GREAT STOCK BOOM

Southland Times, Issue 19396, 10 November 1924, Page 5

GREAT STOCK BOOM

BIG UPWARD MOVEMENT RECORD TRADING TREMENDOUS VALUE OF BUSINESS. (By Telegraph -Press Assn —Copyright). (Sun Cable.) NEW YORK, November 7. (Received, November 9, 7.25 p.m.) Bankers and industrial leaders predict tremendous business advances. Judge Gary, chairman of the United States Steel Corporation says that never before in history has any country had such an opportunity for advancement as Amercia to-day. Many other business heads predict tremendous business. Wall Street has began the quotation of the new German reichmark at a par value of 23.8 cents per 100. The Swedish kroner for the first time this year sold above par. Wall Street to-day scld more than 2,000,000 shares, which is the highest transaction for two years. RISE IN STERLING MOVEMENT IN CANADA. MONTREAL, November 6. Sterling touched a new high level for the year, 4.56 J, and closed at 4.561. It went up one-eighth over yesterday’s gain. The movement is regarded as reflecting rather the general relief on the market than any change in the international situation; also optimism regarding the outlook and the political settlements in Great Britain and America. Other European currencies rose, emulating sterling. New high levels were reached in the Dutch and Swiss currencies. RECORD UPWARD SWING. GREAT APPRECIATION OF SHARES AND BONDS. A FEVERISH MARKET, NEW YORK, November 8. (Received, November 10, 1 a.m.) Sterling has reached a uew 1924 high level, being in demand at 4.595, or a rise of If cents. Led by railway share, the Stock Exchange made a record upward swing on the crest of a tremendous up-grade movement started by the results of the national elections. Already hundreds of millions of dollars have been added to the market value of securities and the advance continued today, which was one of the greatest trading days recorded, considering that the market closed early. Officials declared that the public is entering the trade more than for many years. Nearly £1,500.000 in share and stock changed hands this morning, the total value of bonds sold being nearly 14,000,000 dollars. There was almost a record turnover on Friday of 2,250,000 shares with trading in 506 separate issues and the total bond sales amounted to nearly 25,000,000 dollars which is the highest in recent years. The volume of business was greater than since 1919. Every house worked at top speed to handle the tremendous volume of business.