Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-11-15
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, NOV. 14-StOck prices
displayed strong undertone in to-
days market despite large volume
of profit taking sales and a marked
falling off in business. the days sales
dropping below the two million share
mark for the first time in any full
session since a week ago Thursday.
The general industrial average was
lifted to another new high since 1920.
The general railroad average show
ed moderate advance.
Speculative interest, which has
been shifting from one industrial
group to another within the last few
days. reverted to the rails just before
the close. New York Central crossing
III to it's highest price since 1912
Missouri. Kansas & Texas preferred
was another strong feature. touching
70, it's highest price in ii years, and
then sagging to GS liz up ga on
the day, on realizing sales. Other
strong spots in the rail group includ-
ed Atchison. Lackawanna, Delaware
& Hudson, Gulf. Mobile and Northern
preferred, and New York. Ontario q
Western, all Of which closed l 1-2 to
2 IL points higher.
Buying Of the industrials was of a
more selective character with the
merchandising, motor and public
utilities shares making the best
showing.
Fisher Body was the spectacular
feature, soaring IL points to 1911.
Other outstanding strong spots in
cluded International Harvester, U. s.
industrial Alcohol. American Water
Works, American Beet Sugar prefer
red. Jordan Motors. Laclede Gas.
Pennsylvania Coal and Coke, Savage
Arms. United Fruit and Worthington
Pump, all of which closed about to
4 points higher.
More than so issues assembled to
new peak prices for the year, the list
including Western Union, Radio
Corporation. II. Il. Madison, Nash
Motors, Coca Cola. Postum Cereal,
Montgomery Ward. American Inter-
national Corporation and General
Asphalt.
Except for gain of more than one
point in Baldwin, the So called pivotal
industries showed little change on the
day. American Can and United
States Steel Common each receded
fractionally and Studebaker showed
a small gain.
Call monsc held steady at 2 percent
all day. Time money rates held
funds available. Commercial paper
rates were unchanged.
The feature Of the foreign exchange
market was a further rise in demand
sterling to S4.64. the highest price
since last summer. Other European
rates showed only nominal changes.
South American exchanges were
strong, the Argentine and Uruguay
money rates reaching the years
highest levels.
Having spent its greatest force, the
buying movement in the bond market
today converged on individual rail-
road issues, several Of which mount
ed to new high levels for the year.
Contrasted with the slackening pace
of trading in most sections of the
list. was the remarkable display Of
activity in Katy" adjustment IS,
which jumped more than points to
a new high record at IS SIS on turn
over exceeding s1.O00,000.
Both high and low priced liens
were centered out for attention. Spir-
tied bidding for New York Central
IS carried this issue up Is to a
new top at Ill ga. A brisk rise in
New Haven Is and convertible IS
followed reports that the roads re-
funding program would be carried
out successfully in advance OF ma
TURTLES next year.
Other bonds which participated In
the upward movement included In
ternational-Gre Northern adjust
ment SIS. Minneapo & st. Louis Is,
West Shore IS, Kansas City Southern
IS and Seaboard IS and Sc. PROFIT.
taking continued in other depart
ments with the general price average
showing little change.
The Sinclair Consolidated Oil Cor
poration was reported to be negoti-
ating with bankers for the sale. Of
s15.0o0.0oo short term notes. Public
offering Is expected next week. A
$500. 600 issue OF Louisiana Oil Re-
fining debentures offered today, was
oversubscribed.
Liberty bonds continued to display
an easy tone. United Kingdom is
sues Were firm In sympathy with the
rise In sterling to a new 1924 high
price.
Sales were s15.e54.00o.
STOCK MARKET AVERAGES
20 Industrials 20 R.R:s
Il Z