The Birmingham age-herald., 1924-12-04
NEW UPSWING
 IN STOCKS LED v BY RAIL SHARES
More Than 50 Issues At-
 tain New Peaks On ' 100000 Turnover

NEW YORK, Dec. s.-stock prices surged upward today under the leader ship of the railroad shares, which were heavily bought following publication of President Coolidge's message to Con- gress recommending legislation to expe- dite rail consolidation. More than 70 issues, 16 of them rails, were lifted to new peak prices for the year on total sales that ran above 100000 shares for the fourteenth time since election day.
 Other constructive developments which had an important bearing on price mivements included forecast of an increase of 300,000 tons in the thrilled } orders of the U. s. Steel corporation, scattering price advances for steel and copper products shd publication of sev- eral unusually favorable earnings state ments.
 Inauguration of dividend on the com mon stock of the St. Louis-San Fran cisco at the annual rate of $5, which was announced after the close, fulfilled another Wall street prophecy. The stock, which sold as low as 19 1-8 last April, closed today at 62, or B over yes- terdays closing quotations. Among the issues to attain new maximum prices today were Pennsylvania, Atlantic Coast Line, Atchison, Baltimore and Ohio, Erie first and second preferred, South ern railway and the Wabash and Gulf, Mobile and Northern issues. Texas and Pacific was ono of the individual fea- lures, rising nearly 3 points to 46B, the highest price since 1920.
 Heavy profit taking took place in the pivotal industrials just before the close; IT., S. Steel common and American Can closing fractionally lower, while Bald win sold off about point from the top.
 Activity and strength of the Pan American issues was one of the out standing features of the session, the "B" stock showing an extreme gain of two points on the announcement that the company had renewed its contract for the sale of marine fuel oil for de- livery in 1925 with the big trans-Atlan- tic steamship companies at $1.S0 bar More than 10000, 900 barrels are involved. Pure oil was another outstanding strong spot, touching a new high at 2eA.
 Some of the large individual gains were U. s. Realty common and pre- ferred, Brooklyn Manhattan Transit, At lanta, Birmingham and Atlantic, Gen. eral Cigar, Kelsey Wheel, Iron Products preferred, Kinney. and company, Pierce West Virginia and U. s. Distributing preferred, all of which closed to z points higher on the day.
 Strength of H. R. Mallinson, which touched a new top at 39, reflected the market improvement in the silk busi- ness. Jordan Motors continued to re- spond to reports of record breaking earnings by advancing more than 8 points to another new top at 4s.
 Revival of speculative interest in the copper shares sent Cerro de Pasco, Utah and Chino to new high prices. Good buying also was noted in the amusement company stocks, Famous Players com mon and preferred, Loew's, Inc, and Metro Goldwyn preferred all selling at the years best prices.
 Call money opened at 3h per cent but relaxed to 3, closing at that figure. Time money and commercial rates held firm.
 Establishment of new high records for the year by demand sterling, Swiss francs, Swedish kroner and Dutch guild CTS was the feature of the foreign ex- change market. Demand sterling climbed more than 11ac to $4.66as, Swiss francs sold at 1884 cents, Swedish kroner at 26.93 cents and Dutch guildeys at 40.41 cents. French francs were active around 6h cents.