The Birmingham age-herald., 1924-12-09
STOCKS DISPLAY FIRM UNDERT0NE; TRADING IS LIGHT
Professionals Succeed In Forcing Some Indus
 trials Lower

NEW YORK, Dec. s.-Stock prices displayed a firm undertone in today's market with trading in substantially reduced volume.
 Professional traders, acting on the theory that further reaction was war ranted by the technical condition Of the market, attempted to unsettle the general list in the early trading. They succeeded in depressing some Of the popular industrial shares 1 to points but failed to bring out large volume of long stock with the result that they were quick to cover later when spirit ed demand arose for some of the mo- tors and high priced industrial special ties.
 Fifty-four issues, including eight rails, motors and 10 public utilities. attained new peak prices for the year Prefer red shares of the carriers were in par ticularly good demand, new highs being recorded by the senior issues of Chicago and Northwestern, Southern and Balti- more and Ohio.
 Rising commodity prices and the es- tablishment of a new high for sterling exchange above $4.70 had a cheerful eff feet on speculative sentiment.
 The rise in the motor issues reflected the improved earning outlook of some of the larger companies. Nash Motors was the individual features, scoring a sensational gain of 16 points to a rec ord top at 190, and then slipping back to 1855. Unusually heavy trading also took place in the Maxwell issues on pub 1ication of a report showing that the net earnings in the first ten months ex- ceeded $3,750.000, equivalent to about SIS a share on the A stock. The A stock advanced 2S to 775s and then jumped A. to 36h, a new top. Pierce-Arrow oI; he Nrf0 preferred 4. while Mack Truck ad vanced 2Ss and Jordan 1l3.
 The pivotal industrisls showed only nominal changes on the day. United States Steel common closed is lower at 116B, American Can dropped F to 14s7s and Baldwin showed net gain of B at 1235s.
 Phillips Jones scared nearly 19 points to 80 and the preferred closed points higher at ss. Other outstanding strong spots were Worthngton Pump, Adams Express, American Express, J. I. Case Threshing Machine, Fisher Body and South Porto Rican Sugar preferred up 8 to g points.
 Among the issues to break through their previous years high were Amer lcan Telephone, Consolidated Gas, Gen eral Asphalt common and preferred, American Water Works Allied Chemi- cal common and preferred, American Locomotive, Westinghouse Electric, United Drug, Pullman, Air Reduction and Central Leather prefererd.
 There were a few conspicuous heavy spots. General Baking closed 4 points lower at 152 after having sold as high as 160. Net losses of to points also were recorded by Federal Light and Traction, Onyx Hosiery, Pittsburg and West Virginia and Public Service cor poration per cent preferred.
 Call money renewed at per cent and then advanced to 3l2 on the calling of bank loans to make good the deficit in reserve reported in the weekly clearning house statement last Saturday. Time mOTcy and cc-~,,11~cial paper rates held firm with business quiet
 Except for an advance of about 1Ac in sterling there was little of interest in the foreign exchange market, the con- tinental rates showing narrow and ir- regular changes.
 Stock market averages: