Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-07-11
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. July 10--Stock Jrices
turned reactionary today but not un-
II. after q sensational bullisp DEM
Onstration had been staged in the
public utility shares, II OF which es-
tablished new peak prices for the
year. Net losses In the standard in :
drstrial issues ranged from / to 3
points.
While the market letters of most
commission houses expressed salts
faction with the Democratic national
ticket. many observers agreed that IL
was without apparent effect on the
days price movements. To some the
action of the market indicated that
the selection Of a conservative cam
di1ate had been discounted and that
. a period OF profit taking was in order.
American Water Works common
was again the individual feature. es-
tublishing a record high for all time
at lis IL and then dropping abrupt
ly to 102 for net loss of 1-2 points
on the day. The six percent pre-
ferred closed three points higher at
81 after touching record peak at
90. "
Publication Of the United States
Steel Corporations unfillel tonnage
figures for June showed decrease
OF 365, 5S4 tons. somewhat smaller
than was expected. This inspired
a short lived buying movement in
the steel shares and other standard
industrials. United States Steel
common which had reached new
peak on the current movement at
10i i-2 in the early trading event.
ually fell back to 80 IA for a net
loss OF one point Baldwin and AM
al
point lower. and EStudebaker yielded
fractionally.
Further cuts in crude oil and gas
oline prices were oversha dowed by q
sharp decline In crude production
for the week ended July s, and a sub
stantial increase in gasoline con-
reacted in sympathy with the gen
eral list. Superior showed strength
~ a result of a federal court decis-
ion awarding the company O judge
ment for S3.500, 900 against the At
lantic Refining Company. which is
equivalent TO nearly 81 a share on
Superior's outstanding stock. ''
Marked heaviness developed in a
number Of the tobacco shares, am-
cricnn Tobacco breaking nearly FIVE
points >and General Cigar, Lorillard
and Phillip Norris losing 2 to 3 1-2
points.
Losses of point or more were al
81 quite common In the railroad
group, some of the most conspicn-
Gus being Northern Pacific. Great
Northern preferred, F'isco preferred
and seaboad Airline preferred. Chi
cage and Easten Illinois issues show
ed Independent strength.
Call money again ruled at per-
cent. tina n1nnAV md rottt ~ fal
paper markets were duh with no
change In rates.
Foreign exchange rates improved
slightly in reflection Of the more
hopeful feeling regarding repara-
tions settlement. Demand sterling
advanced "a OF a cent to s4.34 Ia
and French francs ruled about Ave
points higher at 5.10 cents.
Shaking off early hesitation, bond
prices today forged slowly ahead.
with high grade issues leading the
advances. Independent weakness.
however. was shown oy a number of
speculative rail and Industrial liens,
giving the market an uneven appear
ancc.
Buying orders today embraced q
wide list OF high prices. railroad Sc
curities, including Southern Pacific
Us and Delaware and Hudson re.
funding As both of which advanced
n point. Public Service Corporation
OF New Jersey IS and Western I'm
ion 1-2's we're active and higher.
Profit taking. however. reduced the
gains OF public utility obligations,
as stocks Of these companies failed
to maintain the strength which char
acterized their early dealings.
The improved tone IN the invest
iuent market was reflected In the
ready subscription OF new bond is-
sues which were offered today. al.
though the volume was not large.
Total bond sales were $le,S97 900.