Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-05
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. June 4.-Stock prices
developed marked buoyancy earIy
today under the leadership of the
railroad shares, but a wave of real
ling ard professional selling Of the
oil stocks developed towards the
close, undermined the entire market
and cancelled most of the days
gain. Expanding trading activities,
which carried the total sales to aI-
most 100000 shares reflected the in
lucnce of favorable Washington de-
yelopments.
Outstanding strength of the rail-
road stocks, which maintained their
lead throughout the day. indicated
that Wall street placed great EN-
phasis upon the scant possibility of
any adverse legislation in the wan
ing session of congress. The broad
buoying movement OF the rails, cen
tered particularly in the southern
and southwestern carriers, carried a
half dozen or more issues to the
highest levels, of the year.
Recurrent rumots of additional
FOL price cuts provided the excuse
for an attack fer these issues and
the success of this drive unsettled
other sections of the list. The week
" steel trade reviews estimating the
operations of the industry as a whole
at 30 per cent of capacity, offered
little encouragement. although it was
predicted that the June output woulu
not fall far below this figure.
The response of the senate's vote
10 adjourn congress this week was
most noticeable in the accumulation
of rail shares. New high records for
the year were established in nickel
Plate" Pere Marquette, Southern
Railway and Missouri Pacific COM
mon and preferred issues. Atchison
duplicated its 1924 high price of
105 II.
American Water Works. which
. was the feature of yesterdays trad
ing, continued its sensational adj
vance, soaring more than six points
to new high record at II in the
early trading. Subsequent Profit
taking reduced its gain and IT closed
the day at 81, a net advance of :.
points. improvement in earnings
which in the first quarter were suf-
Acient to cover per cent preferred
dividend requirements Tor the entire
year, was the only explanation adj
Nanccd for the action of the stock.
strength of American Water
Works impaired a firm tone to other
public utility issues. Many of which
sold at the years best levels. Utah
securities, West Pennsylvania Power
and Federal Light and Traction al
attained new top prices for 1924.
Although most industrial lien:
figured in the early improvement
they ended the day with fractional
recessions. A wave of price cutting
in raw and refined sugar eXerted
depressing influence on the stocks Of
these companies. Cosden and Pro
ducers and Refiners were singled ou
for attack among the oil shares
dropping 1 II to > IL points.
A decline of about 90 points ir
French francs to below ave cents fol
the second time this week provided
the feature of the foreign exchange
market. Selling originating in spec
ulatiVe quarters and attributed tt
snne9siness over the French politica
situation forced the break in the af
ternoon trading to around 40 cents
Early in the day the rate helt
steady around 5.12 cents. Sterling
closed fractionally lower aroune
$50 ~
can money. after opening at
per cent. receded to > I'D. where !
held until the close. Time funds
were offered s low as "a per cent
bat the prevailing rate was 4 t.
ii on the longer Accommodations
Commercial paper was active. witt
rates unchanged from to i IL pei
cent.
Expanded investment buying re
fectng an abundance of money ant
the improved sentiment created Dl
the forthcoming Adjournment o
congress. brought about moderate
advances in bond prices today. Fonl
Liberty bond issues scaled new
peak prices for the year. and othel
standard investment issues SLOWLY
forged ahead under the impetus o
steady accumulation.
With the danger or adverse reg
islation against the railroads ninl
m2cd in the waning session OF con
gress. obligations of the carrier
DISPLAYED q firm tone. Gains OF
point or so were recorded by numer
Gus issues, including Reading Gen
eral 4 IS. New Haven conVeripi'
Is. 800" rs and Chicago and East
en Illinois rs. West Shore 81
reached a now high level for th'
Syear at 81 IS.
Influenced by the sharp rise IN IN
stock. American Water works %
bounded up two points to the year!
best price at 90. Other public utliit'
issues also were in demand, partl
cularlv in outside" trading. VIZ
GiniaCarolina Z per cent certinca.e
strengthened in response to the loIe
closure proceedings taken to protec
the hondholders. 49,,
Bankers who previously nav
handled financing for the BOLIVIA
government indicated that hes
loan for about $5.000,OO0 would %
placed on the market this week. III -,
fering of the bonds. which prooaol'
will bear s per cent interest Is e os
pected on Friday at price Oh 90
Listed Bolivian bonds were actiNe "
day around the years best levelS
New York City's S61. 4OO,OO stoci
and bonds were quickly supscrioe'
upon being offered TODAY. 90
Total bond sales, par Naiue' %i-'
10000.