Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-12-05
Financial
NEW YORK MARKET
Features OF the Days Dealings in All
the Leading Stocks

swept forward in .today's market &c
the highest level in several years an
reflection of the favorable impress
sion created by the presidents mes
sage to congress and a large quota
OF encouraging trade news. 100 is
sues, 10 of them rails, were carried
to a new peak prices for the year on
ret gains running to = IL points.
Publication of the administration 9
attitude on railroad consultations
created an enormous demand for the
carrier shares, particularly the
southern issues, which have been
mentioned in connection with favor
able dividend developments.
High sgrade rails, however, were
not neglected, Atlantic Coast Line,
Illinois Central common and pre-
ferred, Pennsylvania. Chesapeake
being among the dividend payers TO
break through their . rexious maxi
mum quotations.
Frisco common responded to the
inauguration OF dividends by ad-
vancing > 1-2 points to IA IL, while
the preferred closed nearly 5 points
higher at 81 SIS. selling at the high
est prices since the reorganization OF
of the road in 1916. Other low priced
carriers to sell at record prices in
cluded the three Wabash issues,
Katy" common and preferred.
Texas and Pacific. St. Louis South
western and Chicago and Northwes-
tern.
Revival of speculative interest in
the copper shares followed the stiff
fening of commodity prices, several
I issues in that group recording new
maximum quotations. The list includ-
ed Anaconda. Utah. China, Ray Con-
solidated and American Smelling
Net gains, as rule. were small.
Increased activity also was noted
in the oil group. Pan-American is
sues being in active demand at the
close on reports that the increase i'll
fuel oil prices in next years con-
tracts would approximate two per
cent of the outstanding capital
stock.
STANDARD industrials failed to at
tract much attention. but practically
all of them closed higher on the day.
United States Steel showed a net
gain OF "a at III is; American Can
advanced a point to las J-S. and
Baldwin climbed l IA to Us il.
Mallinson was bid up above Al on
reports that November sales were
double those of last year, but heavy
profit taking later sent the stock
back to IS. where il was off nearly
point on the day. Spirited bidding
developed for several Specialties i'll
the final dealings. General Electric
scoring a gain of L. points al
.15 II.
Other outstanding strong points
were United States Realty common
and preferred. Seaboard Air Line
preferred. Omaha preferred, Colo
RADIO ard Southern, Dawson Chemi-
cal. Gulf. Mobile and Northern pre-
fcrred, Radio Corporation and Unit
cd States Distributing. all of which
closed = to points higher.
Call money held steady at = per
cent all day. Time money and COM
mercial paper rates were unchanged
with business quiet.
The marked buoIancy of sterling
exchange. which advanced nearly u
cents to $3.50. the highest since the
spring last year. was the outstand-
ing feature of the foreign exchange
market. Swiss francs and Dutch
guilders also sold at new top prices.
Expansion OF bond trading to near
the record was marked by several
smart rallies in Individual issues, al
though the general movement of
prices showed little change. Semi
speculative rail liens captured most
OF the buying orders. many of them
soaring to the years highest levels.
Total sales exceeded S24.000,000.
Contributing to the strength of the
rail issues was the confidence in
spired by the Presidents message to
congress, indicating his approval Of
consultations and the inauguration
of common dividends by the st. Louis
san Francisco Railway. Frisco in
come SIS moved into new high ground
for the year, along with Seaboard.
Denver and Rio G;'ande. katy and
International Great Northern issues.
with gains ranging from / to 3
points. ST. Paul, Missouri Pacific
and variety of other liens were
strong, but yielded some of their
gains before the close.
Pierce Arrow Motor SIS responding
to reports of improvement in this
companv's earnings and financial po-
sition, gave one of the most spectac-
ular performances of the day.
mounting almost six points to par
and closing with q net gain of Ia
Rogers Brown Iron rs jumped 5
points and Virginia Carolina Chami-
cal rs, Morris and Company Pack
ing lee. Brooklyn Union Gas rs
of 1882 and Chile Copper 6's moved
up one to 3 points.
With Liberty bonds continuing to
work lower. it was reported that
many holders were disposing Of them
at their prevailing premium in order
to transfer their funds to the new
long term As.
Subscriptions for the full amount
of the $40, 100000 Argentine six per-
cent loan were received today al
though the books will be held open
until tomorrow TO obtain the widest
possible distribution.
Sales were S24.3S9000