Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-23
FINANCIAL NEWS
Eg
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. oct. 22-Stock prices
made further recovery IN today's ac-
tive market despite the renewed
weakness of Bethlehem Steel and the
sugar shares. Rails continued to lead
although strength was shown by in
dustr:als and public utilities. Total
sales crossed the million marks for
the first time since last Tuesday,
Bethlehem Steel opened at 401s,
broke to Il new years low at 37A and
then rallied to $751;. off l5x onIthe
day. This issue has been liauidated
on forecasts of poor quality raRort
tomorrow. Republic Steel duplic&ted
it's low of ~. United States Ateel
continued to show resistance. to- Sell
ing pressure, closing q hieherS at
101as. The weekly steel trade Ire
views again reported a conservative
buying attitude.
Buying of the rails was influenced
by the increases in net. earnings
shown in the first few September
statements to be published and by
the merger and dividend disabilities
or some of the low priced carriers.
New 1874 peak prices in this sroup
We're established by Frisco common,
Colorado and Southern, Chicago
Great Western preferred, Rutland
preferred and Pittsbu"g and West
Virginia preferred.
Another interesting development
III the rail group was the strength
shown by New Haven, which closed
"a points higher at 253s. ST paul
touched 81 and then fell back to 2OIh
up = on the day. Other active soins
10 snow net gains of a point or more
were Erie common. Northern Pacific
nnioh racine, Kansas City and Pere
Marquette.
sears Roebuck. which enjoved q
pllsL advance yesterday, fell hacI,
nearly points on profit taking hut
sou buying persisted IN other NOR
l;nsn,, issues. notably H. r. NAL
r soI', JULIUS kayser, Kinney and
kresSe Department Stores and Cinett
TeaDody, up l to 215 points. Amor;
can Sugar Refining broke AZ noint.
~ d new low at 37& in the final hour
NV eottom prices also were esteb-
i,siieu by Cuban Cane commo,
Aherican Best Sugar preferred
treat Western Sugar and pnnta
Allegro Sugar. "'i'a
Urgent short covering in An,er;o,
,o an sent mat issue up to 1929 but n
reacted later to 1919 where = 80 =.
up "a on the day. Other copsn;c,,'
Gus o stronS spots were fisk Rnhhar
Ilrst preferred, Nash Motors Amari
can Express and Fisher BODY
oal money appears to he temnor
arliy stabilized at 2,percent wbfo,,
I i has been maintained nj, waai,
aine money and commercial Mans
quiet WI" business
Ioreign exchange rates disn,aved
dn strength. Sterling was in
abbmaha by banking interests. ruling
Frenc,, oent higher. around s4.5OIs.
low, -, francs We're quoted Just be-
Nv accents. Danish kroner al
Hanced II points to 1927 cents o+har
eAThanses We're largely nominal
b;n Ioho prices today worked into
81 nfs rn ground under the leadership
,.a iaiiS winch responded TO a peneraI
e,LHai or buying interest. Inf,nannas
partiv by the favorable Sentor,beu
sarhlngs reports and by tho risn &,
ii %,n oau shares. wide variety Of
scored gains of 20 points
49, eMed demand for the new Cor
inwi low; longs also developed TO-DAY fol-
nre,,,; ms me establishment of a high
an .uni IN the London market On
nr;ca 20 . volume Of trading the
941s. snapped back to
An unusual feature of tho
II, me railroad list was the hr;sl. uhs
n a1a,.o Tor obligations Of two rarr;ar.
confronted with large refund;n sr, nea
gra:,ms-the st. Paul and New I.a pro.
IIaa a. Gains by nine OF tba N .e,
Ilaven issues ranged from tee~
ION poln's. the 3i5s of 1s47 ach;ev;no
new new. 1924 high price at s Sc An,;, a
items ,ens OF the st. Paul Railwav I've I've
rom R,,, to points higher. were
buying of other rail morte...
tba ',euiarly effective in the iss,,ss was IS
t tne western western roads. such. as Rmrs;, OF
n fnn general IS. Frisco adinstnd n s.
and and Rio Grande refn usted s..
anu chicago and Terre Hanta ing ss
go as as Wei as New York Certr income
efa p Ss; and Western MaryIanda l 1 gen
a nuolIc offerings win be naas -
oan sugar Company. 20 year D 70
cent bonds at s7,s to Weld ahons. per-
percent. The latest prosneets out 80
eien borrowers were said ~ :. LOT or
governments of Czecho- SIovsr;a .n
JuEo-Slayia, the ffrnt ~ ..l, anu