The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-06
l,750,oOO SHARES
CHANGE HANDS
IN STOCK MART
Wall Street Registers APP
prevail Of Election By
Avalanche OF Buying
(By Associated Press)

NEW YORK, Nov. 5.-Wall street
registered its approval today of the
results of Tuesdays election by pour
ing an avalanche of buying orders into
the stock market, which carried nearly
two-score issues to new peak prices for
the year on net gains that ran from
l to PA prints. Total sales, which ap-
proximated nearly 100000 shares,
were the largest of any single session
in about two years.
Although the market was without
definite information as to the complete
makeup of the next congress, indica-
| tons that President Coolidge would
probably have a working majority in
! the senate and house stimulated the
buying of all classes of stocks.
Rails Especially Strong
| Rails were particularly strong on the
speculative theory that the failure of
the insurgents to obtain a dominating
position assured the safety of the trans
portation act of 1920 facilitated the
cOnsummation of several large railroad
mergers now pending and improved the
possibility of increased dividend pay
ments ON some of the highgrade issues,
notably New York Central and Atchi-
son, current earnings of which are well
above present dividend requirements.
London's financial community also
reacted favorably to the Coolidge vic
tory, buying orders for sterling ex-
change from that center being of suffi-
cient proportions to carry the rate on
demand bills up more than cents to
the years high level at $4.57.
Bond Prices Improve
Bond prices improved in sympathy
with the rise in stocks, with the heavy
demand for railroad liens as the prin-
cipal feature. Cotton, sugar and grain
prices also improved slightly.
In the stock market, 10 rails broke
through their previous high levels, in
Guiding New York Central, Atchison,
Missouri Pacific common and pre-
ferred, Katy" common and preferred,
Atlantic Coast Line, Seaboard Air Line
and Wabash preferred "a" In addi-
ton, Big Four" made a sensational
gain of 10 points and Nickel Plate and
Jersey Central each showed net gains
of 81 points. Establishment of a new
high record for all time by freight car
loadings for the week ended October %
was an important factor in the buying
Oh these SIldreS.
Close Near Top
Most of the rails closed at or near
their top prices but heavy profit TAX
ing developed in the industrials, which,
by their recent advance, appeared to
have gone a long way in discounting
the election results. However, the pre-
diction of several banking and business
leaders that the election had removed
any obstacles for future business pros
perity was sustaining influence. Buy
ing was particularly aggressive in
shares with favorable dividend pros
poets and in good earnings position
Among the many issues to attain new
maximum prices for the year were
American Can, which sold at the high
est price in its history; United States
Cast Iron Pipe, Sears, Roebuck, Mont.
gomery-Ward, II. r. Mallinson, Inter.
national Nickel, Postum Cereal, Ameri
can Smelling common and preferred
Savage Arms and Goodyear Rubber pre-
ferred.
I'VE have turned the corner and
look for great future business pros
perity," said Ebert H. Gary, chair
man of the board of directors of the
United States Steel corporation, and his
statements were voiced by many other
business and financial leaders, most of
whom openly advocated the election of
President Coolidge.