The Birmingham age-herald., 1924-11-08
OVER 40 STOCKS
 REACH NEW TOPS
 IN GENERAL MSE
Sales Exceed Two Million Mark First Time Since
 April, 1922

NEW YORK, Nov. 7.-An extraordi- nary demand for railroad shares, 4o Of which scared to new peak prices for the year, today gave Wall street one or its most active stock market sessions in recent years, total sales exceeding the two million share mark for the first time since April 1T, 1922. Transactions took place in 511 separate stocks, or only six below the previous record established December 2s, 1923.
 Industrials, which had displayed con siderable irregularity in the early oeal- ings as a result of further pro1it tah- ing. eventually joined in the upswing under the leadership of United states Steel common, which touched 112, the highest price since 1918. More than a score of other industrials also attalnea new 1924 peak prices, including Unlteo Drug. American Smelting preferred La clede Gas, Loose-Wiles, Simms fe- troleum and Chino Copper.
 Buying orders for the rails poured into inc market from all sections or the country and embraced both the low price and high grade shares. The re- markable demand for carrier stocks was due to the unusually favorable diVl- dend and earning prospects for most or the principal systems, together with the growing speculative belief that the roaos are assured of a long period of immu- nity from radical legislation, permitting them to go ahead with important con- solidation and development plans.
 New York Central touched 116, the highest price since 1912 and points above last nights close. southern Railway sold at 72k. the highest price In its history. Baltimore and Ohio soio
 Other issues to break through their previous peak prices for this year were Missouri Pacific common and preferred, Atch1son, Atlantic Coast Line, Louisville ana Nashville Frisco common and preferreo, Chicago and Great Western commonano preferred, Katy" common and prerer- red and Wabash and Rock Island issues;
 Oils, which had been tagging behind the rest of the market in reflection or ,,nfayorable trade news this summer showed signs of strength in belated re- flection of the recent increase In GuiI Coast crude prices. Pacific, Associated, General Asphalt. Phillips and several other oils showed net advances or 10 2h points.
 industrial group were American sugar Refining, United States Industrial Al cohol, American Ice, Loose-Wiles Biscuit and United Drug, all of which closed at net gains of points or more.
 Considerable switching from the in- dustrials to the rails was reported dur ing the day with the odd lot business or less than 100 share lots assuming widespread proportions, indicating market revival of public interest.
 Call money renewed at per cent but dropped to 2h in the afternoon, closing ata that figure.
 Time money rates were firmer, 60 to so-day funds being quoted at 3A to 3h, instead of to 3A, with borrowers ap- parently willing to pay the high rates. Commercial paper rates were unchanged. The foreign exchange market devel- oped several points of strength, de- mand sterling touching new record high for the year above $4.5S, and new peak prices also were attained by the Swiss. Dutch and Swedish currencies. Trading started here today in the new German reichsmarks, which sold at a slight premium above their parity ot 23.s0c.
 Stock market averages: