Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-07
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

XIV 6S&0tTS
New York. June Stock prices
! weakened perceptibly today under
the persistent hammering of pro-
fessional traders. Encouraged by the
success of a drive against the oil
shares based on a fresh cut in Mid
Continent Crude Oil prices, they ex-
tended their operations 10 other sec
tions Of the list, forcing sharp de-
clines in steel, sugar, rubber and
speciality issues.
AT the close OF the day thirty in
dustrial stocks, including United
States Steel, were in new low ground
for the year.
Ability of the bear element to de-
press prices in whatever sections of
the list 1t launched its attacks. I'M
dermined speculative confidence and
realizing developed toward the close
in the rail and public utility groups.
which had shown independent
! strength earlier in the day Rail
shares turned downward for the first
time this week and gains which had
carried several public utility issues
10 new 1924 high levels were cancel
| led
With the recent forward movement
IN various rails and public utilities
ASh''NAiS " SlAIllUltlS lluCn OUTSIDE
| Duylng, there were indications that
pool operations. presumably under
| way, were suspended late in the day
| when the supply OF other stocks be
| came too great for the market to
absorb. Before the reaction, how
ever. new 1924 high levels were
reached by Central of New Jersey.
Missouri Pacific and Katy" prefer
red issues. West Penn Power COM
mon and preferred, Standard Gas.
Federal Light and Traction and In
! ternational Telephone.
NO new developments were brought
forward today TO account for the
| drop of IL liz points in United
| States Steel 10 the years lowest
! level at ~ IA, although reconsider
alton OF the weekly trade reports re-
| Nedlling operations of 30 per cent
! and an unparalleled decline in pig
| iron production in May. contributed
| 70 its weakness. Bethlehem also
| touched 4 new low price AT IS ga
Republic at AZ IL and Vanadum al
! - IA
I The reduction of 10 to 50 cents p
! barrel in Mid Continent crude oil
p'lCes preclpltated fresh bear at
| tack on me OIL shares and also was
| objective in bringing out some liouid-
alton. New low records for l9e4 were
established by Atlantic Refining
! DoSdcn, Texas Company, California
| Petroleum, Associated OIL and Sin
! cialr, Standard Oils suffered moder-
ate reCessions.
! bearlsh Cuban sugar statistics and
| me disappointing demand for tho
| Icmhcd NJ current low levels inspired
| seIlng OF these issues. American
nIs preferred dropped 4 points
| Iuhta Allegro 2 "a and South Porto
nnI,dn' CUBAN American and Cuban
! dominican also Cased off to new 1924
! poltom prices. Rubber COMPANY
! Shares were sold on rumors of forth
| coming price cuts.
foreiGn exchanges were e,,,
| french cranes registered substantiaI
Improvement, apparently on Tho
| heIchstdGs approval OF the Dawes
! report and late in the day was soil
! ing around 5.l5 cents. Sterling was
| shEhtIN higher above $4.3l.
| IAN money. after opening at 2 4
! per cent, the lowest renewal rare in
l"o years, later sagged off TO . I. .
III cent slNtS day time loans were
| '"cted az "a per cent and lon
! ger Accommodations at Dor cont
J with the market showing disti,,o'
! ~ '"Sier tone. Commercial manor,
discounts ranged from Ia to a -
| per cent. " -
! - prlSk forward movement in
| Ihlted states Government hopds
| tarrHlng eight issues 10 Tho ,oa,..s
nlshest prices and in some Instance
20 new nigh records TODAY hoIned ~
sustain values throughout tho entire
! u.s.. buNlng Of Liberty bonds rc-
,nec,eu the employment of surnl,Is
! 90 IuildS as money rates devotion
ca a softeninE tendency.
,'i.e me demand tapered Off to-
ri,,a.i LIZ crosse or the market all Oh
Isdtlons scored substantial gains ana
/ IN sea ing new peak prices waro
f-@<nus to lS-32nds higher. Al ~
crest OF today'S advance the tross,,r,.
I-4s crossed 103 and the Lihert, :,
t tHILd las touched 101.I2, both now
HIsh records for all time. The III
eItE l-2s sold at 1909. second A.
az w ~ first-seCond 4 1-4s M Ini'
hrst l-4s at 1914: second d -.
a. IVu.%S, and fourth las at 1OI ~
,lnNestment buying continued at n
~ 10, ouS pace in other sections of
| ii9C WIN numerous railroad 10
| fn io' sing steadily ahead. Demand
!Ui me obligations of a nun,hor ~
me southwestern carriers wbich VI
I sApected eventually to form tho ~
!euS 81 another large system vac ,a,-
ucuiariy brisk. This movement p nn,
p m,icd Missouri Pacific. KATY" New,
on on Gd ms. IeNas and Mexico, Inter
r nl'u eastern Illinois issues. PubJcj
natlonaI Great Northern and 80
Tago and Eastern Illinois tssnns
upilc Ctiiity liens were firm h,,,
rubber and sugar COMPANY n,n ~
sases were depressed b. unseftied
'rade conditions. '''en
val street heard today that tbo
Iohg- delayed Nickel Plate" Ro,d az =.
sue totalnng about 5000. 900. wonId
appGar IN the market early newt
z0d ao al bond sales. par value. .1a