Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-11-08
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Nov. IAN extraordin-
AIRY demand for railroad shares, As of
which scared to new peak prices for
the year today gave Wall Street one
Of its most active stock market ses-
sions in recent years, total sales eX
ceeding the two million share mark
for the first time since April II, 1922.
transactions took place in Sill separ-
ate stocks, or onlp six below the
previous record established December
28, 1923.
Industrials, which had displayed
considerable irregularity in the early
dealings as a result of further pro-
fit taking, eventually joined in the
upswing under the leadership Of
United States Steel ,mmon, which
reached liz, the highest price since
1919. More than I. score other indus
trials also attained new 1924 peak
prices including Tilted Drug, Ameri-
can Smelling preferred, Laclede Gas.
: Loose Wiles, Simms Petroleum, and
Chino Copper.
Buying orders for the rails poured
into the market from all sections of
the country and embraced both the
low price and high grade shares. The
remarkable demand for the carrier
stock was due to the unusually fav-
orable dividend and earnings pros
poets of most of the principal sys-
tens. together with the growing
speculative belief that the roads are
assured of long period Of immunity
from radical legislation, permitting
+, them to go ahead with important
, consolidation and development plans.
New York Central touched ZIG. the
bi0hoSf .,ricn Rx,A
points above last nirht's close. Sou
thern Railway sold at " IA, the
highest price in its history. Balti-
more and Ohio sold at it's highest
price since 1917. Other issues to
break through their previous peak
prices for the year. were Missouri
Pacific common and preferred, At
Gibson, Atlantic Coast Line, Louis
vile and Nashville, Frisco common
and preferred. Chicago and Great
Western common and preferred.
Katy" common and preferred and
Wabash and Rock Island issues.
Oils. which had been tagging be-
hind the rest of the market in re-
Election of unfavorable trade news
this summer, showed signs Of
strength in belated reflection of the
recent increase in Gulf coast crude
prices. Pacific, Associated, General
Asphalt. Phillips and several other
oils showed net advances of to 2 IL
points.
Other individual strong spots in
the Industrial group were American
Sugar Refinery, U. S. Industrial AL
cohol. American Ice. Loose Wiles
Biscuit and United Drug. all of which
closed at net gains of points or
more.
Considerable switching from the
industrials to the rails was reported
during the day with the odd lot bust
ness, or less than 100 share lots, as
Stunning widespread proportions. in
dicating n marked revival of public
interest.
Call money renewed at per cent
but dropped to 2 IL in the afternoon,
closing It that figure. Time money
rates were firmer, sixty to ninety day
funds being quoted at 3 Ii to 3 IL
instead of 3 to 3 IA with borrowers
apparently willing to pay the high |
rates. Commercial paper rates we're
unchanged.
The foreign exchange market de-
veloped several points of strength.
Demand sterling touched new rec |
ord high for the year above $4.58 and !
new peak prices also were attained |
by the Swiss. Dutch and Swedish |
currencies. Trading Started here to-
day in the new German refchsmarks, |
which sold al a slight premium above |
their parity of 1880 cents.
Bond prices today staged an i'm |
pressive rally under the leadership of |
semi speculative railroad issues.
Trading. following the past set by
the stock market expanded as prices |
were bid up. total sales of about $24, |
100000 representing one of the heavi- |
est days dealings this year.
Spirited buying of the low and me- |
dunn priced rail liens, pushing many |
of them to the years highest levels. |
ture. The demand apparently was
based on the same developments
which contributed to the unprece-
dented scramble for the rail stocks, |
that with the danger of radi- |
cal legislation minimized by the |
of the new congress, the
would be free to carry out
merger and dividend
programs.
Gains of 1 to 5 points were regis
tered by the Seaboard adjustment SIS
AS and consolidated 6's, all
reporting new top prices, St. Paul
and Erie issues, Western Maryland |
rs, Chicago and Alton 8 1-2's, Chica-
go Great Western As, Katy" ad-
lustment 5's and Missouri Pacific as,
he last named also selling at the
years high price.
New York Central SIS mounting to
, newspeak at ITO IA. led an upward
in the higher priced rail
,onds. which embraced New Haven
IS. up points to 80. the roads franc
rs, up S-4 to 90 LIS. Chesapeake
md Ohio convertible SIS. Louisville