Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-11-18
sew YORK MARKET
-. If the Days Dealings in All
fss'p's the Leading Stocks

york. Nov. 1.-THE upward
Nem Vent of stock prices was re-
moNesa With increased vigor in to-
sdineu ,arket. net gains Of / to 81
dass being scattered throughout
points. az the close. Both trail and
me W. averages attained new
iaous ,aveIs for the year, with sixty
asm ,,sduaI issues breaking through
in M, previous peak prices. !
''1 pnying again spread over a broad
.t The hest gains were recorded
Isl w. nublic utility, railroad auto
IN ~. s and merchandising issues.
noun s.ne was in large volume, the
Ifs1 1es falling slightly below L.
'W - nrincipal news development of
and the decision Of the exc
ne ia! committee of the Missouri,
s sansas and Texas Railroad company
h@, commend the inauguration OF,
lends and the rate OF 80 a year
on .,s nreferred stock which will re-
% NV 81 o32, 800 annually. Net in
apne annlicable to such dividends Is
con-. a,ed 10 be inexcess of 5000
we ~ ser the new year. The an
w .enment. which was not made
n0u .m sTter the market closed. u1-
a'1' '.rdly was a disappointment to
49u "" traders who had expected the
M,"; a rate to be established at this
tinf. 5 dono.p1 fo, tho
81, grade carriers in today's mar
~" xew York Central, Southern
~ h'.,,aav Missouri Pacific preferred,
l, ,,''. Tour" and the Wabash issues
n'S ,nounted to new 1924 high levels.
''~ pnoIizing sales appeared in rather
rolumc throughout the day, but
~ we're well absorbed. United
~, steel common again crossed
~; N within is of the years high
"a tben slipped back to ia J-S for
net gain of IA on the day. Ameri-
"am ran which sold as high as lDl,
,.I hack 20 149 IL. Baldwin closed
,s n.e than a point higher at ia 3-S
n, g,os having touched 121 II. Cen
nv Nv, Electric displayed market
,so,gtb selling ten points above
+,I,nrJov's close at 21G IL and then
Shipping back to 10.
, hrisk demand for Radio Corpor-
ian carried that stock up more
n.y., five points to 10 II, a record.
n ,,.t, Issues to sell at new maximum
s,oo, we're RI. f. Mallinson. the
uaxvell Motor issues, Mack Truck.
white Motors. Lacledc Gas. People
Gas General Asphalt, Associated Dry
coods May Department stores
Tennecott Copper. American inter-
na,,onaI Corporation. Famous
PLAYERS and Savage Arms.
nils were inclined to heaVineSs
d,snl,e tho recent favorable turn IN
'rade news. Selling of these issues
nrobahly was inspired by the I'M
ss,oected Sinclair financing. Net loss
a. bouevrr. were held to fractions.
IAN money renewed at per cent
and then advanced to l. on the
,acreascd demand for funds for stock
n,rtet purposes. The unusually
baayr demand for funds for mid
nortb settlements contributed TO the
shotacr Of supply. Time money ana
commercial paper rates were nm
changed ,,
The foreign cschauges displayed
~ easier tone. Demand sterling sold
III more than a ccnt to aroui'u
etc, l." and l'rrnch francs dropped
about :. points t" ID cents. MOST
n the other "cccsSions were OF q
rominal natnr"
Conflicting pric" NOV cmcntS marx
cd toda,s bond trading. which was
fe,ture6 by n fresh squirt in New
Haven New York Central and st.
psri Railroad liens and IA sharp &c
elm, IN some OF the l.. >. govern
ment issues Resumption OF pront-
taking IN various sections OF the ilSt
brought about a slight recession III
the general price average
Persistent reports That the success
fu completion OF the New Haven
Railroads. rctundinE program was
assured at an early date. combined
with its steady Gaiu in earnings
simulated accumulation of it's bonds.
New high records we're established
Gy the convertible sizes. srvens ana
franc sevcns. Oh gains OF TO =
points
Bucyancy of New York Central
shares promoted active buying OF the
reads six percent bonds. which
climbed > points To new top price
At IL - and closed within a tiac-
lion Of the DAYS high level. \ rise
Of to = points in the active ST.
Paul issues was attributed to pros
pects OF favorable earnings through
o8sht the fall months. EealizihS
sales, however, reduced recent gains
at Frisco, International Great North
ern and Chicago and Eastern III
Aois liens.
Brooklyn Union Gas issues. after
being hammered down last week:
staged rally today which iltted
prices more than six points above
saturdays close. Prices OF other pun
lie utility and industrial mortgages
moved irregularlN.
Liberty Bonds wavcred despite the
Ease of the time money market with
The treasury 1 lis Yielding almost
half point.
Bankers reported that Sl1 .'N",W"
lSSn2 Of Cleveland Electric Illumtnat-
accompany five percent bonds had
eeen sold at par Proceeds VIII be
esed IN financing the construction OF
Snm0,000 power plant at Avon
chic.
Sales Sl7.57iOO0.
Stock market averages: