Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-13
NEW YORK MARKET
FEATURES Of the Days Dealings in Al
the Leading Stocks

New York. June 12-Stock prices
moved upward the opening Of to-
DAVIS market under the impetus of
another decrease in the local federal
reserve rediscount rate but early
gains were materially reduced or
cancelled by wave Of profit taking
IN the late trading.
Railroad shares again gave an i'm
rressiye demonstration Of strength.
Few high records for the year being
established by Union Pacific. Rock
Island Common and percent prefer
red, Chicago and Northwestern.
Southern Railway common and pre-
fsrred, Seaboard Air Line, Colorado
and Southern. Illinois Central and
Western Pacific preferred, the net
gains ranging from small fractions to
} points
t. S. Steel common. Baldwin.
American Can and Studebaker. the
so-called pivotal stocks, all closed at
slight recessions on the day. Net
losses OF point or moro were re-
corded by General Electric. Atlantic
Refining, Missouri Pacific preferred,
Congoleum and American Water
Works. the last named dropping
from GO 10 SIS "a.
Several stocks were unaffected by
tho reactionary tendency. notably
United States Cast Iron Pipe. which
closed more than four points higher.
Sugar and copper shares eased In
sympathy with lower commodity
prices.
! OILS held fairly steady on publica-
ton d, reports OF very small in
crease in crude petroleum last week.
Superior establishing new 1924
high.
Can money held at two percent all
day. Time loans softened in SYM
pathy with the lower federal reserve
rate, funds being available up to 60
days AT percent. on 80 day paper at
IA and the longer dates at 1-2
and "A. Commercial paper was
fairly active with prime names dis
counting at 4 and 4 IA percent.
French francs reacted about 10
points after their sensational advance
NJ yesterday but most OF the other
foreign exchange rates held relative
II steady. demand sterling being
quoted around Si3l.
Unprecedented activity in the bond
market. In direct response TO the low
cred rcdiscOunt rate and resultant
Weakening Of time loans to as low
% . percent. today carried prices to
sales above $26. 900, 900, the largest
since January. 1922.
Accumulation OF large overnight
buying orders. which followed an
Gouncement of tho cut in both New
York rates to 4 Ia percent. threw
the bond trading section OF the New
fork stock exchange in confusion at
the opening of the market. and hum
dfeds OF orders remained unexecuted.
Prices urged upward from the start
and n the close showed tho largest
average gain of any day this year.
All previous 1924 records were
shattered by United States govern
mont bonds. four issues mounting to
the highest prices ever recorded. The
usual Institutional buying OF these
obligations was swelled by steady
flow Of small Investment orders.
Treasury 4 l-ig sold at a record top
\ price Of 1913 and tho Limerty sec
ond. third and fourth 1 19s also
scaled new peaks,
All classes OF railroad liens shared
IN tho advance. both recognized in
Eestment Issues and popular specu-
'atve descriptions being quoted at
tho years best figures. Trading in
tho foreign government list was
huoyaht, Japanese issues joining In
the movement, rcgaincd a large part
81 their recent loss, Gains OF | to .
points each were scattered through
ths public utility and Industrial sec
tons
100000 Issue OF Argentine
government , IA percent notes. was
quickly absorbed.
Total bond sales. par. value, Sc6,-
$4,000.