Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-12-18
Financial
NEW YORK MARKET
Features OF the Oay's Dealings in All
tho Leading Stocks

New York Dee, with spccula =
two imagination fired by reports OF
furthJ uInins railroad mergers. in
NoIv ing some OF the large eastern and
Western systems, stock prices today
resumed their march to higher
ground on an enormous volume OF
trading. he days sales again agsre-
eating nearly two million shares
iiuth the rail ana the industrial aV-
"raEcs were elevated to new high
levels. the former reaching tn high
est figure In Sevcn years aud the lat
ter attaining the highest point since
1919, when the post war boom was
at It's height Sixty issues. including
l6 rails. broke through their prcvi-
Gus 1874 maximum quotations. Chief
speculative interest centorod in the
eastern rail shares. Lehigh Valley
recorded an extreme gain OF Il
points at s5. the highest price in
eight years. and then fell back TO s.
aud 3-i; Reading common advanced
J 81 points to ~. the highest price
since the segregation of the coal
properties. and then slipped back to
- a.. Baltimore and Ohio touched
~ rs FOR the first time since 1917
and then yielded to 50 SIS.
net EAtUS VI " ptlItS Wtio
recorded by New Haven, Lackawan-
IA. Great Northern preferred. North
crn Pacific. Norfolk and Western,
Erie preferred, Atlantic Coast Line.
Chicago and Northwestern, Delaware
and Hudson, Louisville and Nash
vile. 500 Rutland preferred.
Western Maryland. second preferred.
Western Pacific and n few others.
American Can was run up to 1913
ana ia and then slipped back to l5t
aud ga for net gain of l Ia on
the day. but the other pivotal Issues
showed little change, United States
steel common closed one eighth low
or at III rs and Baldwin was UNI
changed at III rs,
Professional bear traders threw
largo blocks into the market in an
effort to check the advance. but they
met with little success. American
Wooden and ,Woolworth, In each of
which large short interest Is sup
posed to exist. Were r,in up "a apd
s is points. respectively. on urgent
short covering.
Commercial solvents issues contin-
ued their sensational gains. the a
being boosted IL points with the b
ten. but the "A" stock forfeited about
half OF Ms gain and the "B" fell back
8 - points from the high. Net
gains OF points or more were scat
tered throughout the list. and inciud-
cd such issues as American Locomo-
tive. American Car and Foundry.
Certain eed Products. Goodyear Tire
preferredA Mathcson AllSali. stewart
Warner. Omitted States Distributing
and Universal Pipe.
Among the many issues to attain
new top prices were Lima l.ocomo-
tive. American Water Works, Iron
Products, International business ma
chimes, National Biscuit, United
states Industrial Alcohol, American
Tobacco "A" and "B" and Worthing-
ton Pump.
Call money held steady at per-
cent all day. Time funds were plen-
tiful at 3 Ia to 3 "a percent, but
lenders were disincVned to make any
concessions In rates. Commercial pa
per rates held firm at 3 IL to 4. 1-s.
Tcretign exchange rates moved ir-
regularly within narrow, limits. De-
mand sterling held fairly steady just
above $S.6s but French francs were
slightly reactionary. being quoted
around k.SS IL cents. Spanish, cx-