Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-12-06
Financial
NEW YORK MARKET
Features Of The Days Dealings In Al
the Leading Stocks

New York, Dec. 5.---Another wild
outburst Of buliish enthusiasm sent
more than 100 stocks to new high
levels for the year In the early part
Of today's trading, but deluge of
selling orders by professional trad
ers In the late afternoon brought
about q sharp reaction from the top
prices, leaving closing quotations ir-
regularly lower. Total sales. which
exceeded $500. 900 shares. were with
in 10000 shares of the record estab-
lished on November 10. the highest
In about eight years.
Railroad shares continued to lead
the advance, contributing about one
third OF the days highs. Buying of
these issues was given added slim
illus by the publication Of a state
ment showing that class one rail-
roads reported net operating income
Of $127. 105. 900 in October. or at the
rate OF 6.S percent on the tentative
value fixed by the interstate COM
merce commission. The roads also
showed the lowest operating ratio OF
1850 percent for any single month
since July. 1918.
katy" common was the individ-
ual feature. being bid UP three points
TO new top at "a 3-S and then
dropping back to 81 IL. Among the
many other issues to sell at the
fears best prices were Atchison.
baltimore and Ohio. Chicago North
western. Great Northern preferred.
Kansas City. Southern common and
preferred. l.ehigh Valley Pennsyl-
vania. Frisco common and preferred.
Southern Railway and the three Wa
bash issues.
Net losses Of to . points were
recorded. however. by the Erie is
sues. Missouri Pacific. Atlantic
Coast Line. Colorado and Southern,
Delawafe and Hudson. Lackawanna.
Reading. Gulf, Mobile and Northern
preferred. Seabourd Air Line pre-
ferred and Western Pacific.
With the exception of American
Can. which closed IA higher at
l49 3-S after selling . IL points
above that figure. most of the
standard industtials lost ground. L.
$. steel showed q slight fraction re-
cession at 1T IA. after having
crossed lis. and BALDWIN. selling ex-
dividend. closed about a point low
err at ia is
United States Realty issues broke
about 10 points from their high
price sas Il result OF the contradic-
tory reports concerning the consol-
idation of the real estate holdings
IF that company with those of the
Du Font interests. Bear traders!
launched another sharp drive agains,
H. r. Mnliinson. forcing that issue
nearly seven points below the peak
price established yesterday.
United States Distributing pre-
ferre%i jumped 10 points to 165 on
few sales and other outstanding
tvan q. .
and Foundry, Fisher Body. Founda-
ton Company. General Asphalt
common and preferred. Great West |
ern Sugar preferred. Pierce Arrow
preferred, Pullman and United Drug
up : to nearly 9 points.
Call money held steady at ) per-
cent. Time money and commercial
paper rates were unchanged with !
business quiet. Acceptance rates |
were again marked mp one-eigiith OF
one percent on all mateurities, the
new asking basis ranging from 6-Si
percent on 80 days to 2 rs for 10. |
Foreign exchanges turned reac-
tionary after the brisk advance OF
the last few days. Demand sterling |
ruled about cent lower around /,
S4.67 S-4 and French francs broke |
10 points to $40 cents on heavy |
speculative selling.
Bond prices turned upward early |
today under the leadership OF the |
high yielding railroad issues hut |
crumbled later in the day under the |
pressure of heavy realizing sales.
Movements In the market rarallc,edl
the trend OF stock trading where a !!
reaction followed an early advance.
Several OF the semi-speculative rail
liens maintained their gains until
the close. Demand for fhA Er,er<
income 6s. inspired by the inaugural
ton Of common dividends this week
ana the optimistic estimates OF l!r,4
earnings continued undated, lifting
the price 2 pcintssto 81 Ia the same
a. the roads preferred stock. Sea-
board. Katy" and International
= 0reas Northern issues exclipsed their