Evening star., 1924-11-11
WALL STREET LIST
STILL GOING UP
Interest Revived in Rails as
Prices Are Forced to
New Heights.
BY STUART II. WEST.
Special Dispa -cE "a The Star

Special Dispatch "a The Star
NEW YORK, November 11-wal
streets great bull market continued
on its way today. There was no let
up in the enormous volume of bust
ness transacted, and the upward drift
was stronger than before.
The nationwide speculative reviva
follow ng in the wake of the elec.
tions had developed "A buying power
greater than anything seen in five
years and as result everything that
professional Wall street had to sell
was readily absorbed, with prices
moving forward again in the greater
part of the list.
L. s. Steel Furnishes Surprise.
When shortly after midday United
states Steel common pushed through
Its previous high uf the. wear l13lh
1t aroused the greatest enthusia SIN
The stock had gone down a point
or more on the publication of TIL,
month'y y tonnag" figures, which ha,
been disappointing. Bur these were
quite forgotten today. In fact. Wal
Street was in no mood to consider
anything except what was favorable
The statement has been made lit.
orally dozens of times during the
great 50-point rise in American CaI
ucts." The two situa tons were pre-,
ciSely the same. There was the same
earning power, the same ConSerya
tive policy regarding dividends, the
same market sponsorship.
Nobody was surprised, therefore, a.
the story published today that Amer,
lean Can was pianninG I recapitaliza'
tion early next year. under which
five shares of new stock would be
If hn al n
initiating what Corn Products die
last Spring. The story brought out
some perfunctory denials, but thes,
denials Were not accepted and Amer
lean Can was easily the leader o.
the market.
Rail Shares Again Strong.
Railway shares We're taken in hanc
again. The two big features wer,
Southern Pacific, among the highel
priced dividend payers. and the NJ.
N. and T. issues, among the mono divi.
dend payers. n. X. & t. preferred
up more than points and selling
around 81. had certainly discounted
per cent declaration. if not a 5
But the way earnings are running
now, the stock is estimated as likely
I" show nearly 20 per cent for the
year. Rock Island, st. Louis & Sar
the Wabashes all went back to OF
exceeded their previous highs Mis-.
souri, Pacific common sold above .;
for the first time, and the preferred
reached new top. The motive bach
of the Southern Pacific advance was
the expectation of an increase in the
dividend from to I per cent
Copper Stocks Also Strong.
There was certainly nothing abou,
the first Of the porphyry Copper
statements for the September quarter
TO encourage buying of the stocks
Ctah had surplus of only $4S3,6S:
as against S2,410,605 a year ago Ne
Vada Consolidated was able to show
only IS cents a share earned a.
against 80 cents last year. But again
1t was to be said that the market
was in too jubilant frame of mind
70 thlnk of anything unfavora BILE
The copper shares were very strong
under the lead of Ray Consolidated
which ran up nearly two points.
There were further signs of the
spread of the speculative spirit in the
other markets. The Chicago grain
pit was closed in observance of Armis-
tice day, but there was another vio-
lent rise in wheat at Winnipeg
which gave some indication of what
would have happened had the Ameri-
can markets been open.
Commodities Join in Rise.
With an estimated cotton crop of
12.S16,000 bales and a carry-over of
1000. 600 from the old year set
against an estimated consumption of
12,500,000, the statistical position
certainly offers no particular en-
couragement for advancing prices.
But the tremendous speculation on
the Stock Exchange has had it's re-
lex action upon cotton as upon all
the other speculative markets and
today cotton was quoted some 16O
points or IS a bale above where it
was selling before the bureau report
last Saturday.