The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-12-20
SPECIAL STOCKS
CONTINUE JUMPS
TILL NEAR CLOSE
Recessions Of 1 To
Points Are Forced By
Profit Taking

NEW YORK, Dec. 19.-Spectacular
advances in special stocks featured to-
DAYS market which advanced vigorous
Nv until just before the close when
heavy weekend profit taking sales
forced recessions of one to three points
from the earlier highs in many issues.
Despite the sharp curtailment IN wire
service to middelwest and far western
points because of sleet storms, trading
was in enormous volume, the days
sales running over two million shares.
Nearly sixty issues attained new peak
prices for the year, the industrial list
Including such representative stocks as
United States Steel common, american
Locomotive, American Smelling, Amer
lean Telephone, Studebaker, Mack
Trucks, the Pan-American issues, Gen
eral Electric and International Harves-
ter.
Brokers reported that the new de-
mand for stocks was based on reports
of further improvement in several lines
of trade, rising commodity prices and
the huge surplus of funds available for
stock market and commercial purposes
at low interest rates.
Some of the biggest gains took place
in stocks in which large short inter-
est is believed to exist. Baldwin opened
a point higher at 1861 and then moved
UP rapidly to 1929 as the shorts scared
to cover. later falling back to 1908 for
a net gain of about points on the day.
United States Cast Iron Pipe advanced
from 255 to ISL and then slipped back
to 1884,, a net gain of 64. American
Can opened at 1854 climbed rapidly to
1881 and then fell back to about the
opening price.
The general rail average was slightly
lower at the close, although New York
Central, Lackawanna, Delaware and
Hudson, Louisville and Nashville,
Southern Railway Missouri Pacific
preferred, Baltimore and Ohio pre-
ferred, Chicago Northwestern preferred,
all broke their previous 1924 highs.
United States Steel common responded
to the further stiffening of commodity
prices by touching 1893, the highest
since 1917. Crucible and SlossSheffield
also touched new tops while Gulf States
Steel was run up about 4 points and
then cancelled half Of its gain.
Copper shares responded to reports
of an increased export demand and ad-
ditional sales of the red metal at 145s
cents a pound, the years high. OIL
shares were galvanized into action by
a remarkable bullish demonstration in
the Pan-American issues, each of which
closed more than two points higher.
Transactions in the "B" stock alone
approximated 10000 shares. By reason
of its dominant position IN the 1uel OIL
trade and the high prices prevailing
for that product, recent buying of the
Pan-Americans has been due in part to
speculative expectation Of an increase
in it's dividends next year.
Some of the other individual strong
spots were Texas Gulf Sulphur, Gen
eral Baking, Mathieson Alkali, Nash
Motors, West Penn Power and American
Car and Foundry, up to points.
United States Realty broke nine points
to 100 and then rallied 2h from its low
price. Heaviness also was noted in
Baltimore and Ohio, Lehigh Valley,
United Railways investment, CONNER
cial Solvents B, Gimbel Brothers, Iron
Products, Postum Cereal, Underwater Oil
and Virginia Iron, Coal and Coke, all
of which closed to 6 points lower. A
bear drive against Malinson forced that
stock down 8 points but good support
was provided and it recovered half of
its loss.
Call money held steady at 2h per
cent Time money and commercial pa
per rates were unchanged with business
quiet.
The foreign exchanges developed mod
crate strength. Demand sterling ruled
about three-quarters of a cent higher
around $4.701a and French francs were
quoted four points higher at $780,
cents. Argentine pesos sold around 80
cents, the highest rate reached in re-
cent years.