Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-12
NEW YORK MARKET
Features Of the Day's DEALINGS in All
the Leading Stocks


New York. June 11.-Stock prices
developed impressive strength in to-
days session OF the stock market.
one of the most active In recent
weeks. Two dozen stocks estab-
lished new high records for the
year, including Union Pacific, Atchi-
son. Texas and Pacific, Pere Mar
quette. Pittsburgh and West Vir-
ginia,j International Paper and Mis-
souri, Pacific common and preferred.
Bullish sentiment was created by
the continuance of easy, money
rates. the more optimistic tenor of
the weekly trade reviews and indi-
cations that the Republican national
platform would contains planks
favorable to business.
The reduction in the local fed
eral reserve rediscount rate from 4
to 3 IL per cent was not announced
until after the market closed. While
the main purpose of the change IN
doubtedly was to put the bank rate
more in line with the open market
rates. local bankers pointed out that
It also places New York in better
position to compete with London for
several Of the international loans
now pending.
United States Steel common, gen.
eraliv regarded as the market lead
cr closed more than point higher
at 96 us. General Electric and
American Can each closed more
than three points higher, while net
gains of J. to . Sd were recorded by
such widely diversified issues as
Marland Oil, Tobacco Products, Stu
debaker and United States Indus
trial Alcohol.
Buying of large blocks OF stocks,
presumably for the account of large
financial interests, alarmed the short
interests, whose covering operations
furnished impetus to the advance.
Brokers also reported that several
pools wereere operating, particu-
larly in the low priced rail and in
dustrial specialties.
Rail shares apparently paid no at
tcntion to the 15-cents-a- barrel re-
duction in smackover crude Oil.
While the advance in these shares
was not as extensive as 1t was in
other industrial groups. gains of a
point or so were quite common at
the close. The advance, while prac-
tically general, was most marked in
the steels, public utilities. motors
and tobaccos. with sugar and cop
per stocks trailing behind because
OF lower commodity prices.
Call money held at . per cent all
day. Time funds were available up
TO 90 days at IL per cent, the
lowest IN several years. while four
TO five months maturities were quot
cd at , 81 and the longer accom-
modations OF a.
Bank acceptances dealers reduced
rates Ia per cent on all maturities
mp to 100 days. bringing them to
Frcrch exchange. predicated on the
belief that the resignation of Presi-
dent Milerand of France would has
ten the acceptance of the Dawes re-
port. was the feature of the foreign
exchanges market. The Paris franc
jumped more than 3R points to
around $40 cents.A with a slightly
smaller gain being recorded by the
Belgian currency, which Is now
quoted slightly above 4 IL cents.
Demand sterling held fairly steady
around Si.31.
Further reimbursement OF bond
prices to prevailing low money
rates today carried the average of
leading issues into new high ground
for the year. Sales exceeding SOB
100000 set a record daily total for
1921.
establishment of n new low fig
IRE for long time funds, announce
mcnt that the treasury's S150,O00, 600
Offering at . 81 per cent mad been
oversubscribed and the whirlwind
sale of the Nickel Plate S26.0OO.N0
bond issues today accelerated the
forward movement of prices.
Widening inquiry for railroad
liens quickly carried more than n
dozen issues to new 1924 top prices.
but the high levels to which the
leading investment and speculative
obligations had been bid up pro-
NOTED more selective buying, and
relatively inactive bonds showed the
largest net gains for the day. In
tetnational-G Northern issues
were depressed by reports that the
proposed merger with the gulf coast
lines had struck snag.
IT"ited States government bonds
continued to eclipse their previous
1894 high records today. when the
treasury 4 Ids again achieved a
peak price for all time. Institu-
tional buying expanded to an ex-
ceptionally large volume.
Public utility and industrial mort
cages also spurted UP briskly. Rub
her company bonds, recently under
selling pressure, rebounded under
the leadership OF Ajax SIS. which adj
Napcnd IA poipfs United StatpS