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

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

New York. June 5-Pronounced ir-
regularity marked the course of stock
prices in today's market, which was
given spotty appearance by the
active buying of low priced rail-
read shares and the depression of
most industrial issues on disturbing
trade reports. Some contraction
took place in the volume of business
but late trading was stimulated to
some extent by a. reduction in the
call money rate to IL percent.
While the forward movement of
the rails progressed with consider
able vigor, buying was confined
chiefly to issues with speculative
possibilities and few of the standard
high grade stocks shared in the adj
vance The movement gave further
indication of the changed public at
ttude toward this class of securities
with the danger Of adverse legisla-
ton removed.
Selling pressure against industrial
shares was concentrated principally
on the oils as a result of gasoline
price cuts and the increase in crude
oil production and gasoline supplies,
while the drop in the price of raw
and refined sugar to the lowest level
in two years, provided an excuse for
ndmInFIlUS uOW IL Tie BUCKS OIL THESE
companies. A number of these is
sues dipped to the lowest levels of
the year.
Wrestling leadership of the public
utility group from American Water
works, West Penn Power, a closely
associated company, figured in
sensational advance of almost 10
points to a new 1924 top price Of 68.
Closing the day with a net gain of
5-8, it's strength had a tonic eff
feet on the public untility group.
American Waterworks issues were /
to 3 points higher, both the and Z
percent preferred touching new high
levels for the year at 80 and SO 1-2,
respectively.
leadership Of the rail move was
shared by Southern Railway and
Missouri Pacific preferred. both of
which scaled new peak prices for the
year. Southern Railway was two
points higher at SO and substantial
gains were also recorded by Pere
Marquette, Missouri, Kansas and
Texas preferred, Norfolk and South
ern, Pittsburgh and West Virginia.
Central of New Jersey. st. Louis
Southwestern and the Fries issues,
all Of which sold around the years
best levels.
Cosden issues were subjected to
heavy selling pressure on the unfa-
vorable oil trade reports, the COM
mon dropping to a new 1924 low
price at 25 "a and the preferred at
Sc "a. Texas Company was ham,
mered down to SO 3-S. The weak
ness OF sugar prices induced heavy
selling of these issues, American
Sugar common and preferred.
Cuban American, Cuban Dominican
and Cuyamel reaching into new low
ground for the year.
Most market leaders, however. Of
ferad good resistance to selling pres
sure in the face of unsettled condi-
tons in industry. American Can.
Baldwin, United States Steel. Cen
eral Electric, Studebakcr and Amerl-
can Telephone maintained a steady
tone.
A drop in call money to IL per-
cent after opening at 3 percent. re-
noctcd the plethora of funds at this
center. Time loans were offered
freely at prevailing quotation of
percent with scattered transactions
on IA percent basis. Commercial
paper was again active at rates
ranging from to IL percent.
Foreign exchanges improved to-
day. with French francs rallying
about l3 points to above cents and
bringing about a sympathetic ad-
vance in Belgian currency. Sterling
was fractionally higher at $4.31 Ia.
\ broad buying movement for the
nitcd states government obllga-
tons, which carried six active liberty
and treasury issues to the years
highest levels and most OF them to
new high records. today reflected
employment of the huge surplus OF
ia I,i otsl- nt n
of money also was measured by a
drop in the rate for call funds to
Il percent and the ease of time
loans. With the supply of high grade
liens depleted by recent investment
purchasing, buyers today turned to
speculative mortgages. Issues OF the
western railroads achieved unusual
popularity and on gains OF one to
two points many of them set new
high records of the year.
Western Pacific 6s and Chicago
and Alton 3 1-2s each jumped two
points. and gains of l to l 12 points
ST. Paul. Frisco, katy" lnterna-
tional Great Northern. Rio Grande
Western and Lehigh Valley issues.
$500" 1-2s. however. moved coun-
ter to the general trend and lost a
point in tune with the weakness OF
the roads stocks.
Advances in the Liberty issues
ranged from / to 7-32nds. Demand
was well distributed, specialists in
government bonds reported, with
many small investment orders SWELL
Ing the large-lot buying by institu-
tons.
The Erie Railroad, which several
weeks ago was said to have been
seeking a bank loan, was under
stood to have placed privately with
bankers about $20,000,000 tyo-year
s percent notes at par. No pub
lie offering is contemplated.
Total bond sales $13,369.000.