Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-28

Gestures Of the Days Dealings IN Al
the Lending Stocks


New York, June 27.--stock prices
continued to seek higher levels to-
day despite profit taking In the
standard shares, which reached SUI
ficient proportions in the late trad
ing to give closing quotations. an ir-
regular appearance. Trading was
again on a comprehensive scale with
more than two dozen issues selling
at new peak prices for the year and
total sales falling about 12S.O0O
shares short OF the million mark.
Buoyancy OF the chain store and
merchandising issues was one Of the
outstanding developments Of the SEES
sion. Kresge was the individual fea-
ture, the old stock Jumping Is points
to 415 and the new stock soaring o
points to S. IL, white Sears Roe
buck, Hartman Corporation and
Gimbel Brothers cioscd one to two
points higher.
Cnfted States Steel common cross
ed par for the first time In six
weeks. despite widely published re-
ports that operations Of the corpora
lions plants were only about so per-
cent of capacity and those Of the in
dependents at about 40 percent. but
II cancelled its gain I'm the late real
izing and closed unchanged at 80 "a.
American Can dropped to 100 ia
and then rallied to IL Ia, a new
high on the movement and a net
gain OF two points. Baldwin closed
slightly higher at ia :;-S. while
Studebalser showed nominal loss
at ~; "a
The continued rise in railroad
shares WAS construed as rejecting
not only large investment but the
withdrawal OF large blocks of stocks
from the market with n resulting
dccren9e In the floating supply.
Among the carriers 70 sell at their
best prices of the year were Union
Pacific. Northern Pacific, Nickel
Plate. Lehish Valley, and Chicago
and Northwestern. New Haven,
Southern Pacific Reading and Great
Northern preferred yielded moder-
atciy on profit-faking.
Bullish demonstrations were not
confined to any one group. but in
cluded such widely diversified list
's Savage Arms. American Express.
International Harvester, Brooklyn
Mon Gas. General Electric. Schultz
Stores. Interboroush Rapid Transit
and Burns Brothers Coal, /all of
which attained new 1924 top prices.
Trade news was again rather color
less in character. the weekly mer-
camille reviews reporting little
change In the general business sit
liation. However, with indications
of continuance OF easy money
rates for some time to come and a
growing belief that change for
the better in some of the basic in
dusti.ies was not far off, spectators
for the advance did not ind It diff
cult to attract n following.
cal money continued to rule at
two percent. although loans as low
as | H.. were reported In the out
side market. Time money showed
signs OF weakening with borrowers
being unwilling to bid over = IL per-
cent. for loans up to two months
and few transg =. ions were record
cd at that figure, although the bulk
of the shorter maturities moved ut
IA. Prime commercial paper ruled
ut :; ;3-4 percent. Foreign exchange
rates turned reactionary after
quiet and steady opening. The
weakness originated In London and
SOON spread to.this market. demand
sterling falling more than cent TO
aroufid S4..,2 and French francs rul-
ing Just above = IA cents. Brazilian
exchanges showed independent
strength.
rates, the buoyancy OF the stock
market and the swelling volume or
reinyestment funds today combined
to send bond prices higher. In an
unusually active trading session.
widening demand brought several
lonvsdormant issues into the lime
light when they we're bid up BRISK
" on the basis OF attractive Yields.
ST.. Paul Railroad liens staged
one ~ their vigorous forward move
mcnfs. Renewed talk OF favorable
rendering of arrangements started
wave OF buying orders which swept
the roads five issues l Ia 10 L.
points higher. Various other spec
ulattvc rail mortgages were In DE-
mand but the average gains faiied
10 equal the advances scored oy the
higher grade issues Profit taxing
checked the upward movement In
the late trading.
Establ,shment OF three record
high prices for Liberty bonds meas
urcd the extent to which surplus
funds sought employment In the
government list. Other or these
bonds, while failing to STALE new
peaks. sold close TO recent high lev.
oils Serbian IS displayed the most
conspicuous strength in the foreign
group. mounting to new Io.4 top
price at 81 before falling back to
81 IL at the close.
Heavy buying OF local traction
liens. based on a slight fare increase
granted to an interborough subsidi-
airy, pushed the interborough issues
one TO two points higher. Other
utility bonds also were strong.
Total sales. par value. $.O.6jS,OOO.