Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-11-19
NAV YORK MARKET
-. II the Days Dealings in All
fsssvf~ the Leading Stocks

vork Nov. 1S.-Stock prices
New 4, spectacular fashion to-
lii total sales crossing the two
Oh man share mark for the sixth time
nluots The day after election. Both
snc and Industrial averages were
nc -. highs, with more than ~ fs-
q ~ rreaking through their maxi
~ nrices for the year.
nun nmuuroad shares again came into
lars contributing at least two
me ~ the new highs established
aoSsn The session. Buying orders
duslass .srIy well divided between the
sels r-ade dividend paying issues
hsh ,se low priced carriers, the de-
an VA being stimulated by. the
nana oyer-subscription of three
pIguapd stock offerings today.
m.3sco common, which is expected
~ n,aced on a dividend basis
v ", month, was the outstanding fea-
a .sss IN that group, scoring over six
Iui i.,s 10 a new peak price at 81 on
,e.al transactions OF approximately
t%"@f shares. Other rails to estab-
w w. vew peak prices were Union Pa
h,n X Northern Pacific, Missouri Pa
'i ss common and preferred, New
t M central, Atchison, Atlantic
,,oast Lines, Louisville and Nash
g "fe baltimore and Ohio, Rock Is
,I"J and Wabash issues. Katy" is
poo were heavy In reflection Of spec
sIs.iye disappointment over the fail
'n n the directors TO inaugurate
p,,tdspds on the preferred at the
MI 81 rate.
strength Of United States Steel.
,hich moved up more than two
" ", to 1iG "a, the highest price
IN Ave years, gave impetus to the ad-
,ance in other stocks.
public utilities gave an excellent
s,hibIt.on of group strength under
mo leadership Of Radio Corporation
rommon. which scared 8 points to
AZ IA Consolidated Gas touched
n IA a. new top, and then dropped
= noint from its high. Lacledc Gas,
Pennies Gas and Columbia Gas also
sold at the years best levels.
Merchandising issues also display
ID marked buoyancy. Sears Roe
l,uck standing out with Il gain OF
more than nine points ut l42. 9th
lsSueS III illflN 81 'bP w tiiONC "
now high ground were II. X. Malli-
son. Associated Dry Goods. May De-
partnent stores. Montgomery Ward
and Brown Shoe.
Other outstanding individual
strong spots included the Maxwell
Motor issues, United States Cast Iron
pine American ice. Commercial
solvents and United States distribut-
INK preferred, the net gain In which
ranged from 4 to q IL points.
Gail money renewed at = percent
bnt advanced to > l. in the after
noon when local banks called about
xgOO00OO In loans to rcplenish their
reserves at the Federal Reserve
Bank. Time money rates were I'M
changed. Commercial Paper was
slightly firmer with > - percent~the
ruling rate for prime names.
Foreign exchange rates displayed
A firm tone. Demand sterling rallied
more than a cent to around Sf.62 IL
md nominal gains were registered by
most Of the other European cur
'cncles
Profit taking impaired consider
tble rrcc,lIari,y to todaN's bond
market, which was featured by fur
Their declines in l.. s. Government
obligations and buying OF selected
railroad issues
Speculative interest In rail sccur-
tiles appeared TO have found a more
satisfactory outlook in the stock
market and high yielding bonds of
these companies. with a few eScep-
lions, showed narrow price changes.
New high records were established
by some Of the Denver and Rio
Grande and the New Haven issues.
and fractional gains were scored by
Seahoard Is and is, Reading General
Is, Erie General As. Baltimore and
Ohio 4s and Norfolk and Western
convertible Us.
A reaction of more than a point In
Katy adjustment rs was in line
with drop in the roads shares, re-
fecting speculative disappointment
over the announcement that declara-
ton OF the full seven per cent divi-
dtnd on the preferred stock would
be deferred for another year.
Individual strong spots included
Federal Light and Traction as which
Jumped almost : points 10 n new
IVA high at 1l9 and 4. Maxwell Mo-
Tor Is, which extended their recent
Gain by two points and reached a
new top at 101 SIS. American Wa
ter Works is and several other pub
lie utility liens responded to re-
wal OF interest In these issues.
Liberty bonds continued to work
lover despite earlier time money
rates but strengthened slightly to-
wards the close OF the market.
Sains e. LA 600