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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
Nov 18, 1924
Page
10
New York stocks rose with rail and industrial averages at new year highs as 60 issues topped prior peaks. Sector leaders included public utilities, rail, automotive, and merchandising issues with vigorous trading volume near 1.7 million shares. Missouri Kansas Texas plans a $5 annual dividend on preferred stock, signaling ample income ahead.
The market shows strong demand in Europe and America with exports up, U.S. October consumption near the 1917 record, and spinners’ stocks lower than last year. Prices around 25 cents a pound prompt caution as bullish sentiment grows, suggesting a fragile consensus despite near record highs.
Washington November 17 Wholesale commodity prices rose in October, with the index advancing from 148.8 in September to 151.9 in October. Gains stem from higher farm products, foods, and clothing, while coal fuels, metals show slight dips. Building materials stable and house furnishing goods slide modestly.
The Interstate Commerce Commission authorized Georgia Southern and Florida Railway to issue 1.28 million dollars of equipment trust certificates via the Pennsylvania Company for Insurance on Lives with an 8 percent rate, to be sold at 96.5 percent of par to fund new equipment. Pennock Oil reports nine month net income of 1,193,464 or 2.65 a share for 450,000 shares. Carnegie Steel to blow another blast furnace at Farrell works boosting iron output. open hearth units to follow. Willys-Overland nine months net 2,811,184 while last year stood at 11,713,181. extra dividend of 5 a share plus regular 5 to be paid December 20 to holders of record November 29. Solar Refining declares extra 5 a share dividend alongside the regular 5.
Markets at a Glance reports New York Central leads rail share gains as bonds firm and foreign exchanges ease with sterling down a cent. Cotton weak amid bearish crop estimates while sugar shows irregularity. coffee declines about two cents. Chicago notes wheat ease, higher corn, steady to weak cattle, hogs softer amid mixed demand and erratic prices.
Chicago reports show wheat falling after US visible supply rose to nearly 100 million bushels, with December at 1.53 1 2 to 1.58 5 8 and May at 1.60 1 2 to 1.60 68. Prices eased late as frost news from Argentina faded and global buying persisted. Corn rose modestly while oats and provisions varied, with export demand and larger visible supply cited as key factors.
Grain Letter reports early strength in wheat with high prices in Liverpool and speculation for eastern accounts. Seaboard sold about 5 million bushels. crop demand remains fair. rye fluctuated and corn showed independent strength. Hog receipts rose with prices lower on the break and provisions firm late.
New York reports mixed grain data with wheat up 3,453,000 bushels and oats and rye up while corn declines. Coffee futures slump on Brazil ease, closing down about 200 points. December at 18.80, March 18.35, May 17.80, July 17.15. spot dull with Santos and Rio exchange moves noted.
New York raw sugar rose to 590 duty paid as 3,500 bales sold to an outport refiner for prompt shipment. December, except for higher cavarinz, led a December rise with futures up 32 points. March and May contracts showed small gains while refined sugar held firm amid cautious buying.
A shredded line of figures from London cites odd phrases like 339 and 8 pence per pence with mentions of Discount and short Iii 3 Banas iis. The fragment hints at financial terms but lacks clear entities or events to specify.
New York notes active early trading with 819000 shares by noon and a push toward the 1,000,000 mark before 4 pm. Public buyers turn to sellers as out of town influence sells long holdings, while new buyers step in, marking a shift in sentiment amid higher prices and renewed speculation.
A Harvard Economic Service view says 1925 begins with favorable conditions and steady manufacturing growth but warns a true boom would require inflation policy. Automobile makers may cut or misjudge demand. large short interest exists in stocks loaned by many firms. Livestock receipts and market tone in Atlanta show mostly steady supply with some lower tendencies.
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New York November 17. Mixed price movements dominated a road trading session with gains in New Haven New York Central and St Paul railroad liens and declines in several United States government issues. Market activity featured profit taking and a slight price downturn across the general list. News of the New Haven refunding program and rising earnings prompted bond speculation, while New York Central bonds advanced and St Paul issues rose on favorable earnings outlooks. Brookline Union Gas rallied over six points after earlier declines, with other utilities moving irregularly. A Cleveland Electric Illuminating 5 per cent issue was issued at par for 11.5 million, financing an 80 million power plant at Avon Michigan.
Secretary Lipover summarizes a fiscal year review noting three main features: advances in agriculture prices, sound German operations policies, and a full recovery in American industry aside from agriculture. He cites rising agricultural stability and a narrowing spread between wholesale food prices and farm prices amid broader economic improvements.
A 1924 column outlines General Electric's unique Special Stock as a preferred, nonvoting instrument with 8 percent cash and 5 percent in special stock, ranked ahead of common and issued for small investors. It notes GE's diversification into utilities via Electric Bond and Share and debates security choices beyond common stock. The piece also covers related corporate earnings from utility holdings and 5 percent debentures, with market price yielding about 5.5 percent.
The executive committee of the Missouri Kansas and Texas Railroad recommends a 5 percent annual dividend on preferred stock as year earnings figures are determined. The proposal follows improved financial results and aims to steady income for shareholders.
New York based Hubbard Bros Co announces membership in New York Cotton Exchange New Orleans Cotton Exchange and New York Produce Exchange with associate status in Liverpool Cotton Association. Orders solicited for cotton and cotton seed oil for future delivery with favorable terms on spot cotton consignments. Correspondence invited.
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