Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-30

NEW YORK MARKET
Features q the Days Dealings in ALI
the Leading Steeks

New York. Sept. 2g.-Stock PRICES
turned reactionary in today's market
AFTER an early period of firmnesS
ahd the market was featured BY tine
acu'e buying OF several railroad
snares. Except for the marking IN
.. OF the call money rate from = 10 \,
=, per cent. which was generally ba-
nesed 10 be temporary and due TO the
usual shifting Of funds At the end OF
the month. there was nothing in the
oay news to account for the selling
movement. While trading was
somewhat restricted by the absence
or many traders over the Jewish
holiday total sales ran well above
SO0,OOO shares. e''e
standard industrials were slufk sh
throughout most of the sessior,. L.
5: steel common opened IS lower at
Tvs 1-S. advanced 10 a new hirh on
the movement at 100 -, slipped
back to 1O1 "a and closed at 1U7 rs,
on j 3-S. Losses OF a point or more
ALSO were recorded by American Can.
Anaconda, Baldwin Dupont Kenne.
colt Copper. L. 8. Cast Iron Pine. L,
S. Industrial Alcohol and dozens II
other issues.
A thin market existed for some
OF the high priced public utilities
and industrial specjalties. with the
result that drastic declines took
place when those stocks were placed
for sale. American Water Works
common broke nearly nine points 10
1l6 Ia and net losses Of three
points or more took place in Gen
eral Electric, General Baking.
American Tobacco b" and Nash
Motors.
Oil shares continued to reflect the
depressing influence Of further crude
Gil price cuts. Cosden was ham,
mered down nearly a point to a new
low for the year at %. while net
losses OF q point or more we're re-
corded by Atlantic Refining. the
Barnsdall issues. Houston, Mexican
seaboard, and Producers and Re-
liners
Standard Oil Of New Jersey and
Shell Union were the only issues in
that group to close above Saturdays,
final quotations.
Atchison was in good emand in
the early trading. touching 1Oy. The
highest price since 1916. on rumors
Of special dividend DEVELOPMENTS but
it eased later to 107 ga. Chicago md
Alton. Chicago and Great Western
and Peoria and Eastern were active
and Arm on merger reports. Atlantic
Coastline was heavy. dropping nearly
5 points to 1874. Frisco preferred
touched a new high at 30 "a. but
forfeited part OF its gain in the late
trading.
Consolidated Ga. OF Baltimore
continued its climb touching another
high at "a and then slipping back
TO 14s. up 2 IA on the day. Public
Service OF New Jersey also touched
a new top at So but most OF the other
public utilities lost ground on profit
taking.
A irner tone prevailed in the
time money market with some in
ineiy DAY funds being quoted IA
higher At 50 cents.
Foreign exchange rates we're re-
dictionary. presumably in reflection
OF the unfavorable political Develop
ments at Geneva. Demand sterling
dropped nearly IL cents to below
H.4J and French francs were again
quoted below 5 IA cents.
StiiteninG money rates turned bond
prices reactionary. After an early
period OF hrmness in which several
foreign and railroad issues establish,
ed new 1924 high prices. the market
yielded to offerings induced by the
scarcity Of time funds.
Liberty Bonds ~ usual. were the
first to react TO the tightening Of
money rates. The unexplained ae-
emulation OF Mexican government
issues revived today, 'establiohed sew.
eral 1924 high records In this list.
Other features Of the foreign deal.
ings were the buying Of Brazil Gen.
trail railway Is and Of New Belgium
8 La. which eclipsed their previous
high mark.
Railroad Hens, which were strong
in the early dealings. deciined later
In the day As money rates were
marked up. Frisco income SKIES led
the entire market In activity, but a..
ter selling up to 70 S-8 fell back 70
IS for q net loss Of more than .
point Similar movements took