Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-07-04
NEW YORK MARKET
Features Of the Days DEALINGS in An
the Leading Stocks

New York, July 3.-Irregular
price movements in todays stock
market reflected chiefly the read
Justinent OF speculative accounts
! over the holiday. -Four weeks Of
steadily rising prices with no sharp
reactions. encouraged rather extern
siVe profit-taking. particularly in
/ some OF the industrial specialties
! but these were Offset by a resurnp
ton OF builish operations in other
! quarters.
Standard i%lustrials showed little
/ change. L. $. Steel common closed
Ia higher at par and American Can
and Studebaker improved fraction
ally. Baldwin reacted IS to ia IS
! Revival OF speculative interest in
| the railroad shares resulted in
Southern Railroad touching IL. the
! highest price ever recorded. but Ii
/ fell back 10 "a 81 at the close.
/ Northern Pacific touched new top
at 80 us. as did big Four" and
| Union Pacific preferred.
/ Seven public utility issues mount
! cd to new high levels for the year
on buying undoubtedly inspired by
! large earnings. American Water
! Works common continued its sensa-
| tional advance by touching record
| high at % 3-4 but reacting later TO
90 "a for a net gain OF 3 "a points.
| This compares with the 1924 low
| price OF 40 established on February
! Is. Other strong spots in this group
were West Pennsylvania Power. In
ternational Telephone and United
Railways investment common and
! preferred.
General Motors crossed II for the
first time in more than two months
and Du Pont. the largest holder OF
General Motors stock. showed q net
gain of about > points. Oils i'm
proved on reports Of increased gaso-
line consumption. Fresh weakness
cropped out in some OF the textile
issues, Daniel Boone Mills and Mum
tingwear falling to the lowest prices
of the year.
French francs turned reaCtionarY
today, sagging to 5.OS cents, from
which the rate recovered to Oh IL
cents at the close or six points net
lower.
Sterling yielded fractionally TO
49, ;I-S and other European curren-
cies suffered moderate reCessions.
Call money was quoted at IA
per cent all day. Time loans stiff
fened slightly, with rates on all ma
turtles being advanced IA OF one
per cent. Commercial paper was
quiet and unchanged at ) l.. TO 4
per cent.
Total bond sales were (par valued
$f4.537 900.
Profit-taking tendencies today re-
duced recent gains in the bond mar
ket and prices drifted unevenly
lower in dull pre-holiday trading
With money rates stiffening slightly,
institutions mloaded several large
blocks of securities.
Wilson &. Company issues on
countered realizing and reacted
SHARPLY, the { los losing points.
Mixed price movements were record
ed in the railroad list. but losses
outwcighed fractional gains IN ho'h
me high grade and speculative
groups. -... r.
Public Service Of New Jersey as
enioyed a short lived burst OF
STRENGTH. mounting 4 L. points 10
mar at one time and then decllninE
abruptIv to their previous level me
ccrtif,cates, however, held their gam
of a point. \ widening inquiry de-
velopcd for other public utility mems
at rising prices. Copper ana ln"'
ncndent steel company opllgallohS
improved moderately.
Foreign and United states govern
ment issues were STEADY.