Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-11
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

---S -
! New York. June 10.-Stabiiity Of
the steel shares In the face of an
unusually large decrease of nearly
!. 6DD.OUU tons in the untitled orders
Of the L. $. Steel Corporation last
month, combined with a further cas-
/, ing of money rates. brought about
: widespread short covering in today,
stock market, which displayed a
/. firm tone in rather Iistless trading.
, Buying orders were we'll distribut-
cd throughout the list with the rail.
oil and sugar shares giving the best
) demonstrations Of group strength.
Brokers reported that some OF the
late buying was inspired by develop
, Inents at The Republican, national
convention. particularly the temper
airy chairman's proposal for further
= tax reduction next year.
While the untitled orders of the
steel corporation are now at the
lowest point since November, 1924
and further reduction this month is
widely regarded as likely. profess
sional traders showed little DISPOSE
) ton 10 renew their selling attack
against the steel shares. L. S. COM
mon closed a point higher at % "a,
! with slightly higher net gains by
Republic and Gulf States. Republi-
can steel preferred dropped 1 L.
, points in the early trading to new
low record for the year, but the
turnover IN this stock was small.
Active stock covering took place
in baldwin Just before the close, that
stock being run up two points to
100 ia. Developments in the sugar
market proved favorable to those
stocks, net gains of a point or more
being recorded by American Sugar
. Refinery, American Beet Sugar and
South Porto Rican.
Reports that Bankers are planning
, an ambitious development program
I for the Missouri Pacific System
sent both the common and preferred
!. stocks to new 1924 highs at 16 3-S
and 4S SIS, up / is and SIS.
respectively. Texas and Pacific ad-
]. vanccd two points to 81 3-S, also n
\ new high. and New Orleans Texas
and McXico sold as high as 80 II, or
two and n half points above yester-
J days close.
oil shares continued to respond to
improved trade conditions. Marland,
! Sinclair, Cosden and General AS
phalt closing "a point or so higher.
+ Other outstanding strong spots in
4 Guided Dupont, General Electric.
American Water Works, Savage
Arms and L. S. Rubber first prefer
. rcd. all up l Il points or more.
Call money ruled at per cent Ell
day. this being the lowest renewal
rate since August g, 1917. Time
Z money against stock exchange COL
f lateral was available up to 80 days
ut :: - per cent. four and five
Il months loans being quoted at :; ia
and the longer dates at 4. Some
prime commercial paper was avail
h able at per cent, the bulk of the
business, however, being transacted
at t IL. %
|, Foreign exchange trading was re-
lativclv light with slight recessions
in rates. Demand sterling ruled just
|, Under SI.3l and French francs eased
only slightly to around cents des-
pitc some selling on the rebuff of
\ the French ministry.
Fond prices rallied vigorously to-
day as Wall Streets flood of sur
plus funds found employment in the
4 investment market. Spirited trad
ing in the final dealings carried the
i average price of domestic .issuek in
h TO new high ground for the year and
sent several foreign and United
States government obligations. as
|. well as numerous popular railroad
liens. 10 new 1924 top prices.
Although profit-taking tendencies
cropped out at times, the prevailing
4 rate of - per cent for call money
L and the drop in short time loans to
- per cent impaired a strong I'M
n dertone to the market from the
start Reports that SIT 100000 was
being offered on the stock exchange
n at = per cent without finding takers
was given color by the brisk activity
Il IN the final hour of bond trading
I. when all types of investment secur-
y itos were snapped up at rising
prices. Total sales exceeded S1S.-
100000, one of the largest volumes
OF any day this year.
The high levels attainedsby gov
Il eminent issues diverted large por-
u tco of today's buying orders into the
railroad list. The treasury Ids,
Il however established a new record
Il high price of 103. II and the Liberty
first and third 4 las sold at 1924 top
prices. Other issues lowered around
recent high levels.
Broad buying of railroad mort
/ cages, mostly of a speculative char
1 acter, brought variety of these is
4 sues to peak prices for the year.
These included Western Pacific first
rs Central Pacific As. st. Louis and
n Southwestern is. Northern Pacific
IS; st. Louis. Iron Mountain and
Southern is and New York, West
II chester and Boston lbs. Sub
s,antial gains also were recorded by
New York Central. New Haven, Sea-
hoard, Kansas City Southern. Mis-
souri, Pacific. Erie and Katy is
/ sues
1 Total bond sales. par value. SIS
4 5o9oo0