Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-24
NEW YORK MARKET
Features Of the Days DEALINGS in All
the Leading Stocka

New York. June 23.-Stock prices
turned reactionary today as specu-
lative activity slowed I'D pending
the selection of the Presidential
nominee and the adoption Of a plat
form by the Democratic national
convention. Bear traders succeeded
in uncovering number of weak
spots throughout the list as buyine
support Of professional traders was
withdrawn or curtailed. But. with
few exceptions, the recessions were
relatively small after two weeks of
rising prices.
Persistent selling of Atlantic Re-
flning, which tell nearly 10 points
4 to new 1924 low at "a IL. was
one of TIE features of the session.
#Iiquidation in this stock, which had
sold as high as 40 early this year,
was based on unconfrmed reports
#that the company was making ar
arrangements for a short term note is
sue of $l5,OOO,NU. Weakness of this
issue, combined with another &C.
ries Of gasoline price cuts, brought
fresh selling into the other oils. but
the net Losses in nearly all cases
were held TO point or less.
stocks. American Can dropped more
than two points to JOG SIS, Bald
win sagged | IA to Ill and Stude-
baker and L. s. Steel common each
eased off ID, the last named closing
at DC IA.
Considerable profit taking took
place in n number Of the specialties
which had recorded large gains last
week. losses Of one to nearly four
points being established by General
Electric. Dupont, Schultz Stores. L.
s. Industrial Alcohol. Cuyamel
Fruit National Lead, National
Enameling and Pullman.
Rails gave ground with the rest
of the list hut not until after new
high prices for the year had been
established by Nickel Plate"
Southern Railway, Erie Second pre-
ferred, Pere Marquette preferred
and Western Pacific, most OF which
however, closed at slight losses on
the day. Union Pacific. New Haven
and Norfolk and Western dropped l
to | Il points. while Gulf, Mobile
and Northern Preferred dropped
~.
Public Utilities were firm with
new peak prices being attained by
Montana Power. Brooklyn Manhat-
tan Transit common and preferred:
North American preferred and
American Water Works Z percent
preferred. On the other hand, Gu
ysmel Fruit, Otis Elevator and Gem
erai Eefractorios touched new lows
the last named showing a net loss
OF six points at 36, after having sold
as low az 81 II.
Money continued in plentiful sup
funds n ininep u
cent on the big board" although
outside loans" were again reported
al | IL. Time money also eased.
30 and 60-day funds being quoted
4 as low as = "a, the lowest in seven
years, with the longer maturities
quoted up to . IL. Commercial Pa
\ per vas unchanged. the bulk Of the
| prime names moving at five percent.
While foreign exchange dealers
! we're inclined to take a hopeful view
| Of the Sunday meeting between the
/ British and French premiers, the
I principal European rates receded
/ slightly after firm opening. De-
mand sterling cased about IA of a
cent 10 around $4.32 SIS. while
1 French trans lost about points to
80; cents Most OF the other rates
showed only nominal changes.
| Relaxing activity in bond trading
today brought few important price
| changes. Foreign issues led the list
| in activity and strength. rejecting
confidence that the proposed inter-
| allied conference would lead to
greater political accord IN Europe.
| Liberty bonds were firm but in other
sections of the list prices were shad-
cd fraCtionally.
4 The sharp break in Atlantic Re-
| fning stock. based on the reports
| that the company would issue Slo.-
1 900 1000 one to three year notes, in
nuenced selling of the company's five
percent bonds. which declined more
than point. Rubber company
| liens also continued under selling
| pressure. Goodyear. KelIy-Sprins-
J field and Ajax IS yielding to ) L.
| points.
Recent activity in Argentine 6s
J continued undated today. as the
| ration's finance minister denied that
the government was planning to DO
! additional financing, and said that
all credit reforms were covered for
this year. The rise in these bonds
to rs high as 93 ga was accompa-
MED by recovery OF the Japanese
is to above 81.
Reports that the New York Gen.
1 trail Railroad might submit new
exchange offer u holders of Peoria
and Eastern income A. contributed
, 10 improvement in these bonds.
which touched Il new high price for
the year at 50. Erie Consolidated
)and convertible Is also were active