Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-12-02
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
tho Leading Stocks

New York. Dec. IA heavy wave
Of profit taking Just before the close
of today's stock market checked the
upward movement of prices. which
today entered upon its fifth consecu-
tive week. Closing quotations re-
vealed curious mixture OF gains and
losses with the latter predominating.
Builish operations during the earlier
part of the session lifted 81 stocks to
new high records for the year.
Trade news was decidedly mixed in
character. Favorable items included
the establishment of new high rec
ord for the year by zinc prices. re-
ports of increased operation in steel.
motor industries announcement of
higher copper. gasoline and naptha
prices and an increase in the coal
output. Adverse items included pub
LEGATION Of an announced European
beet sugar crop estimate. an increase
in the southern California output. an
rouncsment of q cut in automobile
prices by one Of the large manufac-
turers. a reduction in the quarterly
dividend on Stromberg carburetor
from IS to $3.50 and higher money
rates.
Profit taking was particularly ef-
fectivp in the pivotal industries and
rails. losses of IL to points being
recorded by United States Steel com
mon. which dropped from 11S IA to
lis I-2, Baldwin. L. s. Cast Iron
Pipe, American Locomotive, Ameri-
can Sugar Refining. Anaconda Cop
per, Bethlehem Steel. Canadian Pa
cific, Rock Island, Consolidated Gas,
General Motors, Mack Truck, Mar
land Oil, Seaboard Air Line pre-
ferred., Standard Oil Of California.
Stromberg Carburetor. Texas Gulf
Sulphur and United States Rubber.
Chief interest in the motor group
centered in the strength Of Jordan.
which advanced 3-S points to new
1924 high record at As 7-S.. selling
above Studebaker for. the first time.
Accumulation OF this issue was based
on reports of record breaking earn
ings. Studebaker, General Motors
and Hudson also attained new peak
prices. but they were unable to main
tain all their gains.
Several strong spots developed In
the railroad group. Kansas City
southern was bid up more than four
points to 80 IL, but fell back later to
&c ga. where IT was up IA on the
day. Baltimore and Ohio scored an
extreme gain of more than points
to - Ia but fell back later to So ga
where It was up ga on the day.
Baltimore and Ohio scored an ex-
treme gain of more than points at
"A 3-s. also a new top. Other rails
TO better their previous maximum
were Atchison. Union Pacific, Frisco
common, Katy common and pre-
ferred and Southern Railway pre-
ferTed.
Buliish demonstrations continued
throughout the day in public utilities
and specialities. America Water
scared nearly II points to 140, a rec
ord. and then eased of to 1913 3-s.
while the new. stock touched new
peak price at 20 "a. Iron Products
preferred Jumped more than 10 points
to 1io and the common climbed 1-2
to So. United States Realty common
closed points higher at 124 but the
preferred showed a net loss OF 2 IA
at JIG IA.
Among the other issues to sell. at
new high prices were II. r. Mallinson
Marine common and preferred. Fa-
nous Players common and preferred,
American Smelling. Kennecott Cop
per and Simmons Company, the last
named moving MP in reflection Of an
increase IN the dividend.
Foreign exchanges displayed a
firm tone. Demand sterling ruled
nearly IL cents higher around
x4.63 "a and French francs ad-
vanced 4 l.: points to 5.A IL
cents.
Cali money renewed at percent
and then advanced to 3 IL in re-
lection Of the heavy demand for
funds Incidental 70 dfst OF the