The Birmingham age-herald., 1924-12-06
STOCKS REACT
 AFTER SOARING
 TO NEW HIGHS
Over 100 Issues Set Rec Ords In Outburst Of
 Bullish Enthusiasm

NEW YORK, Dec 5-Another wild outburst of bullish enthusiasm sent more than 100 stocks to new high levels for the year in the early part of today's trading, but a deluge of selling orders by professional traders in the late after noon brought about a sharp reaction from the top prices, leaving closing quos tations irregularly lower. Total sales, which exceeded 2,500,000 shares. were within 10000 shares of the record es- tablished on November 20, the highest in about eight years. Railroad shares continued to lead the advance, contrib uting about one-third of the days highs. Buying of these issues was given added stimulus by the publication of state ment showing that class 1 railroads re- ported net operating income of $127,- 1O5,O00 in October, or at the rate of 5.S per cent on the tentative valuation fixed by the interstate commerce commission. The roads also showed the lowest op- epating ratio of 70.50 per cent for any single month since July, 1913.
 Katy" common was the individual feature, being bid up points to a new top at 84% and then dropping back to 32h. Among the many other issues to sell at the years best prices were Atchi- son, Baltimore and Ohio, Chicago Kansas City Southern common and pre- ferred, Lehigh Valley, Pennsylvania, Frisco common and preferred, South ern railway and the three Wabash is sues.
 Net losses of to 2 points were re- corded, however, by the Erie issues, Mis- souri Pacific, Atlantic Coast Line, Colo rado and Southern, Delaware and Hud- son, Lackawanna, Reading, Gulf Mobile and Northern preferred, Seaboard Air Line preferred and Western Pacific. With the exception of American Can, which closed % higher at 1492s after selling 2h points above that figure, most of the standard industrials lost ground. United States Steel showed a slight fractional recession at 117A. after having crossed 11s, and Baldwin, sell ing ex-lividend, closed about a point lower at 124B.
 United States Realty issues broke about 10 points from their high levels as a result of the contradictory re- ports concerning the consolidation of the real estate holdings of that company traders launched another drive against H. R. Mallinson, forcing that issue nearly 2 points below the peak price established yesterday.
 United States Distributing preferred jumped 20 points to 165 on a few sales and other outstanding strong spots were American Car and Foundry, Fisher Body, Foundation company, General Asphalt common and preferred, Great Western preferred; Pierce-Arrow prefer red, Pullman and United Drug, up to nearly points.
 Call money held steady at per cent Time money and commercial paper rates were unchanged with business quiet. Acceptance rates were again marked up one-eighth of one per cent on all maturities, the new asking basis ranging from 2% per cent on 30 days to 2 per cent for 90.
 Foreign exchanges turned reactionary after the brisk advance of the last few days. Demand sterling ruled about cent lower around $4.67A, and French francs broke 10 points to 5.42c on heavy speculative selling.
 Sfnclx m A rlSAt aXera nes.