Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-02

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

-NS" L vi ~ VII. I.-SolOCk prices
opened irregular, developed impress
I'VE strength around midday and
then eased on profit taking, leaving
closing quotations irregularly high.
Trading was on a larger volume, the
days sales exceeding 100000 shares.
Publication of record breaking car
loadlnSs statistics and chairman
Gary's optimistic survey of steel
trade conditions had bulliSh effect.
Gasoline price cuts had temporary
depressing influence on the oil shares
but exceptionally good buying came
INTO this group during the afternoon
with the result that the Pan-Ameri-
can issues closed about two points
higher and other independents re-
corded net gains ranging from small
fractions to | Il points.
BuoNancy of American Can which
jumped more than five points to l3l,
was one of the days features. 1t
reacted one point, however, at the
close. United States Steel common
closed is higher at los IS, after
having touched 100 is. Baldwin
showed a ret gain of nearly one
point at ID rs.
In the specialties, Railway .teel
Spring scared I points TO 135. a new
top while net gains OF :. TO :; points
were recorded by American Car and
Foundry, commercial Solvents "B."
General Baking, Goodyear Tire and
National Lead. New peak prices
were established by L. s. Cast Iron
Pipe, common and preferred, United
Drug, Associated Dry Goods. Inter
national Shoe and Savage arms.
Public Utilities contributed five
of the - new 1924 highs established
during the day. They were Consoli-
dated Gas of Baltimore which ran
up to 1:l1 ;'-l, and then reacted > J->
from the top high: Peoples Gas
which closed five points higher a,
lO9 Il: l.aclede Gas. Public Service
OF New Jersey and North American
Railroad shares were uniformly
strong with the best buying in the
roads mentioned in merger rumors
Active buying of Iehich Valley sent
that stock mp to "a II but il eased
20 63 Ia where it was up IS on the
day. Missouri Pacific common and
preferred touched new top although
the net gains were fractional. Other
strong spots in the rail group in
,cluded Rock Island Z per cent pre-
fcrred, Central Railroad of New Jer-
sey. Gulf Mobile and Northern pre-
ferred, and 500" common, up / to
> and one half points. Standard
plate glass rallied more than point
on the apparent completion of fore
cd liquidation. Moderate strength
also was shown by Allis Chalmers
the New York Dock issues. Chicago
Yellow Cab, Continental Can. Fam
II l.
ed States Distributing, all up point
or more.
Call money held steady at . IL
per cent. Time money displayed an
easier tone but the volume of bust
ness was relatively small. CONNER
cial paper rates were unchanged
Foreign exchanges continued to re-
spond favorably TO reports of pro-
gress in the negotiations for the Ger
man loan. Demand sterling ruled
about | IA cents higher around
81 46 SIS and French francs were
steady around go cents.
Selling pressure was lifted from
the bond market today as time
funds turned easier, and prices
scored moderate recovery. Renewed
buying of semi-speculative railroad
issues, Influenced by the record
breaking car loadings reported for
the third week in September and IA
vorable dividend and merger de-
velopments, was the principal fea-
ture of trading.
In anticipation of the Inauguration
of dividends on the preferred stock
of the St. Louis-San Francisco rail-
way company, which was announced
after the close of the market. Frisco
income and adjustment bonds, SELL
ing ex-interest. were unusually ac-
tive. Other lower priced rails liens
which scored substantial gains in
Guided Seaboard. st. Paul. Chicago
and Eastern Illinois. Katy" New
Orleans, Texas and Mexico issues.
Conflicting price movements
marked trading in the foreign list
with Swiss LIS of 1916 reaching a
new 1924 high price and Oriental
development Us receding IA points
Liberty bonds were irregular with
the treasury las yielding to profit
taking. Price changes in public uti-
lity and industrial mortgages were
insignificant.
Reports were current In invest
ment circles that SJO,OODUU
Pennsylvania railroad bond issue
would be placed on the market. A
portion of the proceeds. 1t was in
Dictated. would be used to start con-
struction on the new Philadelphia
station. No details regarding the
proposed offering were available
from the roads bankers
Public offerings will be made to-
morrow of $500 600 Chicago Rapid
Transit twenty year 6 1-2s at "a IL
to yield over Z per cent.