Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-07-23

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

New York, July 22.-Pro6t-taking
sales appeared in large volume in
today's market, giving 1t an irreg-
ular appearance, but the main price
trend was again decidedly upward
with the rails, oils and coppers CIV
ing the best demonstrations Of group
strength. Total sales exceeded the
million share mark for the sixth
consecutive full session.
Forty-seven stocks mounted to
new high levels for the year, includ-
ing Is rails. 10 metals and IL mis-
cellaneous industrial and special ter
ritory issues.
Promise OF American assistance to
Europe. particularly in the fiotation
of German loan, was an important
factor in the buying of stocks, es-
pecially the issues of companies that
would be benefited by economic re-
Mobilization abroad. Strength OF
sterling exchange. which crossed
$4.41 to a new high level for the
year. was construed by some obsery-
ers as an indication that an agree
ment on the reparations problem
was much nearer than generally ex-
pected.
Higher copper and zinc prices
stimulated the buying of metal
shares. new high prices being estab-
lished by American Smelling and
Refining. Utah, Chile, Kennecott,
Cerro de Pasco and few others
Surplus copper stocks on hand are
now estimated at about one months
supply.
Increased public participation in
the railroad group was particularly
apparent in the investment issues,
New York Central. Union Pacific,
Northern Pacific. Atlantic Coastline,
Illinois Central common and prefer
red and Great Northern preferred,
all lettering their previous 1924 top
prices. The advance in the low
priced carriers was led by New Ha-
ven, which touched 90 1-2, its high
est in two years, and more than dou-
BILE the years low.
Standard industrials turned slight
ly reactionary on realizing sales. r..
S. Steel fell from 102 IA, a new high
Baldwin, Studebaker and American
Can showed little change on the day,
although all closed we'll below their
top prices.
Oil shares continued to disregard
further price cuts. the Pan Ameri-
can issues standing out with net
gains of more than = points each.
Short covering was largely RESPONSE
BILE for two point rally in Atlantic
Refining. Motors, which have been
tagging behind the rest of the mar
ket. began to show signs of strength,
Nash Motors closing ) points higher,
Chandler Motors 1, and Mack Truck
common and first preferred touching
new top prices for the year. Stew
art Warner forfeited a point of yes
terday's large gain. Union Tank Car
jumped 5 IL points to 112 and Will
son preferred advanced points to
q.
All European currencies advanced
in sympathy with sterling. French
francs ruled just under 5 Ia cents,
while the Holland and Swiss curren-
tons. The nominal quotation for the
Japanese yen showed a drop of 20
points at 1880 cents.
Call money held at percent all
day. Time money and commercial
paper markets were relatively quiet,
with no change in rates.
Bond prices surged upward today
under the impetus of a broad buy
ing movement which embraced for
eign government, traction, copper
and second grade railroad issues.
Americas promise to assist in the
economic rehabilitation of Europe,
coupled with the progress made in
the interallied conference, strength
ened the foreign issues in the face
of the hesitancy of bankers to ap-
prove the contemplated German
loan. Belgian lbs. French IS and
Netherlands Is advanced a point
each and smaller gains were general
throughout the European list.
Several new 1924 high records
were established by speculative rail
favorites. including the Seaboard ad-
justment 5s. which touched a new
top price at Sc IL Other liens in
demand were the Missouri Pacific
first 4s. Iowa Central Is, Erie con-
vertibles, Frisco income IS and Della
ware and Hudson refunding 4s.
With copper and zinc prices ad-
vancing. bonds of the copper COM
panies kept pace with stocks in a
vigorous forward movement. Chile,
Anaconda and Magma issues all
scored good gains. Chile g. sold at
the years peak price.
U. s. Government obligations were
slightly more active and higher to-