Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-21

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


movements characterized today's
stock market which witnessed new
1924 high and low records being es-
tablished simultaneously in deterrent
sections of the list, but net gains ex-
seeded net loses at the close.
Strength Of public utilities and indus
trial specialties was one Of the out
standing developments of the days
trading, which again fell short Of the
million share mark.
Bullish demonstrations in the
American Waterworks issues was
mon being run up 11& points to
new peak for the year at sS1z, and
then slipped back to S5ii. The six
percent preferred closed III points
higher at "a. after having touched
95z. West Penn Power, a subsidi-
airy, closed at 691z for a net gain OF
80 points
Recent accumulation Of the public
utilities has been based on a pro-
gressive increase in earnings by most
of the larger companies. Other stocks
i'll this group which developed mark
ed strength included United Railway
investment preferred, Montana Pow
Z
all up 2is points or more.
Good buying again cropped out in
the rails, which were featured by a
point gain in Erie common to 2Sl4,
the highest price since 1917. South
ern Railway touched 60&, the high
est in all time, while Southern Pa
cific and Pittsburgh and West Vir-
ginia sold at their highest prices OF
the year.
With the exception Of Baldwin.
of Baldwin, which showed a nominal
gain, all the so-called pivotal sotcks
Steel common again falling below 81.
Strength of a number of the indus
trial specialties suggested pool oper-
ations. Schultz Stores was pushed
UP more than four points to 1864.
negotiations had been resumed for q
lease Of the United Cigar Stores by
that company. Mathieson Alkali was
bid up vigorously on rumors that
contracts for its new refining pro-
cess had been placed with some OF
the large oil companies. Other indi-
vidual strong spots included Ameri-
can Ice. Houston Oil, international
1 A>1SA1SSS XhdSA1lGSS A%Gdu,
Park and Tilford and Iron Products
all UP about two to four points.
Atlantic Refining recovered two
points OF its recent loss but the other
oils were inclined to heaviness on re-
ports that the department of Justice
was ready to consider the federal
trade commissions allegations of
profiteering in gasoline. Kelly
extreme low record at go, but the
other rubbers held relatively firm in
the face of further price cuts. Colo
RADIO Fuel General Electric, U. S.
Cast Iron Pipe and Dawson Chemi-
cal. fell back on realizing.
Call money renewed at 2 percent
for the ninth successive day, holding
a. that figure on the stock exchange
although Outside loans" were again
reported at IA and IN. Time money
was slightly easier. loans up to nine
ty days being available at percent,
while the longer dates ranged from
34 to 3A. Commercial paper rates
were unchanged.
Foreign exchanges held firm in
featureless trading. Demand sterling
ruled slightly above $433 and French
cents. Brazilian milreis jumped
about 80 points to IL cents on talk of
new financing.
Revival Of activity in bond trading
In which foreign obligations figured
conspicuously carried prices into
higher ground. Total sales, swelled
by large buying orders for various
European and South American loans
Appropriated $20.00o,00O.
Strength Of Argentine IS which
reached a new high price Of ssh on
their current recovery, was accom-
panied by reports that the govern
ment would take advantage of the
present favorable market to do addi-
tional financing. Part of today's
buying which cam in large value. was
said to have been inspired by the
fact that bonds had been tagging be-
hind other foreign description.
French governmental and munich
pal bonds rallied smartlye today,
while Austrian, Belgian and Serbian
issues also were in demand at HIGHER
prices. Brazil Central railway r.
reached a new 1924 high price at s7ss.
With the domestic list swept fairly
clean Of high yielding obligat tons. ex-
panding opera tons in the foreign list
were said to represent the search of
buyers for the most attractive in
vestments. and also to foreshadow a
larger volume Of foreign financing.
The private sale Of $4,000 600
Chesapeake and Ohio s percent equip
ment bonds and 10000, 900 Rock Is
land percent notes today measured
the investment appetite for railroads.
liens. Prices Of listed railroad Sc
curities improved moderately, Inter-
national Great Northern adjustments