Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-07-24
NEW YORK MARKET
Features Of the Days Dealings in All
the leading Stocks

Features OF the Days Dealings in Al
the leading Stocks
New York, July 23.-Heavy pro6
taking sales impeded, but failed n
halt the upward movement OF prices
in today's stock market. which wa,
featured by the revival of specuIa.
tive interest in the public utflity
shares. More than 40 stocks. hal
of the rails, scared to new high
levels for the year. Total sales ex.
ceeded the million share mark for
the seventh consecutive full session
some irregularity developed at the
opening when selling broke out IN
the steel shares as a result of the
federal trade commissions decision
against the Pittsburgh pIus' price
system of the United States Steel
Corporation. These shares stifYened
later when the weekly steel trade
reviews appeared and reported an
improved demand for steel products
from the selling centers. but they
sagged again in the realizing move
ment at the close.
L. g. Steel common opened I IA
higher at 101 3-8. advanced to
103 Is and then fell back to 101 IA
at the close. United States Steel
preferred touched a new 1924 top
at 123. Independent steels showed
little change on the day.
A bullish demonstration in the
= public utility issues was featured by
an eigft-point jump in American
Water Works common to On West
Penn Power advanced 4 points and
American Water Works 6 per cent
preferred. Laclede Gas and Power
= Service OF New Jersey 8 per cent pre-
ferred attained new peak prices for
the year.
sharp advance In wheat and
corn prices brought fresh buying
, into the western railroad shares, new
high records being established by
Atchlson. Union Pacific, Northern
Pacific, Southern Pacific, Great
Northern preferred. Illinois Central,
Nickel Plate" preferred and the
three Pere Marquette issues. All
three Erie issues sold at their high
est price since 1917. the common
touching b and then easing to 50 ~
mp 1-S. New Haven crossed 20 for
the FIRST time in two years.
Strength Of the Pan American is
sues, each of which closed about :,
points higher was based on reports
that the company would take a
| prominent part in merger of sew.
eral Independent oil concerns. Tide
water OIL climbed nearly five points.
Standard Plate Glass moved up 2
points to ~ in reflection Of reports
OF high current earnings. Other In
dividual strong spots included Union
Tank Car. American Bank Note.
American Locomotive, American To-
bacco preferred and Famous PLAY
ers, all at new high levels for the
y year. American Express, Jewel Tea
preferred, Peoples Gas, Railway
Steel Spring and United Railways
Investment preferred, closed at net
gains or two to nearly four points.
Realizing sales were particularly
effective in Utah Copper, Magma
Copper. General Electric, Savage
Arms, Texas Gulf Sulphur, New
York. Ontario and Western and IN
terhorough Rapid Transit. all off q
point or more.
Call money again ruled at 2 per
cent. Time money and commercial
paper rates were unchanged with
business In small volume. No change
In the discount rate was announced
after today's meeting Of the gov
ernors OF the local federal reserve
bank.
Foreign exchange rates reacted
sharply In what appeared to be
profit taking by European specula-
tors, Demand sterling dropped near
ly two cents to $4.30 1-2 and French
francs ruled nearly ten points lower
at Ole. Other recessions in Euro
pean rates were relatively small.
Expanded activities in the bond
market reflected in sales of approx
imateIy $20OOO,OO0 today carried
prices TO the highest levels OF the
gear, Some of the buying was at
tfibuted to expectation Of another
cut In the federal reserve rediscount
rate. which failed to materialize.
The broadened inquiry for bonds
embraced virtually all classes but
was most effective in strengthening
prices In the speculative rail list,
where advances OF / to 2 points car
RED several issues to new 1924 high
records Erie convertible d., 80"
Frisco 4s. Louisville and Nashville
os. 81. Paul, Wabash ana Denver
larity.
Sugar company bonds shared the
Improvement which marked deal
inss in these stocks. while copper
ana rubber company issues con-
tlhued TO forge ahead. Gains rang
ing from l to 3 IA points were
scored by Anaconda Is. Punta Allegro
g. Eastern Cuba Sugar 7 lbs, Ajax
o. and Wilson Convertible 6s.
CONNECTING price movements fea-
tured the foreign list. Belgian Ss
reached a new 1924 high price and
some of the Swiss and French issues
improved. Nervousness over the
nshting at Sac Paulo sent the Bra
lillian issues lower.
90 New New financing tomorrow includes
ss'e"'WV Northern Central Railway
O. to be offered at 1Ol 10. S7.O0(1
w NJ. A. Hanna Company q per
cent cent debentures priced at OS IL, and
ss'eoop British Columbia 15-year
ncb Total ota bond sales. par value, S1s,-