The Birmingham age-herald., 1924-08-12
llRAILS REACH
 NEW TOP PRICES Market Appears To Have
 Resumed Its Upward Trend

NEW YORK, Aug. 11.-Steady &C., cumulation of the high-grade railroad shares, Il of which established new high prices for the year, was the out standing feature of today's stock mar ket. Although several points of heavi- ness developed in other sections of the list, the market appeared to have re- sumed it's upward trend, bullish dem onstrationsebeing successfully conducted in a number of specialties, particularly the Baking issues.
 Reports that the allied and German experts on separations had come to an agreement on the Dawes program had a bullish effect on sentiment and was directly responsible for the strength of the foreign exchanges, de- mand sterling moving up 3Ac to a new 1924 at $457%. Trade news was mixed in character, but largely favorable. A better demand was noted for steel, pig iron, zinc and copper, with indications of stiffening price tendency.
 Brokers reported a good investment demand for the dividend-paying rail shares, with increased buying for Dutch and British account. Merger rumors also contributed to the strength of these issues, Jersey Central being the out standing feature, with an extreme gain of 14A points over Saturdays final quotation. Other issues to break through their previous, high prices for the year were Lackawanna, Delaware and Hudson, Atlantic Coast Line Louis- vile and Nashville, Union Pacific com mon and preferred, New York Central. Canadian Pacific, Southern Pacific and Omaha the gains ranging from l to 31s points.
 Nickel Plate closed 1A points higher at 114A, but Erie, Chesapeake and Ohio eand Pere Marquette lost ground. Active buying also took place in B. & O., Rock Island, St. Paul preferred, Chicago Northwestern, Great Northern preferred and Lehigh Valley, the de- mand for the western carriers being in- fluenced to some extent by higher car loadings.
 Standard industrials showed little change on the day. United States Steel fluctuated within a range of one point, closing A higher at 107%. Baldwin. American Can and Studebaker showed only fractional changes.
 Baking issues made quick response to reports of high earnings, General Baking soaring 1874 points to 13Oh, a new peak price, on reports that the company had purchased a years supply of wheat at the summers low price. Loose-Wiles and National Biscuit also bettered their previous high prices. Ad- dftional highs were recorded by Ma tional Lead, Foundation Company, Montgomery-Wa Pullman, Wells Fargo, American Radiator and Sloss- Sheffield Steel.
 Trading in~the oil shares was rather listless as a result of the omission of dividends by two Standard oil units and another cut in Gulf Coast crude prices. Sugars responded to predictions of higher commodity prices.
 Call money ruled unchanged at per cent. Time money was slightly easier, with 90-day funds available at 2h per cent for the first time. Four-months maturities were quoted at 2A, the longer terms running as high at 3z per cent. Commercial paper rates developed a wider range, with some exceptionally strong names discounting as low a5- 3 per cent.
 All European exchanges improved in sympathy with sterling. French francs sold as high as 5.72c and Dutch guilders touched new high at 3913c.