Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-07-31

NEW YORK MARKET
Features Of the Days Dealings in All
the leading Stocks

New York. July S0.-A wave OF
profit taking today interrupted the
current upward movement OF stock
prices but q renewed outburst of
buying in the final few minutes OF
trading sustained the strength
shown earlier in the day. Steel
shares assumed the leadership OF
the advance, but railroads were
hammered down under realizing
sales
Constructive developments in the
steel trade. including the extra divi-
dend declared yesterday by the
United States Corporation and re-
ports OF a measurable increase in
new buying by the weekly trade re-
views, gave firm tone 20 the steel
issues, which was communicated TO
other Industrial leaders. L. s. Steel
common opened SIS points higher
and mounte dalmost 3 points TO 10
Is. new high on the current
movement. on subsequent heavy
transactions. II closed at lO5 5-S,
a net gain OF SS points.
American Can. Baldwin, General
Electric and other leaders, which
receded sharply when reactionary
movements developed, Joined in the
final rally. American Can establish
ed new high level for the year al
125 IS, representing a net gain of
- is points. General Electric,
Baldwin, American Telephone.
Philadelphia and Reading Coal and
Iron moved up TO IL points in
the late squirt.
The selling movement which re-
placed the initial advance was per-
haps the most severe encountered in
the last seven weeks, while the stay
ing qualities OF L. s. Steel and other
pivotal stocks enabled the general
list 10 stage an impressive recovery.
rail Issues failed 10 regain their
previous high levels and fractional
declines were general throughout
this group. Atlantic Coast Line.
however, maintained its independent
strength. moving UP points.
Conflicting price movements mark
ed dealings in specially stocks.
American Water Works and West
Penn Power jumped | IL to Ia
points. American Wooden gained
more than point but Daniel
Boone Wooden Mills broke , IL
points 10 the lowest price Of the
year
Heaviness OF French francs,
winch lelI DtaO" i've GUNS lOR lil1
first time in recent weeks, was the
principal feature of the foreign eX-
change markets. Sterling also moved
slightly lower TO around S4.39 IL
with uneasiness over the long-drawn
out deadlock in the inter-allied con-
ference reelected in the hesitant tone
of trading.
The prevailing . per cent rate for
call money remained unchanged TO-
day. An easier tone was evident In
the market for the time loans. with
n larger volume OF funds offered at
= Il pc recent and some 60 day
loans reported arranged on a IA
per cent basis. Commercial paper
rates continued to range from ; IL
to 3 "a per cent.
Profit taking and n transfer of
speculative interest 10 the stock
market today halted the forward
movement of bond prices Shifting
cross current gave the market an
unsettled tone, although fluctuations
mainly were confined to narrow linn
its
Several Liberty bonds were car
ried to new high levels when the ad-
vance in United states government
obligations was renewed at the open
tial reaction however. forced prices
from | to : - points lower.
Another selling movement in ST,
Paul Railroad issues was attributed
to profit taking which was general
throughout the speculative rails
section. Losses Of point or more
were recorded by the roads active
liens and smaller reCessions took
place in Eric. International, Great
Northern and New Haven mort
Cages. Chesapeake and Ohio con-
vertible IS was unusually active.
selling as high as 101 II.
In the industrial list. advances
averaging about a point IN Wilson
and COMPANY { lbs. Magma Is and
Bethlehem Steel : 1-@s, contrasted
with similar losses IN American
Agricultural Z les. Eastern Cuba
Sugar 1-os and American Smelling
5s.
r-.4.t -.,.. -. 90 con thn