Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-26
NEW. YORK MARKET
FEATURES Of the Days Dealings in All
the Leading Stocka

New York. June 25.-Filins of the
overnment's suit against 50 of the
eaoing Oil companies inspired heavy
elnng or the oil shares In today's
narket by SPECTATORS for the de-
line who apparently attempted to
nsettie the general list, but they
aaoe little Roadway and prices
ventuaily moved higher in Response
~ anotner impressive demonstration
Strength by the railroad shares.
raoing was In greater volume. to.
sales crossing the OOO.OOO sha re-
mark Tor the first time this week.
humors OF mergers and increased
4ivldends provided the groundwork
~ anotner buying movement I'm the
ais, more than a score selling one
70 two and half points above yes-
Eerday's closing prices and a dozen
~ more attaining new peak prices
Tor the year.
Southern Railway touched 90 5-s.
ne hisnest price I'm Its history, while
view Haven, Atchison, Northern Pa.
Einc and Chesapeake and Ohio, Pere
common and preferred.
haty common and preferred, New
1ork, Ontario and Western. Great
Northern preferred and st. Louis
couthWestern preferred were among
those to sell at new peak prices for
INC year. Marked strength also was
nsplayed by Lackawanna and New
= ork central. buying of the latter
pelhs associated with unconfirmed
ereports that the annual dividend
was likely to he increased from III
TO s.. -'o'n -
nc attack on the oils sent Stand
ara OilS OF California and New Jer-
sey, Houston. Atlantic Refining. PRO.
duccrS ana I;etiners and Shell Trans.
port down J. to l id points, but all
MADE good recovery later, Atlantic
| Hchning closing at 81 for a net gain
OF one point: L. s. steel closed frac-
nonaily higher at 81 IA. while
BALDWIN and American Can rallied
) briskly just before the close of what
appeared to be active short cover
ing.
\ Among the specialties Krespe
4Jumped 10 points to a new 1924 high
at oOo. while Montgomery Waro
touched new top at 20 3-S. Saw
age Arms also developed marked
strength. moving up nearly three
points to new high at 81 1-S on
ouyIhs attributed to financial inter-
ests VINO are impressed by the po-
tehtialities of the company's new
Nelectrical devices, which are report
yea to be netting large profit.
brooklyn Manhattan Transit issues
continued their rise to new high
ground under the stimulus Of an in
crease In fare granted to the New
York and Queens Traction Company.
other outstanding strong spots in
Guided Woolworth. Sears Roebuck.
ieischmann, Cuyamel Fruit,
Schultz Stores. General Baking.
I American Water Works common
and percent preferred. all of which
closed to 4 points higher Call
money again ruled at percent. The
time money market was dull with
no Change in rates and borrowers
unwilling to pay more than = "a
percent for the shorter maturities.
>The bulk OF prime commercial pa
per continued to move at 3 81 =
The feature of the foreign ex-
>change market was the establish
ment of new high record for the
year by Canadian Dollars at Doc.
which was attributed to the trans
Yer OF funds to Canada for the pur-
chase OF Canadian securities be-
cause OF the cheap money rates
where. Other foreign rates held rela-
lively steady. demand sterling be-
ing quoted around S4.32 IL and
French francs around 5.30c.
curious cross currents in the
bond market today held down the
.cNSi o60 VI pTiCCS diLHOuSH variety
of individual issues achieved new
1924 high records. Trading activity
expanded after an initial period OF
pdullness.
Although price changes were rel
atively narrow, a widening inquiry
sfor speculative railroad issues en-
livened trading in that section of
the list. Growth OF the consolida-
ton movement among the railroads
Furnished the buying power in sew
eral cases and contributed TO SUBJ
stantial improvement in New Ha-
wen. Katy" Denver and Rio Grande,
Missouri Pacific and International
Great Northern liens. Erie bonds
were subject to profit taking.
A strong underlying demand for
the high grade rail mortgages also
was in evidence. New York Central
Us jumped l 3-S points to a 1924 top
price at 107 3-S. Gains OF a point
or so were recorded by Pennsylva-
hia. Southern Railway and Hudson
and Manhattan issues. Investment
buying carried u. S. Steel IS to the
years highest level at 105.
The Atlantic Refining Company
completed negotiations with bankers
for the sale OF $4,000, 600 two to
four year notes. which are under
stood to bear interest OF 4 IL or
percent. Public offering is expected
Total bond sales, par value. $16,-
$4,000.
Total sales 9O6. 400 shares.
CO Tpd~ ~ R1ds