The Birmingham age-herald., 1924-11-06
STOCKS BOOM
 AS RESPONSE TOG.0.P. VICTORY
Two Score Reach New Highs And Turnover Is
 Near Two Million

NEW YORK, Nov. 5.-One of the most impressive buying demonstrations of recent years, which carried nearly two score stocks to new peak prices for the year, on turnover Of nearly one and three-quarter million shares. was Wall streets response today to the sweeping republican victory in yester- days presidential election. Net gains in many active issues ranged from l to 31z points, despite the unusually heavy volume of profit taking which the market was called upon to absorb.
 Buying orders poured into the market from all sections of the country throughout the day. They were well distributed throughout the general list but when 1t became apparent that the republicans probably would have a working majority in both branches of congress an outburst of buying took place in the rails, which assumed the leadership of the advance. Accumula- tion of the carriers was based on a be- lief that the safety of the transporta- tion act of 1920 was assured and that the consummation of pending railroad mergers would be hastened with added stimulus derived from the fact that freight car loadings for the week ended October 25 again had set new high record for all time.
 Fifteen rails attained new 1924 peak prices, including New York Central, Atchison, Atlantic Coast Line, Missouri Pacific common and preferred, Katy common and preferred, Rock Island 7 per cent preferred, Wabash "A" and Seaboard Air Line. Big Four' scared 10 points to 142. "Nickel Plate" and Jersey Central each showed net gains of 51a points and many others closed to 3h points higher on the day.
 Industrial shares appeared to have gone further in discounting President Coolidges election than the rails, the advance in that group being more or derly one.
 United States Steel common closed unchanged at 109ss after having sold as high as 1103s. Baldwin, which touched 123 around the middle of the session, later fell back to 1212s for net gain of ss. American Can estab- lished the price in its history at 141E and then eased to TAO, up IA. Ameri- can Smelling and Refining, Montgom- ery-Ward, Sears, Roebuck, United States Cast Iron Pipe, United States Indus trial Alcohol and Central Leather pre- ferred were among the many stocks that closed 2h points above Mondays final quotations.
 H. R. Mallinson reached a new 1924 peak price at 417s following the an nouncement that October sales were 2 per cent above September and that the future earnings outlook was unusually bright. Among the other industrials to break through their previous high were Associated Drygoods, American Radia- tor, Savage Arms, Postum Creal, 1n- ternational Nickel and Goodyear pre- ferred.
 Textile shares showed a tendency to heaviness on the announcement of cut in prices by the Amoskeag company. The Commercial solvent issues, Loose Wiles Biscuit and Cuyamel Fruit, also lost ground.
 Call money renewed at 2h per cent and then advanced to B. Time money market was slightly firmer with busi- ness quiet. Commercial Paper rates were unchanged.
 The feature of the foreign exchange market was the sharp rise of cents in sterling, which established a new high for the year at 4.56% Francs yielded slightly and other European rates show ed mixed changes.