Show fROTHY i Of gj SM STOCK PRICES I So Much of ofa a Boost Aroused Suspicion of Professional Operators RELAPSE LATE IN THE DAY DAYME SOME ME EXCESSIVE PRICES IN PRE PREVIOUS AVERAGES Nv 0 York Ave Aus 12 The speculation n rt stocks t took 11 sudden excess ot o ac ae act aeI t I ny iy i and nd issued i in a frothy upshot of o oS s today The TIle appearance of these theses s i after as u prolonged an ad adt Hille t IR e as alt had occurred and with prices sJ v high an altitude aroused the sus susi pi p i ii of operators of the professional ux las iII who Alio are keenly kenly alert for th the first M g ni m n ut oi O reaction oa The relapse late In tuc day Jay was wu wa sharp barp The comparative ot of some me Important stocks in n nU tr U tl presence ef of the volatile movements o of others zer around them was suggestive 11 u process oC of distribution going on Lder 1 I cover of the excitement caused LV Ly JV the sensational advance in iA other i Jai 1 The conspicuous character of the he stocks in which the principal rise rille l and their influential standing as ac 1 market leaders served as effective stimulants to the th speculation Ille I lie part played p by br the excessive prie I of oC a few stocks Mocks in the previous erases a n stands stand s out For Instance idt r at Northern preferred sold as high in connection with the Great Northern rth rn ore disbursements and the subscription rights right to new stock That PI Irit ui Re e compares with liP 1 today North i rn n Pacific also sold then at com corn Her tred today Some of o the exhibit similar di ies jes the 1908 1 maximum for i t i opper upper reaching compared with Ii IS I today American Smelter touched TO t in n compared with today and Colorado Fuel 83 U compared with 47 These discrepancies lead load to an n Infer Inference ence on the part of oC some onte observers eren ob that the th present average price level is 18 in reality the absolute highest t in history iut Hut there are examples of ot distortion of ofte the te averages by excesses in prices of particular toeD tocks now also alao For In Instance instance instance stance Union Pacifies cs 04 price com corn compared compared pared with in January of 1946 Southern s with 72 7 and United States Steels 7 76 with 41 4 There was Wt much discussion in the district today over the report that the governors of the stock ex ox hange had admonished one of or the most prominent exchange members in the present market of oC dangerous overes top tep ion and thinning out of or margins The news In la connection with price movements moved away from the tM gen genral ral consideration of conditions conditio com corn common non mon to all n securities and took Up tip deal rumors The Tile y of the Harri Harriman man Pacifies grew rew out of ot a rumor that the th Union Pacific executive ex committee had already moved IDO to advise adva an In Jn rease reas in the dividend distribution of the two companies Reports came from abroad that French houses hOURi would par participate in the coming comin Gould loans loa and andin in n Pennsylvania stock subscriptions The feverish action or ur some ome stocks increased the suspicion of oC the tech technical technical technical I position and prompted to some som i heavy unloading which broke br ke prices ea badly bad Bonds Bond were ere Irregular Total sales par value aluc United States bonds were ore ere unchanged ed on call Stock Quotations Sates Sales Sal Utah ilah Low Close CI Allis AIlis is Chal pfd pU t 16 a K II 54 it AmaL Copper oJO M i 7 T 7 I 1110 5 JJ G 49 1 49 At Amu Amii Seta Beet Sugar 7 47 41 46 li 4 Preferred U W IS 84 Atun Allin C t F FAran 1 LN Aran AnuL Cot Oil OilA 2 TO 1 S 75 3 1 A l H Ii L pfd UI 10 GO O sc J 4 SO 10 Ice lee UN UIt 2 1111 17 I t lynn Linseed Ama mu a 11 rr 17 Arn S I R 24 4 iW 1014 1 IS 11 11 ii 11 Aun Am 11 Sugar R It S 1 1 U mn T oC T I 1 Hl Ut Amp pfd IG HI iU Arnn mn Woolen n m M M 50 i 4 Ana A na a MIn Mb Co CoAchi 51 1 50 f 50 Achi rh on rot n m iso UD MM 1044 At Coast C Coa t Line LIM urn UI 1 14 3 D t 0 O l 13 1 19 il 11 Preferred B D th Sto St 1 35 I Brook Brok Rap flap T MM S1 te It tean Can Cin an Pacific MM Cain leather Jeather MM L V IM Preferred Th M 1 Me 30 C of ot N J I an SIll 4 US I Chrs Chr tc fc Ohio U Chi hl ft k Alton Alt M 0 0 CI 08 0 Chic Gt We West 00 1 3 8 3 C t a N W UK L 30 IN 10 I t C if Jf I It Ie St P i C C C A Ic St t 1 1 BM 90 77 75 S 75 Colo Vo to F I A I 1 urn o 17 47 M Colo fc So Sol a o iii bl So 5 Sost l lilt st t preferred ete eo d 82 K S 82 32 d preferred so i 80 80 Q c eon on Gas Gu 1 1 Corn Com Products Product 1 1 1808 M I 21 I 24 54 Del Hud t 0 D O fc I R G O m 11 51 SI 11 Preferred 4 1 j 18 38 U D t D It 5 so 19 Erie 4 I Lii U mi 37 37 37 1st pretend Z 2 So h 55 24 d i preferred PP XH 41 4 45 46 Gen n 1 1 11 t Nor or 4 I 1 10 I ui or ef iSs cu 17 Si 7 87 Ii IE Central 21 10 14 10 lQ Inter Met let v IM 14 1 14 Preferred IN 06 0 4 47 i I Inter Harvest 0 5 S S SI inter nt Mar far pfd Ml a 23 32 I Inter Paper Pa ft S f 17 Inter Int r Pump Pomp n O 0 40 46 4 Iowa MS 32 32 n 31 K C Southern 2460 2130 2 47 4 47 41 47 m IL 73 Louis Louts a Nash Nuh 10 Us 14 1014 i BA M II MSt Ic St L 14 MO 61 I M II 55 So linn Minn St U P A S Sault ut Ste M X j 1 14 14 lii Mo fo Pacific VI WiIt 17 75 W M lit K h ft Ie T L 1 1 42 Preferred MOO l 4 ii 11 iI 74 H Hi i Nat Biscuit BI t 1 1 JOt I National Lead 6 1 r 9 16 0 Nat X lit R R R of M K 1st preferred 12 11 N S Y T Central lUll 18 IU l 1 NY N Y O 0 a W Wa IUt 61 52 11 Nor or t West OW 01 11 0 North Ama 4 01 a 1 Pacific I Pacific Mail x t KOm KO 11 U U Pennsylvania Peru U m 3 1 1 14 Peoples Gee Gas 11 e JI 11 11 P C C t St L y 20 1118 U 12 U U Pressed S Car a Pun Pull Pat Pal Car II By St II Re ow Kf KIi Steel Sill UM so Preferred JIl 7 Rock rii rad so 2 74 7 St 81 L ft A Saw aa F P FM Pd I M d preferred on saro 57 U It L s 3 W J 0 ri 7 71 1 1 Preferred L 1 II 46 l r rA S S A L I Ia ma 7 1 a 1 i 1 Z Hallway 33 j I ii Preferred 2100 UjO roo 75 74 74 I I Tenn Tex 1 41 h J Pacific MOO 3 OO 36 31 I v E St 1 I 1 W iMo 1111 85 5 54 51 5 5 Preferred Prefer 2000 2010 TW n 71 n 71 nn 71 Union 11 2104 10 Preferred reten d 14 30 1 oJ U S Really Real JOO a 32 a avi L U t S Butter 46 46 4 I U S Swi I 1 IF 78 m 77 7 Preferred 1 1 Utah Copper eo 1 U So V Va Car Chim 1500 61 51 Y Wabash 2100 1118 D 21 u n Preferred 01 S t ii 51 Western Westena Ma X d 8 6 64 West est Electric tOO oo U 18 32 West U Union i 1 76 79 i J 34 14 W a L i K B S 8 S Wis Wi w sm 67 o Sf 67 ST I Total eato ea eaI for fer forthe the day da snares SharN |