The Birmingham age-herald., 1924-11-19
STEEL COMMON LEADS ADVANCE
 OF NDUSTRIALS
Price Records Of A Dozen Years Are Shattered
 In Climb
By EDWARD J. CONDLON fRv U,eased Wire to Age-Herald)

(By Leased W1rc tO ABS-cf"iu'
 NEW YORK, Nov. 1S.-Moving ahead confidently but without the gusto which characterized the earlier days Of the present bull movement in the stock market, the Tuesday session scored new highs in an impressive list of both rail- road and industrial shares. Records that have stood for a dozen years were shattered as the persistent climb or prices continued. After a lapse of sev- eral sessions. the turnover again ex- ceeded the 2,000, ,000-share mark.
 No less an issue than United States Steel common led the advance in the in- dustrial section of the list, which group averaged well over point net higher for the day. New York Central furnish ed a shining example of what talk of an increased dividend can do, while the northwestern roads, under the leader ship of Great Northern, gave tangible evidence of the high regard investors have of the earnings of these roads in view of the big harvests and the record traffic of the country.
 No Thought Of Europe
 In general, there was little in the news of the day upon which to form a basis for a big constructive movement such as actually took place. It Is true that the cables related that Joseph Caillaux, for
 
 greatest financial minds of Europe, who committed the almost unpardonable er- TOT of being involved in situation re- lating to a compromise peace with Ger many before the war was over, had his full civic rights restored. However, Wall Street has hardly given thought to Europe in its enthusiastic buying in the post-election market. much less con tinental political possibilities.
 Wheat was not very responsive to the strong tone in the stock market though the other grains, especially corn, closed substantially higher. Poor grading re- ports from the corn belt was a factor in encouraging fresh buying. Cotton finished fairly steady and higher in a rather prosaic session of business.
 Sterling Scars
 A gain of nearly two cents in ster- ling dominated the foreign exchange market. However, guilders forged near CT par and the Indian rupee at 34.62c touched a new high for this year.
 Talk of a Danish loan here is still nebulous, although it is evident that Denmark is anxious to stabilize her currency. About year ago Denmark raised some rather large short time cred it's for this purpose and although 1t has always been understood that the present Danish government was strongly against foreign financing, it Is not clear the internal will have the desired ef- fects.
 Further proof that many professionals have deserted the bond market to give their full attention to stocks may be had by glancing at the bond averages for Monday and Tuesday. Further do- clines were noted in practically all groups, unless 1t be foreign loans, con trasting with the sharp gains recorded in stocks. Certainly, all the honors go to the stock market. But, as the saying goes, "Somebodys buying them" and these purchasers will be revealed when the pendulum of speculative interest swings away from stocks and toward the bond market.