The Birmingham age-herald., 1924-11-13
STOCKS STAGGER UNDER BIG LOAD OF PROFIT! SALES
Trading, However, Is Maintained At Furious
 Pace Of Last 4 Days

NEW YORK, Nov. 12.-Trading in to- days stock market was maintained at the same furious pace of the last four or five sessions. But price movements disclosed more irregularity as the pres sure of profit taking increased. Prices staggered under the load of these real izing sales, but they did not break, the net losses in many popular issues rang ing rom 1 to 3 points, leaving closing quotations still 5 to 10 points above those prevailing on the day before cleo tion.
 Total sales today were slightly in ex- cess of 2,420, 900 shares, or less than 50, 900 below the high record established yesterday. The general industrial aver age touched a new peak for the year but the general railroad average showed a moderate decline.
 United States Cast Iron Pipe was the sensational performer in today's mar ket, soaring more than 12 points to 1391a, a record top for all time, on what was described as urgent short covering.
 Bear traders made repeated attempts to unsettle the genral list. Dclaration of the regular dividend by Foundation company stock, setting at rest rumors of an increase, was followed by concert ed selling of that stock, which broke more than points to S4ts, before effec- tive support was forthcoming. Conti- mental Can reacted 3A points from its 1924 high of 62B established earlier in the session on the announcement that the directors had authorized the issu- ance of additional common stock.
 Extreme recessions of to points also took place in American Can, Bald win, Davison Chemical, Kresge Depart ment Stores, Nash Motors, United Drug. Willys-O s-Overland preferred, American Express and Southern Pacific, but prac- tool llvyo oil do an6o "a Fro, their low prices.
 More than 50 new high quotations for the year were established during the session, the list including Southern Pa cific, Frisco common and preferred, Mis- souri Pacific common and preferred, Katy" preferred, Northern Pacific, Louisville and Nashville, Baltimore and Ohio, American Locomotive, Pullman, Sears, Roebuck, Montgomery Ward, Ra- dio corporation American Smelling and Texas Gulf Sulphur.
 Gas stocks leaped into favor just be- fore the close, Consolidated Gas leading the advance in that group by gaining nearly 2 points to a new high record for the year at 75k. Other individual strong spots included Allied Chemical, American Car and Foundry, Cuba Cane Sugar preferred, General Electric, Cuya- mel Fruit, Goodyear prior preferred, Otis Steel preferred, Pennsylvania Coal,
 
 net gains ranging from to nearly 5 points.
 The weekly steel trade reviews report ed that the outcome of the election had stimulated the demand for steel, pig iron sales assuming large proportions. The only other important trade news during the day was another increase in the wholesale price of gasoline in New York.
 Despite the unusually heavy demand for funds for speculative operations in the stock market, the renewal rate on call money was lowered to 2 per cent, holding at that figure all day. The de- mand for time loans slackened but rates held firm at the top figures reached yesterday. Commercial paper rates were unchanged.
 Reactionary tendencies predominated in the foreign exchange market. De- mand sterling sold off more than cents to around $4.59k and French francs again were quoted below 5.30c. Mod crate recessions also occurred in other European rates.