The Birmingham age-herald., 1924-07-24
STOCKS IMPEDED BY PROFIT TAKING
Over 40 Issues,, Led By Rails, Reach New High
 Levels a' :.

NEW YORK, July g. = Heavy |sprofit taking sales impeded, but failed
 to halt the upward movement of prices Ein today's stock market, which was |featured by the revival of speculative |interest in the public utility shares. More than 40 stocks, half of them rails, ssoared to new high levels for the year. |Total sales exceeded the million share
 mark for the seventh consecutive full
 session. .se
 Some irregularity developed at the Opening when selling broke out in the steel shares as a result of the federal trade commissions decision against the
 "Pittsburg-p price system of the Limited Steel corporation. These shares Hstiffened later when the weekly steel |strade reviews appeared and reported an improved demand for steel products
 from the selling centers, but they sag Eged again in the realizing movement at Ethe close.
 IA United States Steel common opened lower at 101 3-S, advanced to E102 IS and then fell back to 101 IA |sat the close. United States Steel pre-
 ferred touched a new 1924 top at 123.
 1ndependent steels showed little change
 pn the day. ,G
 N A bullish demonstration in the pulp aic utility issues was featured by an |'eight-point jump in American Water
 Works common to 30. West Penn Power advanced points and American
 Water Works per cent preferred,
 three. Laclede Gas and Public Service 3of New Jersey, 8 per cent preferred httained new peak prices for sthe year. | A sharp advance in wheat and corn prices brought fresh buying into the western railroad shares, new high rec
 prds being established by Atchison, k Union Pacific, Northern Pacific, South ern Pacific, Great Northern preferred, Illinois Central, Nickel Plate, pre-
 ferred and the three Pere Marquette
 issues. All three Erie issdes sold. at
 their highest prices since 1917, the
 common touching B and then casing
 to 32 1-2, up II Is.
 Strength of the Pan-American issues,
 bach of which closed about three points higher. was based on reports that the
 company would take prominent part
 n merger of several big independent |pil concerns. Tidewater Oil climbed nearly points. Standard Plate Glass moved up two
 points to g in reflection of reports
 pf high current earnings. Other indi-
 idual strong spots included Union Tank Gar, American Bank Note, American
 Locomotive, American Tobacco pre-
 ferred and Famous Players, all at
 hew high levels for the year. -. American Express, Jewel Tea pre-
 ferred, Peoples Gas, Railway Steel Spring and United. Railways investment prefrered closed at net gains of two
 b nearly four points. f Realizing sales were particularly eff Eective in Utah Copper, Magma Cop
 per, General Electric, Savage Arms,
 Texas Gulf Sulphur, New York, Onta-
 'io and Western and Interborough Rapid Transit, all off a point or more. Call money again ruled at 2 per cent. lime money and commercial paper rates .ere unchanged with business in small 9lume. No change in the discount Fate was announced after today's meet ng of the governors of the local fed ral reserve bc cnk &4 s,=-----.>e...7s, .s,, 9 Foreign exchange rates reacted sharp- Tn. what appeared to be profit tak- ng by European speculat, IS. Demand
 terling dropped nearly two cents to
 39 1-2 and French francs ruled nearly len points lower at 512 cents. Other
 occasions in European rates were rel htively small. Gknaly NEaml.<A