Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-12-16

ury to Its tockholders at par and In
crease the regular rate at the next
dividend meeting in January. Good
buying also took place in Baltimore
e. Ohio common and preferred, South =
ern Railway common and preferred,
Great Northern preferred and 81.
Louis Southwestern, all OF which
broke through their previous 1924
maximum quotations.
Inauguration OF dividends on Mis-
souri- Kansas Texas preferred at he
rate of So annually, which was an
nounced after the market closed.
was preceded by the establishment If
a new top for the year at 80 "a but
the stock fell back later to "A for a
net loss Of more than point on the
day.
Standard industriais all closed
higher on the day, United States
Steel common touching 10 and then
cased to lis ii up "a on the day.
American Locomotive closed a point
higher at 134 "a and Baldwin M
proved fractionally.
Fifty issues attained new peak
prices for the year, the list including
American Express, Adams Express,
Maxwell Motors \. Mack Trucks,
American Smelling. American CaI'
and Foundry. Central Leather COM
mon and preferred. Postum Cereal.
American Radiator. Foundation Com
pany. Commercial Solvents \ and B.
and 81. Joseph Lead.
Other outstanding strong points
were Allis Chalmers. Atlantic Rein
ing. Associated Dry Goods. Federal
Light and Traction. Kelly Springfield
s percent preferred. ATcCrory Stores
Il, Montana Power Savage Arms,
Sears Eoebuck. Stewart Warner.
Tidewater Oil, West Penn Powder
and Wilson preferred, the gains
ranging from . IL to 6 points.
Call money opened at l. percent
and then eased to 3, closing at the
bottom figure. Time money and com
mercial paper rates held firm.
Foreign exchanges eased slightly.
Demand sterling was back to around
$t.69 and french francs were quoted
ut $751; cents, Other changes were
nominal.
Trading in today's bond market
was enliveued by wide fluctuations in
n few individual issues. Brisk rallies
took place in some of the public utiI :
liens. which combined with steady
Investment buying held the general
trend OF prices firm.
Technical default on the semi-an-
nual interests payment on the Chi
nesc- Hukuang railway Ave percent
bonds today caused a sharp break OF
more than six points in The issues.
Bankers reported that delay in the
receipt of funds to cover the service
had frequently been experienced be-
fore and held out hope that the pay
ments would he met ut n later date.
Federal Light and Traction IS We're
one of the conspicuous strong spots
in the industrial list, mounting {
points in liue with Il corresponding
rise in the stock. Maxwell Motor IS
rallied to a record high price above
los and Wilson and Company issues
moved up 2is to 3iS points.
Initial dealings in the new treasury
! percent obligations took place to-
day. with the bonds commanding n
premium of between l7-32nds and
l9-32nds. Liberty bonds held steady
Public Offering of 1000. 900 Greek
government 40 year percent bonds
will he made Wednesday by Speyer
and Company ut price of SIS TO Weld
s percent Advance subscriptions
were said To have totalled nearly the
full amount of the issues.
For the purpose of retiring its out
standing unconverted percent de-
Ventures which will BE called for
payment March i. 1925, and for en-
tensions and improvements to it's
properties. tile Federal Light and
Traction Company has authorized the
issuance of $500, 900 Thirty Year six
percent bonds, tn he offered at al
and interest to yield GO percent.
Sales Sic,746, 200.
Stock market averages: -.
20 industria,s 90 railroads