Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-19
NEW YORK MARKET
Features Of the Dsy's DEALINGS in All
the Leading Stocks


New York, June 1S-Stock orice.
developed considerable frreeula rifv
on reduced volume of trading in
today's market with special stren~th
again being shown by a number Of
widely diversified issues. Speculators
for the decline made several A..
tempts to unsettle the general lint
but they made little headway an.
cept in the rubber and oil shares.
which were adversely affected by re.
ports Of further price cuts.
Bullish demonstrations in fhe IN.
dustrial and specially lists were verv
effective in United States cast iran
pipe. Stewart Warner, Colorado Fuel
and General Asphalt, which closed
: IL to y IL points higher. Trad
ing in the general list was held in
check by the uncertainty regarding
the Democratic Presidential noni.
nee and platform.
Bear traders offered the oil shares
freely in an effort to dislodee ione
stock, but except in Atlantic Rem.
Ing, Underwater, Pierce Oil preferred
and Standard Oil Of New Jersey nre-
ferred, which dropped 1 to 2 points.
the net losses were held to frac,
tons. Rubbers proved more vii
nerable 10 pressure. Kelly-Sprine-
field common touched a record low
for all time at L., O: "A ana ~.
six percent preferred dividend ~
which has just been omitted. dron-
ped = points. u. s. Rubber com
mon and first preferred dropped 2
and : IA points respectively.
Strength and activity of NfcL.,
Plate. which established another
new 1924 high at SIS, up 3 nnints
revived reports that the stock was
shortly to he placed on a z divi-
dend basis, prior to its consolidation
with Chesapeake and Ohio. the
common stock of which sold a point
higher at 80 3-4. Southern Pacific
was another outstanding strong spot
in the rail group. climbing steadily
10 % within small fraction Of the
years top and then easing in % 10
where it was up nearly a point on
the day. Gulf, Mobile and Northern
Issues also showed brisk advances.
the common closing l IL higher al
IL L. and the preferred jumping
more than five points to 81.
steel shares held relatively firm
despite the assertions In the weakly
trade reviews that neither demand
nor rolling mill operations showed
an improvement Copper shares
were again lrm. Accumulation Of
tobacco stocks was suggestive Of
pool operations, Reynolds b, Schultz
ana Tobacco Products common, all
making good gains.
percent The time money market
was dull with more funds offered
at IL percent for four months
and s ID for the longer maturities,
nnt borrowers generally being un-
wiling to pay more than 3 IA and
: IL. The bulk Of prime CONNER
cial paper continues to move at 4
percent.
Foreign exchange rates held
steadily in extremely quiet trading.
Demand sterling ruled around Age
and French francs were quoted at
about 5 3-Sc.
The return of bond trading to nor
NAL and activity, coupled with in
significant price fluctuations, today
focused attention on the terms OF
new offerings, which furnished the
most enlightening indication Of the
markets trend.
The state Of North Carolina,
which several weeks ago obtained
record low rate Of interest from
bankers on a short term loan, bet
tered that transaction today by
placing $1,000 CO. day notes with the
same bank at a rate not to exceed
IL percent: In addition II sold
Sl0,WO0OO 4 10 percent highway
bonds for $1,000 premium. OFFER
ing OF the issue. maturing from
l934 TO 1868, is being made on q
4.33 basis. Aggregate premiums on
a Sl1,000,NW state Of New Jersey
bond issue exceed 100000.
Several railroad issues. including
9,lM0OO Chicago and Northwest.
orn G. year IS and $780, 900 800"
Line two year s percent notes were
placed privately and an offer Of 81,
"l6,1OO for Frisco improvement 6s
was quickly subscribed.
Shifting of surplus bank funds
from Liberty bonds to federal land
obligations was reflected in q fur
ther advance in the quoted values
OF the S3J,0OO.000 issue sold earle,
this week. The bonds which were of.
tered at 1O1 sold a half point higher
today
Foreign government bonds gave
the best demonstration of group
strength In the days trading. Bel.
gan I LIS, Cuban IS and several
south American issues sold at the
years highest prices.
ood Total bond sales. par value, $14..