Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-20
NEW YORK MARKET
Features Of the Day,. o..,; 49,
the LEADING st salLLnss in All

New York, June 1a-u
|, OF the oil and rubhor lay selling
on unfavorable trade rsn' based
10 matt the general nn,,,o' iaiieo
Heht IN today's stock r,a,,t move
"aa again featured by the h.. "aich
.uilluiation Of the railrosd ac-
ii .oie tnan dozen Of which @.a .l'
Inheo new high prices for H. lap-
ncesealnty over the Denoooseai
pIesioentlai nominee ana rio.. dlic
H.ihued TO have restrain;pa I'm IN
- aoihs, the days sales a.oro.
His ABOUT $4,000 shares 9e'esal-
49, te,Is OK tire price cutttr,
Ndr, Following close UPON 49, Ing
cnnin Oh the dividend on KaIi,,
,pilngneid common, touchir1 ~
-o"eSt price ever recorded ana ). 80
liners selling al their bottom 49,
," the year. United States Ruhho.
.la. held relatively firm on renort.
"a .he company's business otbon
c'i,. 'iIes' was on profitable basis
oiS were offered down on tho NH"
CaIioh Oh the weekly report ~ H.
49, fetroleum Institute show
o,iier increase in crude outnut
a., iu.oatlon Of Atlantic REIN
49,. ""ICil zen nearly points TO 3lL
VI a. mystery 10 Wall
street, which sought in yaj, an
excuse for the selling of this stool, 80
Thlch John d. Rockefeller. Jr. is =
large holder. "'' !" "
fieaVY investment buying OF tho
,HEn grade railroad shares Sent
! .9outhern Pacific, Atkinson. Illinois
'entrai' Nickel Plate" and Chesa =
peake and Ohio to their hirbes+
prices of the year. Gulf NohiIe and
Eortnern preferred, touched a new
I9z4 nigh at 20 on a revival of ru-
mors that the Walters roads and mi
hols central were struggling for CON
,hoi' but it slumped later to 65ls for
net loss OF y points on the day.
10" priced rails also develoned
marked strength, New Haven. Eric
common and second preferred. and
PItsburS and West Virginia also
touching new peak prices.
Public utilities developed jmnress-
I've strength just before the close.
american Water Works common he
ing run up more than five points to
new top at 76a. while West Penn.
subsidiary, also moved IN one to a
new high.
General Electric climbed 90 points
~ $50 z. Independent strength also
was shown by Coco Cola, Shu1ta
Mathieson Akali. Marine preferred.
Maxwell Az, National Lead and
United States Industrial Alcohol an
up IL or more points on the dav.
American Smelling and Refining also
showed unexpected strength in the
lace Of low metal prices.
can money again ruled ut per-
cent. Time money and commercial
paper rates remained unchanged
with business quiet.
Pronounced strength Of sterling OK
change which moved up one cent to
Si.33 was the feature of an otherw ise
quiet foreign exchange market
French francs again ruled around
5Ss cents and other European Curen-
CieS showed little or no change
Fond prices held relatively firm in
todaY's quiet trading. which WAS
marked by contrasting movements
In the foreign. l.. S. government and
domestic corporation lists.
Steady accumulation of Serbian So
sent these obligations to n new high
level for the year to S4as. with Nor
Wecian and Japanese issues also reg
isternG moderate improvement.
Kingdom OF Italy Sis. however.
which normally f1uctuate within n
narrow range. We're unsettled by po-
1itlcal disturbances in Rome and de-
clined n point.
EuyinG OF Denver and Rio Grande
issues based on the success of the
roads reorcanzati 6n and of New
Haven liens contrasted with the
weakness Of International Great
Northern adjustments The latter
continued under selling pressure as n
result of court action by the state Of
Texas resisting the proposed merger
Of the road with the CUR Coast
Lines.
Kelly Springfield Ss suffered a
sharp break Of A.; points as pros
. poets OF tire price cutting war fol-
lowed commission o fthe companv's
six percent preferred dividend which
already had been largely discounted
The unsettled rubber trade conditions
also influenced selling of Goodyear.
Goodrich, Fisk and L. S Rubber OBJ
legations
Although Liberty bonds generally
followed q downward trend. a sale OF
the first As was made at 1o2. repre-
sontinG an unusual advance OF ~
points.
Bankers announced a private sale
Of $40. 100000 Rock Island & year SCI
notes at %. The bonds were issued
TO redeem sS.OO0.o0o six percent notes
previously held by the director sem
eral of railroads.
Total bond sales, par value. slS,-
100000.