Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-10
NEW YORK.MARKET
- q
Features Of the Days Dealings in All
the LEADING Stocks

the Leading stocks
New York. June 9.-With specula-
tive uncertainty over legislation re-
moved. by the adjournment of con-
gress, and a further easing in money
rates, stock prices developed moder-
ate strength in today's market after
an unsuccessful attempt had been
made by professional traders to I'M
settle the general list by an attack
of the steel shares.
While trading was relatively light
IN volume. the days sales aggrega-
ting only about half a million shares,
pool operations were apparent in a
number of low-priced issues. These
were encouraged by the cheapness
of money, call funds being obtain
able at = per cent, the lowest stock
exchange rate since November 3,
1919. Large amounts of surplus
funds also found their way into the
bond market, all the United States
government issues selling at new
high levels for the year.
Early selling of the steel shares
Was based on the expectation that
the May untitled tonnage statement
Of the L. s. Steel Corporation. to be
made public tomorrow, would show
a drop Of a half million or more
tons. T.. :. Steel common duplicated
its new 1924 low of "a IA, but raj
lied later to 81 Sd. its closing price
Of last Saturday. Bethlehem and
Nanadiam Steels touched new bot
toH prices at ID IA and 10 Is, res
pectivcly, closing slightly above their
low levels OF the day. Penn Sea-
board improved fractionaIly.
f,ff. 4 n oF
ing was attributed in some quarters
10 the marked absence of public in
tnrcSt and the disposition of some of
the large traders to await the adop-
ton OF the major party platform and
the selection of a Democratic presi-
dental nominee before extending
their commitments.
oil stocks improved slightly on
publication of statistics showing an
other decline in California produc-
ton. Public utilities continued TO
attract attention with brokers re-
porting n goo Investment demand
for some of the high grade issues.
Virginia Railway and Power closed
today two points higher at 10 while
Consolidated Gas and Pacific Gas
each moved up "a point. Marked i'm
provcment was apparent in the sugar
shares, American Sugar Refining,
Cuban American and punta Allegro
each closing more than point high
rr. while South Porto Rican climbed
as
other strong spots in the indus
trial list included international Pa
per, New York Dock, Savage Arms,
Woolworth. Atlantic Refining Com
pany and Houston Oil, all of which
M n n q
weeks closing quotations..
A Jump of nearly II points in Cen
tral Railroad of New Jersey. which
touched a now 1924 top at 234 rs,
was the feature OF the railroad list.
other strong spots in the carrier
group were Norfolk and Western.
Atlantic Coast Line, Chicago and
Eastern Illinois, nickel Plate"
IacIawanna. Seaboard Air Line
Preferred. ST. Lotus Southwestern
Common and preferred; Peoria and
Eastern and Western Pacific, all up
n point or more.
Call money opened at . IL per
> cent, caeed to . IA and then to >.
\ slightly easier tone was apparent
in Tho time money market, loans
up to 30 days being available at J ID
per cent. The bulk of prime COM
mcrcial paper continued to move at
4 IA,
Foreign exchange rates held steady
In extremely quiet trading due to the
holiday abroad Demand sterling
ruled around S4.31 and French
francs around 80 cents.
Realisation of money rates and
notation OF $50 100000 treasury GER
tfcates on u pre-war basis of . "a
t,I n,r 81 St,,t n
wears most active bond markets. in
which all active liberty issues estab-
Hshed 1921 top prices and many
railroad liens sold at the years
highest levels.
In striking contrast to the action
OF the domestic market was the
weakness of Japanese issues. The
new Il Il per cent bonds dropped
& - points to record low price on
LIQUIDATION inspired by anti-Ameri-
can demonstrations in Japan result
ing from adoption of the exclusion
poliCv.< The Japanese As also touch
cd II new 1924 low at T6. but did not
encounter the heavy selling of the
latter issue.
With call money renewing Mt =
per cent, the lowest rate in five
years. and then falling back to =
per cent quotations on the OUTSIDE
market ruling as low as l ID per
cent and time funds manifesting an
easier tendency, heavy buying or
government obligations began at the
outset of todays trading. Liberty
bonds. with advances ranging from
Go TO 1l-32. scaled new 1924 peaks
and the treasury Ids set new
record for all time at 103.l2 The
4
was around 10l as compared with an
average earlier in the year of Us.
Closing quotations were slightly
below the days high levels.
Failing to find employment for all
THEW surplus funds in the Liberty
bond list. institutional buying CEN
tered their activities in the late
trading in railroad mortgages. Inter-
national and Great Northern issues
moved UP .brisklv 70 the best prices
OF the year along With Missouri Pa