Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-25
NEW YORK MARKET
Features Of the Days Dealings In All
the Leading Stocks

X New York, June 24--Stock prices
resumed their movement to higher
ground in today's market despite
sporadic profit taking and short sell
ing in various sections Of the list.
Trading was again in relatively
many professional traders to await
developments at the Democratic
national convention for extending
their continents.
One of the outstanding features Of
Il the session was the further accu-
n mutation of the Erie. Nickel Plate
and Chesapeake and Ohio issues.
most of which touched new 1924
highs, on buying undoubtedly based
on a revival of rumors that the Van
Sweringens were seeking control OF
Erie with the idea eventually of
Infringing that road and Pere Mar
Mquette into a great 10000 mile rail-
road system. Erie common crossed
29 to its best price since 1917; Ches-
peake and Ohio closed 2 IL points
Ntouched 81 and then eased off to 80
and "a. UP "a on the day.
Reports of improved traffic con-
Millions in the Northwest also brought
food buying into Great Northern
xtreferred which established a new
Deak at 81 3-S. Northern Pacific,
New York, Ontario and Western,
.anadian Paciffic, Katy preferred,
Norfolk and Western, Missouri Pa
Xcifc preferred, Peoria and Eastern
A nd st. Louis Southwestern pre-
\ terred all closed a point or so higher.
\ bethlehem Steel was singled out for
an attack on rumors questioning the
safety OF the IS dividend, being ham
fnQrnH n hn
Dear at As. Other steels held rela-
lively firm. U. s. steel common clos =
hng SIS higher at 90 rs. Cuyamel
&fruit broke more than points to a
{new bottom price Of 81 "a on re-
iports Of decreased earnings but
isnapped back to So SIS at the close.
Schultz slumped 3 points on official
announcement that negotiations that
its merger with United Cigar Stores
were officially off.
Resumption OF dividends on Sears
Roebuck after a three year interval
brought fresh buying into that stock
and sent it up more than 8 points to
80 rs. but it eased off to 80 SIS. at
the close. Atlantic Refining refining
one point OF yesterdays 8 1-2 points
break. Montana Power and the
Brooklyn Manhattan issues again
moved to new high ground and good
buying also was noted ! in Colrado
Fuel Montgomery Ward and Cen
trail Leather preferred.
Call money held unchanged at 2
percent. Time money rates were
unchanged with plenty of funds Of
fered at percent. up to 80 days. The
bulk OF prime commercial paper
! moved at 3 IA.
Foreign exchanges were slightly
nd utn Fnn
about half cent to s4.32 and French
francs ruled about six points around
a.27 cents. Other changes were pure
~ nominal.
Bond prices resumed their forward
movement in today's trading session
which was featured by sharp rallies
In virtually all of the Erie Railroad
bonds.
Reports that the Van Swerfrgen
interests. through stock purchases.
had ACQUIRED control of the road and
eventually would consolidate 1t along
with the Chesapeake and Ohio into a
| mammoth Nickel Plate" system,
brought wave OF buying orders for
the Erie liens. The convertible fss-
ucs achieved the years highest lev
els. with the general and prior lien
~ moving up briskly. Series d OF
/ the convertible As led the list with
four point gain but later reacted
slightly on profit taking.
Activity of the Erie mortgages over
Swallowed trading in other railroad
bonds. Both Nickel Plate and Ches-
apeake and Ohio liens enjoyed lerge
Il turnovers, although price changes
were not pronounced. A good de-
Il mand carried Missouri Pacific As,
and Norfolk and Western converti-
BILE G's higher.
interest was revived in Chinese
Hallway SIS. which reacted the years
il top price Mt I6 3-S Other foreign
bonds were firm. with British and
French municipal issues registering
moderate Improvement.
Bankers announced that $4,000, 900
4 Missouri Pacific year five percent
notes were being placed at 80 Ia
TO yield 5.27 percent. proceeds will he
used to reimburse the company for
Improvement expenditures.
"A Onering also will be made of 81,
100000 Shubert Theatre Corporation
n seven corporation debentures at 90.
Total bond sales. par value, s13,
100000.