The Birmingham age-herald., 1924-11-12
HEAVY DEMANDS FOR KDUSTRIALS. SEND STOCKS UP
|70 Issues Make New High
 And Business Totals 2,465,000 Shares

NEW YORK, Nov. 11.-A sensational demand for the industrial shares to- ward the close of today's market de- 'yeloped into one of the most remark able bullish demonstrations in recent years, approximately 70 stocks soaring to new high records for the year on a total volume of business that reached S, ,465 ,00O shares, the largest on the cur rent movement. The number of issues dealt in totaled 545, the highest in all time.
 Prices opened irregularly higher, cop per and oils moving ahead rapidly, while the rails see-sawed on further profit taking. Buying of the oils was stimulated by the reported reduction Tn Gulf Coast crude production, followed closely another decline in the output or the Los Angeles basin and the rising trend of gasoline prices Coppers re- flected the recent stiffening of com modity prices and the expected increase in the European demand for the red metal.
 Realizing sales in the rails were ab- sorbed and that group was soon headed upward under the leadership of some of the high grade dividend payers, ac- cumulation of which was accelerated oy the eighth successive week of million car freight loadings. The demand for lsouthern Pacific was unusually heavy and that stock was boosted up 4h points to 104h, the highest price in four years. Other issues in that group to attain new peak prices were Canadian Pacific, Missouri Pacific preferred, "Katy" preferred, Frisco preferred and Baltimore and Ohio preferred.
 Chief speculative interest, however, centered in the industrials, with Ameri- can Can which scared 9A points to I15o%, a new high record for all time, as the individual feature. United States Steel common was bid up 25 points to 115, the highest since 1919, closing at lthe ion. Baldwin jumped to 126 and then eased to 125%, where 1t was up 4h on the day.
 Other outstanding strong spots in- cluded American Locomotive, American Sugar Refining, American Wool, Cen tral Electric, Pullman, Westinghouse Air Brake, Allis Chalmers, American Car and Foundry, Electric Storage Bat 'tery. Foundation company, Great west ern Sugar, Postum Cereal, Radio cor poration, United States Cast Iron Pipe and Republic Steel, all up to points and several of them at the years best prices.
 American Can was bought heavily on speculative expectation that the stock will shortly be split up on 10 'basis. with the dividend increased to the equivalent of $10 on the present stock. Pure Oil was bid up to new nigh above 27 on reports that current earn ings were the best in the companys nls- 1orv and about 80 per cent above those of a year ago. Southern Pacific was bought on rumors that the stock snort ly would be placed on a $7 dividend basis, but these lacked official confirma- tion.
 The reduction in the call money rate from 2h to per cent stimulated the buying of stocks during the afternoon; Time funds were in greater demand ana rates stiffened as a consequence. sixty to ninety day loans, (which were quoted at s& to Sih yesterday, today were . deI- initely established on a 3h per cent hasis with four to six months loans ruling at 3%. Commercial paper rates were unchanged.
 Reactionary tendencies crept into the foreign exchange market with heavy profit taking in evidence. Demand sterl, ing sold off about 1A cents to around S461h and moderate recessions also occurred in the Scandinavian and Dutch currencies. French francs, however ruled slightly firmer around 5.3o cents.
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