Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-11-22
NEW YORK MARKET
Features Of the Days Dealings In All
the Leading Stocks

New York. Nov. 21.-viAorous
eullish demonstrations In the low
priced railroad shares. most Of which
attained new peak prices for the
year. featured today's stock market,
total sales crossing the 2OOO,OOO
share mark for the ninth time since
election day. Sixty-sne stocks, %
OF them rails, broke through their
previous 1924 maximums.
Prices began to move upward
from the start but the Industrial list
encountered an enormous volume of
profit-taking, which 1t was unable to-
absorb except at concessions In quot
ed values. Sporadic rallies took,
place throughout the session, pre-
sumably in response to short cover
ing by large traders.
United States Steel Common
crossed III for the first time since
1913. but later fell back to 115 10.
where it was off about a point on
the day. American Can dropped
more than 2 points to $50 IL and
Baldwin closed IA lower at ia IA,
the total transactions in those is
sues, however, being relatively
small.
Rock Island common was the
outstanding feature of the railroad
group, climbing more than ) points
TO 40 3-S, or within four points of
the highest price recorded since the
reorganization of the company.
Western Pacific advanced four points
10 50 ID. sagging to 33 at the close.
New Haven, Kansas City Southern,
st. Louis Southwestern and Frisco
common were among the many 9TH
er low and medium priced issues to
orssy hAo
though the first two cancelled their
gains and closed lower on the day.
Atchison. Union Pacific and North
ern Pacific were among the most ac-
tive dividend payers, all closing be-
low last nights final quotations, aft
er having touched new high levels.
Maxwell Motor issues responded
1avorably to the announcement that
the percent debenture bonds would
be redeemed before maturity I'm jan
uary, both stocks closing about a
point higher. Other strong spots in
the Industrial group were Fisher
Body. Goodyear Tire preferred, In
ternational Cement, Mathieson AL
Kali. Pierce Arrow issues. Public
Service Corporation of New Jersey,
Texas Gulf sulphur. United Alloy
Steel. Union Bag and Paper and VIZ
pTeIeTTSO,
the gains ranging from | to points.
General Electric, Radio Corpora
ton. American Wooden. American
Beet Sugar. American Ice, Associat-
ed Dry Goods. International Har-
vester. Sears Roebuck and United
States Cast Iron Pipe were supplied
rather freely throughout the day,
closing to 1 points lower.
Call money held steady at > IL
percent: time money and CONNER
cial paper rates held steady with
business quiet.
Foreign exchanges displayed q firm
tone. Demand sterling ruled about
half cent higher above S4.62 and
francs were moderately active
around DDS cents. Dutch guilders
sold at slight premium during the
morning and then slipped back Just
under par.
Bond prices bounded upward in the
early part Of todays active trading
session. and then crumbled before a
heavy onslaught Of profit taking. A
marked expansion took place in the
volume of sales. which exceeded $22.-
100000 with foreign obligations and
railroad bonds leading in activity.
solution of the New Haven Rail-
roads refunding problem. Indicating
that the carriers We're assured OF
strong support in re- financing opera
tons. had n tonic effect on the bonds
OF other roads which face heavy ma
TURTLES next year. st. Paul obliga-
tons were in great demand. while the
New Haven liens responded to the
announcement with gains of points
or more which carried them to 1924
peak prices.
Additional progress made in set
Ting the affairs Of the Denver &
Rio Grande Western influenced fur
Their accumulation of the roads
bonds. Many other issues, however,
after displaying early strength, yield
ed to profit taking. These included
New York Central 6s, Atchison gen.
eral Is. Pennsylvania general 4 l-2s.
Erie General IS. Missouri Pacific 6s
and Chicago. Great Western As.
The reported improvement in the
outlook for Wilson e. Company
brought fresh rallies in the corpora
tons bonds. the LES moving up
points and the convertible 6s / Ia
Virginia Carolina IS and 1-2s re-
covered more than points.
The recent hull in new financing
will be broken next week when Offer.
ing of the long awaited $100,000 900
French loan is scheduled to be made.
Several railroad issues have been
placed privately including $13,945,0O0
Illinois Central 1-2 percent equip
ment notes and an issue Of about 81.
100000 for the Delaware & Hudson.
Total bond sales (par yalue) $22,-
0n5,000.
CTnrE