Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-04
NEW YORK MARKET
FEATURES of the Days Dealings in All
the Leading Stocks

49,
New York, June "a vigorous
rally in stock prices developed to-
day in response to the Presidents
ennroyal of the tax measure. the
nrospective adjournment of congress
This week and indications of the de-
feat of the McNary-Haugen bill
which was killed by the house short
" after the close Of the market.
Gains in the active issues ranged
from one to four points as the days
transactions were expanded to
around 100000 shares.
characterized by a progressive up-
ward movement, todays trading Gull
minated in broad demonstration
of strength in which public utility.
motor and accessories shares pre-
dominated. While the action of the
market did not reflect Wall Streets
full approval of the final draft of
the tax bill, it nevertheless, indi-
Gated relief from the strain i'm
posed by congressional controversy
and expectations that the small
cut in surtax rates and the 25 per-
cent rebate on 1924 income taxes
would be helpful to business.
The advance, which became most
spirited in the final dealings. was
accentuated by reports that the Nc
Nary Haugen bill was doomed, lead
ing to active short covering in a
variety Of issues. Action of other
stocks indicated revival of pool
operations which presumably had
been at work previously.
American Water Works common.
with a sensational advance of 10 II
points to the years highest level at
G5 IA, led an assortment of public
utility shares into higher ground.
The company's recent expansions in
the west, and it's lead in the SUPER
power movement among public util-
fly companies contributed to its
strength. The company's 6 percent
preferred also reached a 1924 top
price at II IL and other high rec
ords were established by North
American common at 81. the pre-
ferred at Al; Virginia Railway and
Power at 81: Federal Light and
Traction at so IL; International Pa
per at ID II, and Famous Players
common and preferred at 76 rs and
o. respectively.
Railroad shares. while making a
good showing. were overshadowed
by the spirited buying of industrial
anu Hi9IcllallepuS lSSue3 III winch
large short interest have been re-
putcd to exist. Confident buying,
however. continued in such stocks
as Northern Pacific, Chesapeake and
Ohio, Norfolk and Western, Grea,
Northern preferred and Missouri Pa
cihc preferred.
Market leaders were in brisk de-
mand toward the close of the mar
ket, Baldwin reaching new high
ground on the recovery at all rs,
up IA, and American Can, L. 3.
Steel and Studebaker averaging
gains OF point or more.
Heavy liquidation of Middle States
Oil influenced by receivership pro-
ceedngs against the company, car
licd The stock down to a record low
of ] ~, although it later recovered
slightly. Other oil shares Jagged be-
lind the rest of the list but regis
tered moderate improvement at the
Close. Quiet improvement marked
dealings in the foreign exchanges.
French francs held steady around
alGc after more than recovering
fIfrl Yesterdays abrupt decline; Bel
Gl1n francs improved in sympathy
and demand sterling moved up a
point TO around 4.32 IA.
Call money, after opening at > per-
cent, dropped back to > 81. where
1t held until the close. Funds We're
in abundant supply throughout the
day. with a rate of percent pre-
vailing for time loans. Commercial
paper was inactive. with the best
names quoted below the market at 4
percent.
combination of favorable Wash
1nutOn nd
tributcd TO Improvement in bond
prices. The effect of the PRESIDENT
action In signing the tax bill and
promising further relief at the next
congressional session was most no.
nceahle in the Liberty bond list, with
one issue setting new 1924 top
price and others selling around the
best levels of the year.
Price fluctuations of domestic cor
porauon liens generally were narrow
and unimportant. Virginia Carolina
,S with an advance of = points. ana
wilson convertible 6s, which gained
ltactionally, however, responded &c
summation of the Uncertainty re-
gardlng interest payments.
Under the leadership of Norfolk
and western convertible Us, which
Jumped . IL points in line with the
strength OF the stock, most railroad
mems pointed higher. Hudson and
Manhattan income rs rallied briskly
and substantial gains were recorded
uy 81 Paul, Frisco and New Haven
mortgages. Steady investment buy
i0E buoycd up the high grade list.
SAFE of New York City's S67, 400
W" corporation stock and bonds to-
Gay at a premium which Melted the
Cily SSN,O00 commanded the inter-
eSt OF investment circles. The award
was made to a banking syndicate
headed by the National City Com
Pany OF New York on bid OF
IiVl lS6l. Public offering of the
uohds will be made tomorrow at
prices ranging from 1OO.731, includ-
ing 900 percent for short maturi-
yes to lO2,S yielding 4 percent for
we long term issues. The stock
MlIi be sold at 102 is and interest,
yielding about Ais percent.
Date on J mas Oh " Pail.
aa,uesaay w....r... 93.07 $3.50
s.phudy '....,..... vi 40 ~ Is