Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-12-19
Financial
NEW YORK MARKET
Features % The pay's 0sslinsa In All
The LEADING o1eeon

reaSurss ~ IL S zs =" -"
New York, Dec. ls-Stock prices
gave another impressive demonstra-
ton OF strength In today'e market.
both the rail and industrial averages
being lifted to new high levels. To-
tai sales exceeded the two million
share mark, for the eighteenth time
since election day.,
10 az percent and publication Of an
interview with Secretary Mellon by
the financial news tickers. quoting
him as saying that he saw no danger
in the present course OF the stock
market, stimulated the buying Of all
classes OF stocks. Fifty seven issues,
including IT rails and eleven public
utilities, attained new top prices.
Many others. including United States
Steel common. duplicated their pre-
vious 1894 highs.
Revival Of speculative interest In
the oil shares. rejecting the more
cheerful feeling In the oil trade cir.
cles, was one Of the features OF the
days trading. Heavy buying OF the
Pan-American issues, each Of which
gained about TX point on the day
was due, In part, to speculative ex.
pectation that the present s. divi-
dend would be Increased next year.
because Of the company's dominant
position in the fuel oil market
Railroad shares were In active de-
the buying In the eastern carriers.
Delaware and Hudson was one of
the features, being bid up i've points
at 14S. also a new top. Other issues |
to attain new maximum prices In |
cluded Reading common and second |
preferred, Union Pacific, Northern !
Pacific, Atkinson, Southern Railway. !
Louisville and Nashville and New
Haven, although the early gains were
not maintained in all cases.
Market buoyancy developed in the
merchandising issues, s. S. kresge
standing out with gain of more
than IS points at 450k. Sears Roe
bucl. was run up ga points to $50 on
the announcement that the company I
was to open retail stores but 1t slip
ped back to 147A at the close. WOOL
worth and Gimbel Bros. touched new
top prices on buying Influenced by
reports of unusually heavy Christ
mas trade.
a spirited demand Tor American
Can just before the close resulted in
a jump of more than nine points to
161, largely at the expense OF an
oNeTcloWucu SHoit Hleeho9@. /
Outstanding strong spots included
General Electric, United Railway in
vestment common and preferred,
American Republic, Central Railroad
of New Jersey, Commercial Solvents
3D." Fisher Body, Gulf, Mobile and
Northern preferred. Iron Products.
Jewell Tea preferred, Market Street
Railway preferred Nash Motors,
Tidewater Oil and West Penn Power.
the net gains ranging from to
points.
Call money renewed at 3 percent
and then dropped to "a where IT
showed a hardening tendency with
business quiet. Commercial paper
remained unchanged.
Foreign exchange rates held rei3-
lively steady. Demand sterhng
moved up about 5-Sc to $4.69 ga and
French francs ruled unchanged
around 5.35 1-2 cents.
Bond prices fiuctuated within mar
row limits today but steady invest
ment buying impaired firm tone TO
trading. The firmer tendency "
time money and acceptance rates due
to year-end influences, however,
brought moderate recessions in liber-
ty bonds and discouraged any fresh
speculative operations.
Heavy oversubscription of the $780,
900 Belgian loan offered today on a
Z percent piled basis, was the prin-
cipal feature in investment circles. /
Bankers estimated that subscriptions /
exceeded the amount of the loan |
from three to five times, and said !
that the demand for the new bonds !
compared favorably with. the re-
sponse to the recent French loan
Meanwhile, the new Greek bonds,
which were sold yesterday. contin-
ued to command substantial pre-
MUM.
Negotiations for loan to Poland
of between $3O,0OO,000 and $4,000, 900
reported under way in cable dis
patches from Warsaw. have not yet
reached the stage where an offering
is in sight, although a number OF
New York bankers have been APP
preached on the proposed financing.
The most interesting price changes
in bond trading were in individual is
sues, the various group movements
revealing no clearly defined trend.
Among the rail issues which ad-
vanced were Delaware & Hudson
convertible 5s, Grand Trunk Railway
IS, Great Northern Is and Central IF
Georgia 1-2s. Robbins & Myers
IS lost points on a small turnover.
Public offering will be made tomor-
row of $7,000,000 Chicago. North
Shore & Milwaukee 80 year 6 per-
cent bonds at SO to yield CTS percent.
Sales were $17,s32,0oo.
STOCK MARKET AVERAGES
20 Industrials 20 IRIS
TflAlreAo1y M