Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-03
NEW YORK MARKET
Features Of the Day's Dealings In All
the Leading Stocks

New York, June 2.-Stock prices
drifted within narrow limits until the
final few minutes Of trading when
the vote Of the house OF represen-
tatives to adjourn congress at tha
end Of this week furnished the basis
for q brisk upturn In the market
leaders. With speculative interest
at low ebb total transations si,runk
TO the smallest volume Of the year.
barely exceeding 100000 shares.
Predictions by the federal reserve
board in it, review Of May Of an
early turn for the better In the BUSH
TO the market despite narrow pr1cs
fluctuations. The inactivity which
followed resumption Of trading after
q triple holiday, however, Indicated
that commitments either way would
be restricted pending further poIi-
tical developments.
Action OF the foreign exchange
commanded moro interest than us-
usl in financial circles in view OF
apathetic stock trading. The un-
settled French political situation ana
reported dissention among the lead
ers on the terms OF the 500, O00, 900
Morgan credit caused abrupt decline
of rs points in the price of frano to
below sc shortly after the markets
opening. The rate rebounded Sharp
ly however, when the French govern
ment issued an Official communioue
UNFOLDING the operation and Edouard
Herriot, potential premier, denied
making any attack on the bankers
who aided France. At the close Of the
day the currency recovered virtually
all of it's early loss. Sterling, after al,
early decline, moved fractionally
higher to around $4.31 ga.
Railroad and public utility shares
displayed the most consistent
strength throughout the DAVIS
sluggish trading. Norfolk and
Southern reached the years best
level at 16' on reports Of a possible
segregation Of its lumber properties
and publication Of a favorable arm
ings statmnt. Pittsburg and West
Virginia preferred also reached the
years highest price at 81 IA and
high grade r all issues, including
Canadian Pacific, which advanced
two points. North American and
public service of New Jersey, estab-
lished new 1924 top prices at 20 IA
and 4S respectively.
Pivotal shares. including Baldwin.
American Can and Studebaker, wav-
cred uncertainty until the last min
ute squirt when scattered short COW
ering carried prices above the pre-
vious close. Gains of a point or no
were registered by Baldwin, Ameri.
can Wooden, American Loco and
Colorado Fuel. Republic Steel. how
ever. established new low for the
year At az "a.
Selling was effective IN a number
OF the oil shares, including Atlantic
Refining. Royal Dutch and Phillips
Petroleum. Middle States oil was
subjected to heavy selling pressure
on the filing Of receivership proceed
ings and dropped to the lowest level
OF the year at '3-S. Price move
ments In the entire group, however.
were conflicting, with Pan American
issues, superior and Sinclair regis
tered moderate Improvement.
Money continued In plentiful
supply Call funds were quoted at
. per cent all day and q few time
loans were arranged at rates of
and Ia per cent. Commercial pa
per discounts ranged from 4 1-c Der
cent to per cent for prime names.
contrasting price movements fea-
tured today's bond trading with the
market for domestic corporation liens
""iihLH ItiS u urn uHuertOno and un-
settled political sums causing re-
oessions in French and Japanese OBJ
legations.
announcement that President
Coolidge had signed the tax bill
came too late to exert any effect on
the days trading but 1t was felt in
investment circles that the action
would be stimulating influence.
Liberty bonds scored moderate i'm
proVcment today in anticipa ton that
mo presidents approval Of the mea-
sure would not be long delayed.
uneasiness over the retirement OF
Premier Poincare and demands for
PRESIDENT Millerands resignation
We're reflected In liquidation of
french government And municipal
ponds. but the republics issues later
recovered most OF their losses with
.he Improvement in the franc. Scat
tered selling Of Japanese bonds was
attributed to the situation arising
IRON the American exclusion of Inn
MIGRANTS from Japan.
Few significant price changes
Nafked today's trading, but Wilson
ana Company, convertible Iiera scor.