Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-27

NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks


bounded upward today under the
leadership of the industrial shares,
total sales exceeding the million
share mark for the first time since
April II. The bullish demonstration
in the stock market synchronized
with the Smith demonstration at
Madison Square garden, but opinion
OF brokers was widely divided at to
whether there was any political sig
nificance in the brisk demand for Sc
curities.
~ Thirty eight stocks, ow which Fl
were railroad shares, mounted to new
high levels for the year. At the close
OF the market the average of twenty
leading railroad shares also was in
new high ground. While the persist
demand for the rails provided the in
itial impetus for the rails provided
the initial impetus for the upturn,
industrials soon forged into the lead,
L. S. Steel common standing out
among the so-called barometric is
sues with a gain Of 21s points at
987s. Trading was on the most COM
prehcnsive scale in weeks. AS soon
as one group showed signs of lagg-
eing, speculative interest shifted to
another until practically all classes
of stocks, except the coppers, enjoyed
at least a brief moment of activity
and strength. Chain Store issues dis
played the largest gain, Kresge
jumping more than ten points to 400
a record top; Shuttle Stores crossing |
119 to a new top for a net gain OF
more than 3 points and Woolworth
closing 21s points higher than 1861. |
Continuance OF relatively high car
loadings. combined with the publica-
ton of some favorable May earnings
statements, provided the basis for
another upturn in the rails.
Among the issues to attain new
peak prices we're Atchison, Union
Pacific. New York Central and Ohio,
Southern Railway. Frisco common
and preferred, Northern Pacific,
Louisville and Nashville. New Haven
and Rock Island percent preferred.
nearly point. The only trade news
of any consequence was report that
while there was slight improve
ment in the demand for steel, opera
tons of the United States Steel, Cor
poration were only so percent of ca
pacity and that another big decrease
in untitled tonnage was likely next
month. Oil shares Joined in the nd
vance despite another wave Of selling.
based on the governments antitrust
suit against the leading companies
but the net gains were small.
Industrials and specialties to sell
at new 1924 top price included Saw
age Arms. Montgomery Ward,
Fleischmann, National Biscuit Com
mon and preferred, Loose Wiles and
and Texas Gulf Sulphur. There were
a few heavy spots, notably Stewart
Warner, which fell back on publ
cation of unconfrmed reports that
dend requirements.
Gall money unchanged at 2 per-
cent. Time money and commercial
paper rates were unchanged with
business quiet.
Foreign exchanges displayed
firm tone. Demand sterling moved
up q of a cent to $4.3SA, but French
francs held steady around $50 cents.
Dutch guilders established new
1924 high at $3.50 cents. Canadian
exchange. which touched = new top
Yesterday at 90 cents, reacted about
nc today.
Keeping pace with the rapid rise
in stock values, bond prices surged
upward today as trading expanded
to near the years record proportions.
All classes OF bonds--foreign and
U. 8. government. railroad, public
utility and industrials shared in the
advance. although in the rail list
gains of the speculative issues over
Swallowed the smaller changes which
were general among the high grade
mortgages.
Buying of liberty bonds was more
spirited today than mt any other
time since the reaction from the rec
ord levels attained, early in June
Gains ranged from 3-32nds to 12-
33uds, with the second 4s establish
ing a new high record for all time.
Coincident with reports that por-
ton OF the Hungarian reconstruction
loan was to be fioated in the United
States. Austrian rs moved up sharply
to s4L, but their two point gain
substantially was lost.
A fresh crop OF merger develop
ments accounted for .the strength OF
low priced rail liens. and gains rang
ing from one to two points were re-
corded by Ann Arbor. Frisco. New
Haven. New York. Ontario and
Western. Chicago and Alton, Rock
Island. Denver and Rio Grande.
"Katy" and Seab6rad issues. Local
utility bonds were to points high
er and leading rubber company obli-
cations jumped one to 2is points.
Date 20 industriais 20 railroads
Thursday s4.43 .ss.f2
IL.