The Washington times., 1924-12-06
UPWARD TREND
SHOWN ALL
WEEK
Stock Market Continues Ad-
vance as Sales Exceed p
0oO, 900 Shares Daily
BY w. s. COUSINS,
International News service Financial
Editor.

AnBeEM6IAOuNA -NGMB CeENtCC 1Au1AANAt4A
Editor.
NEW YORK, Dec. 6.-The stock
market continued this week its
unprecedented advance jim prices,
and for the fifteenth day since
election, sales exceeded 100000
shares daily. General conditions in
the industrial and business world
were practically unchanged, but the
stock market had the stimulus OF
a few special influences.
Foremost in this respect were the
Presidents message to Congress,
stressing the Importance of national
economy, the necessity for tax re-
duction and the desirability Of con-
solidating strategic railroad lines;
the rise of sterling exchange to
above 4.6S, an advance Of nearly
| z cents for the week to a point
only cents below the "pegged'
quotation for the war period; the
addition Of another important rail
road system to the ranks OF
dividend payers; the steady increase
OF steel production; the advance IN
prices Of copper metal, and the
further evidences of eases in the.
money situation.
New High Marks.
The outburst of speculative en-
| thusiasna was evident from the
opening Of the market on Monday,
and accelerated as the week ad-
vanced. While there were not a
few professional traders and others,
who were ready to take profits in
the belief that reaction was due,
the selling from this source was
without much effect. Exceptional
strength was exhibited by railroad
stocks.
No less than 1903 different stocks
went into new high-price levels on
Thursday, of which sixty were In
the industrial stock list and forty
three in the rails. Some OF the
important Wall Street compilations.
the average Of a group OF repre-
sentative industrial stocks, today
stands the highest in the history or
the market. Though rails in the
two decades prior to 1923 have been
the undesirables in the speculative
markets, now the opinion Is freely
expressed in Wall Street that a
regular old-fashioned bull market
in railroad shares" is developing.
Rail Stocks Boom.
True to predictions, the directors
of the st. Louis-San Francisco rail-
road on Wednesday placed the COM
mon stock OF that system on a
per cent dividend basis. This was a
signal for one of the widest out
bursts in buying of railroad stocks
that has yet been seen. Demand
spread all over the market, from
the stock of Atlanta. Birmingham
and Atlantic, a. road now in re-
ownership and the stock Of which
sold at IL earlier in the year. to
Atlantic Coast Line, which COM
mands a price Of $149 a share.
Frisco preferred, which went on
6 per cent dividend basis earlier in
the year, sold up 82St, about double
its low price for the year. while
Seaboard Air Line and a score OF
other popular stocks were active at
higher prices.
Industrial stocks had a good
week, with good demand for the
EQUIPMENTS, motors. coppers, SHIP
ping stocks, specialties, some OF
the last mentioned being sponsored
by powerful pools which marked
up prices to points in as many
minutes. Oils were the laggards,
though even here few favored
stock, like Pure Oil and Pan
American, were pushed forward on
excellent buying demand
The weekly Federal Reserve Bank
reports showed a slight increase In
rediscounts and a decline In re-
serves, but. the money situation is
strong and there is ample funds for
avarv lepifimate enterprise.