Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-18
NEW YORK MARKET


.
eAatunsn a. a.. n.,.s. A..,,.
%ha IssS;ss ynus ~ Az
.-.MS ssss~s
Nav yorx r,,. ~ 49,
resumed their mSv.rs.ntock prices
rround at fh~ nrxnsS. ~ " asener
the advantage wss inssrr r. ,SSdy - s -
"a : rnnxr,. aSevyfp ront taking
sns nriesa srcrsn. ~. . seLnng, elos-
~ Ssins Ana i"ssss curious mixture
nsAn.
wnhe supstAntial inroAdt were
made into the quoted values OF 4
nut u tne OLE rubbeft, motors
ana motor acceeeorieh marked In.
oepenoeAs strenGth was shown BY
nose y, Lne topaccos, public utili.
ues ana cnaln store issues.
Buying OF public utilities recefyAd
its impetus from 4 federal court de-
cisicn holding the local 81 eas law
unconstitutional ana ccnnscatary.
New 1924 high records were estAS.
lished during the session by ConsoIi.
dated Gas. Brooklyn Union Gas. Col.
umbia Gas ana Electric, AmericAn
water Works common and BrookIyn
Manhattan Transit common, the net
gains ranging from fractions to thres
points.
Hirh current earnings form.A -
basis for the huiiish Hmnnstr.. to-
In chain storA ,ssues 5000 t,,ssu
inr 1871 to nHw 1904 n;sh ga.
had advanced 30 noints in n" isst
eight DAYS. added 3 mora nv toncrs
ing a record ton Of 101X rsv,,SrS
of the tobaccos was Attributed "a
eome Of the Ieaders ar fha indu.,rv
and revived renorts that nsrotsetinrs
we're again under wsv far = nnsrSer
OF the Schultz ana TOBACCO ProSucts
Companies. -
Omission Of the Aividsnd an ve,,v.
Springfield six per cent prefArred
was used by bear traders a. an Ar.
cuse for an attack on the rubber
shares. Losses in the Kelly. Sprine-
fractions on the common shsres "a
3ib points for the ak per cent pre.
ferred. Goodrich. Fisk. T. q Run
her and GOODYEAR stocks suffeyed
slirht recessions.
Recent activity in the rail rroun
subsidized. but stocks OF the Van
Sweringen roads again maintained
conspicuous strength. ChIsaneAke
and Ohio and "Nickel Plate" both
established new hirh records for the
year at 81 and 81. respectiyely. he
fore nrnnninR BACK m around
terdsy's closing levels. Sot,t hArn
Pacific shares were under accunu-
Iation. but DELAY in negotiating the
lease of the Norfolk ana western
10 the PENNSYLVANIA Railroad caused
A. recession OF 1X points to the
former.
Selling pressure was renewed
against the oil shares in the Anal
dealings. Cosden. SINGLED out fAp
attack. Welded more than a peint
and fractional declines took place
in Marland. Phillips. Sinclair and
Pan-American issues.
Foreign exchanges deyeloped A re-
dictionary trend. French francs wersp
driven down about is points on SELL
ing insured by Premier Herriot's
declaration that evacuation az the
Euhr would he deferred mil the
guarantees provided in the Dsw
plan had been SET IN Adontion of
this policv. Il was felt. might possi-
blv delay the earlv settlement OF
Euronean dificuIties that bankers
had been looking for. Al the close
of the market. francs were selling
around $40 cents and sterling was
fractionally lower. lowering around
in the money market. Call funds
Il
on time loans ranged from z per
cent for short maturities to 3k per
cent for six months OBLIGATIONS,
Commercial paper was active with
most OF the business transacted at 4
per cent although some /of the best
names discounted at az.
The forward movement IN bond
prices which had been in progress
for the last week received its first
check today when various issues ac-
rumulated on the recent upswing
we're unloaded. Prices gave way in
all sections OF the list. although q
number Of foreign obligations, in
Guiding the Belgian issues. estab-
lished new 1924 high records.
L. s. government bonds, which
first showed signs OF reaction yes
terday. lost further ground today as
evidence accumulated that the sup
ply OF surplus funds was growing
smaller. Treasury operations were