Evening star., 1924-11-09
PRICES GO HIGHEST
IN SEVEN YEARS
Sixty-Seven Stocks Reach
New Peaks as Sales Total
1,450,000 Shares.
RAILS MARKET LEADERS
q. S. Steel Common at 113-Sharp
Advance in Commodities Is
Also Reported.
BY the Associated Press,

BY the Associated Press
NEW YORK, November s.-Rail-
road shares bounded upward to the
highest general price level in seven
years today in the most active half
holiday session in stock exchange
history, the days total sales exceed
ing 100000 shares. Sixty-seven
stocks. 43 of them rails, broke
through to new peak prices for the
year on net gains that ran from one
to four points.
The public Imagination is fired by the
remarkable demonstration which took
place yesterday: buying orders con-
tinued to pour into the market from
all sections of the country, the or
ders ranging from a few shares to
blocks of 5000 to 5000
Steel Highest Since 1919.
While speculative interest CEN
tered in the railroad shares, bullish
enthusiasm was rampant in several
sections of the industrial list. L. S.
Steel common touched 113, the high
est price since 1919, while American
Can and L. S. Cast Iron Pipe estab-
Iished record-breaking prices for all
time at 1929. and 125, respectively.
Other industrials to sell at new maxi
mum prices were American Tobacco
B, II. r. Mallinson, United Drug. the
Brooklyn Transit issues.
Corn Products and Loose-Wiles Bis
cult.
Broad Buying I'm Rails.
Buying orders in the rails en-
braced both the high-g grade dividend
payers and the low-priced specula-
touched 1863, the highest price
SINCE 1912, but closed unchanged at
115k. Southern Pacific crossed par
for the first time since 1921. Among
the other isues to move into high
ground were Pennsylvania, Southern
Railway, Baltimore and Ohio, Allan
tic Coast Line, Louisville and Nash
VILE and the Frisco. Rock Island,
Missouri Pacific and wabash issues.
Revival of speculative interest in
the oil shares attracted considerable
attention. Recent increases in crude
and gasoline prices were given as
the cause.
Bullish sentiment engendered by the
unprecedented demand for securities,
permeated to the commodity markets
Chicago wheat futures for all months
from December to May closed at net
gains of 1ss to rs bushel. The ad-
vance in corn prices ranged from u
to nearly cents bushel An outburst
Of buying at the opening of the co1ee
market resulted in extreme gains Of 35
to 80 points, which were subsequently
reduced to net gains OF Is to 80 points
on heavy Brazilian selling.
Brokers Call for Help.
Cotton futures reacted on publication
Of the Government crop report. which
vas about in line with the trades ex-
pectations. but rallied later in sympathy
with the advance in stocks, closing 40
TO SO points higher.
Foreign exchanges mounted to higher
ground under the leadership Of sterling
Wall Street brokerage houses today
sent out calls for additional help. Many
brokers predicted that a new high rec
ord at above 100000 shares a day
probably would be established before
the present bull movement reached its
climax
Wall street Briefs.
NEW YORK. November S.-With the
recent average increase of IL per cent
in brokerage fees sending commission
house profits soaring as stock sales
yesterday expanded above 100000
shares, Wall Streets army Of employees
today began to anticipate a rosy Christ
mas Brokers commissions on yester-
days transactions of 2,316,000 shares
it was estimated. were Swelled more
than a half million dollars through
both buying and selling orders.
The financial district. hears that the
American Beet Sugar Co. has offered
to buy the Minnesota Sugar Co and the
Northern Sugar Co. Tentative terms
were said to involve payment Of $117
share for the preferred and $40 share
for the common stock of Northern Sugar
and par for the preferred, and $21 a
share for the common of Minnesota
Sugar. the minimum amounts stock
holders would receive.
Stock Melon Declared.
A stock dividend of SO per cent on
the common stock of Brunswick Bake
Collender Co. was declared today, pay
able November II to stock of record
November IL.
Split up of the stock of Union Oil of
California, on the basis of four shares
Of SIS par value for each share of 500
par value held. will be effected next
Wednesday. The new s25 shares will
be listed on the New York Stock Ex-
change
New estimates of Northern Pacific's
probable surplus for 1924 place the
figure at s1,200,00O above the 5 per
cent annual dividend, compared with
S5S1,000 in 1928. October gross is ex-
pected to be slightly less than in Octo-
ber last wear