Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-17
NEW YORK MARKET
Features OF the Days Dealings in All
the Leading Stocks

New York. June 16.-TAe upward
movement OF stock prices entered
upon its second week today with
new leaders being brought forward
as some of the old favdcites began
to lag on profit taking. New high
records for the year were estaoilsn-
ed by nearly two score stocks. the
largest number in any single session
since the present advance began.
Strength of the oil shares in the
face of a cut of % cents In Corning
Crude and rumors of further reduc-
lions in the Montana and Wyoming
grades, was one of the features OF
the session. Buying of these shares
undoubtedly received its stimulus
from reports that Oklahoma pro-
ducers had taken steps to limit pro-
duction in that territory in order
to stabilize the market. Better
weather with a resultant increase In
gasoline consumption also was a
factor. Net gains of a point or
more were registered by the Pan
American issues, Marland, Houston,
Cosden, General Asphalt. Pacific and
a few others. i
Motors also showed bigns of
strength for the first time since the
current advance began. Maxwell
a dSSuLlIHS iSduSicAAP VI s
group with a gain of more than
points. Maxwell 3D." Studebaker
and WHY'S Overland preferred also
gained a point or more.
Public utilities continued to re-
fleet a heavy investment demand,
Consolidated Gas moving up IL
points to another new high record
for the year at 60 10. The Ameri-
can Water Works issues, Columbia
Gas, United Railways preferred and
the local fractions also showed good
gains. U. S. Steel common. Bald
win and American Can improved
fractionally. being held back by
profit taking.
General Electric was again the
outstanding strong spot in the spe-
cialty list, soaring nearly seven
points to a new peak price Tor the
year at 235 Ia and then slipping
back to 233 1-2, the days transac-
tions exceeding 10000 shares. Amer
lean bank notes jumped 10 points
to a new top on a small turnover.
Revival Of activity in u. S. DISTRIBUTE
ing common. which sold at a new
1924 top, follows the recent initia-
ton of dividends on the preferred.
Chain Stores stocks were again in
great favor on reports of high cur
rent earnings, Woolworth new stock
jumping more than six points to its
record top of 105 IL, a gain of %
points in eight days, while Kresge
closed seven points higher at 365.
May Department Stores also show
ed marked strength.
Activity in the rails quieted down
somewhat although some new high
records were established by the low
priced carriers. The decision Of the
Union Pacific to spend nearly $50
100000 for maintenance this year
was widely regarded as O construc-
tive factor. The Rock Island is
sues and Lackawanna lost ground
on realizing sales.
Call money remained at 2 per-
cent. The time money market was
quiet with rates ranging from 3 to
"a percent. depending upon ma
ly active with some of the best
names discounting at "a percent.
Strength of French francs. which
again advanced above 5 1-2 cents,
was the feature of the firm foreign
exchange market. Sterling ruled
slightly above $43o. Italian Lire
softened slightly in reflection of
disturbing political developments,
but other rates showed only NOM
inal changes.
Foreign obligations assumed lead
ership of the bond market today as
furry of profit-taking interrupted
the advance of Liberty bonds. New
1924 high records were established
by half dozen or more issues in
the foreign list, including the
French republic and Belgian liens,
Denmark IS and Rio de Janeiro SIS.
The impressive demonstration OF
strength given by the French issues
was attributed to confidence in the
new government and prospects that
it's establishment would facilitate APP
plication of the Dawes plan. The
rise of about point in both z lbs
and SIS was accompanied by i'm
provement in the French franc.
An explanation offered for the
reaction of u. s. Government bonds
was that institutional funds were
being shifted into the higher yield
ing federal land bank liens, which
were offered today. The ISSUES.
bearing 4 "a percent interest and
priced at 101. was quickly subscribe
ed and soon sold at premium In
the open market. Bond circles were
interested in the announcement that
the state Of PennSvlva MIA would sell