 Paris-Orleans railroad bong
Issue offered today was quickly sub
scribed.
Subscription books have been clos
ed on the treasurys $3.50. 600 GOO Of
fering Of . "a per cent certificates.
with an indicated over-subscription
Taking advantage of favorable mar
ket conditions, the General Asphalt
Company will refund its s per cent
debentures with 4 new issue OF 90
GOO, 600 six per cent debentures to be
offered at AZ LIZ.
C>la. ->rA "a COZ 000