The Birmingham age-herald., 1924-12-02
.PR0FIT.TAKING
 CHECKS STOCKS
Bulls Lift 81 Stocks To t.s New High Prices < For Year

NEW YORK, Dec. IA heavy wave of profit taking just before the close of today's stock market checked the upward movement of prices, which to- day entered upon its fifth consecutive week. Closing quotations revealed a curious mixture of gains and losses with the latter predominating. Bullish operations during the early part of the session lifted S1 stocks to new high prices for the year.
 Trade news was decidedly mixed in character. Favorable items included the establishment of a new high record for the year by zinc prices, reports of in creased operations in the steel and mo- tor industry, announcement of higher copper, gasoline and naptha prices axr.u an increase in the coal output. Adverse items included publication of an in creased European beet sugar crop esti- mate, an increase in the southern Cali fornia oil output and announcement of a cut in automobile prices by one of the large manufacturers, a reduction in the quarterly dividend on Stromberg Car buretor from $2 to $150 and higher money rates.
 Profit taking was particularly effec- tive in the pivotal issues, and rails, losses of 1 to 3la points being recorded by United States Steel common, which
  United States Cast Iron Pipe, Amer ican Locomotive, American Sugar Re- fining, Anaconda Copper. Bethlehem Steel, Canadian Pacific, Rock Island, Consolidated Gas, General Motors, Mack Truck Marland Oil, Seaboard Air Line preferred, Standard oil of California, Stromberg Carburetor, Texas Gulf Sul- phur and United States Rubber.
 Chief interest in the motor group cen in he Cfr nexfh AH t,k, advanced 37s points to a new 1924 high at 457sc, selling above Studebaker for the first time. Accumulation of this issue was based on reports of record breaking earnings. Studebaker, Gen eral Motors and Hudson also attained new peak prices, but they were unable to maintain all their gains.
 Several strong spots developed. in the railroad group. Kansas City Southern was bid up more than points to 39l4 was up IA on the day. Baltimore and Ohio scored an extreme gain of more than 3 points at 74as, also a new top. Other to better their previous maxi mum prices were Atchison, Union Pa ctfic. Frisco common, Katy" common and preferred and Southern railway pre- ferred. Bullish demonstrations con- tfnued throughout the day in number of public utilities and specialties. Amer tcau Water Works scared nearly 13 points to 140, a record and then eased to 1883, while the new stock touched a new peak price at 2sA, Iron Products preferred jumped more than 10 points to 110 and the common climbed 51a to 69. United States Realty common closed 5 points higher at 124 but the preferred showed a net of 2A at 116A.
 Among the many other issues to sell at new high prices were W. R. Mallin- son, Marine common and preferred, Fa- nous Players common and preferred, American Smelling, Kennecott Copper and Simmons company, the last named moving up in reflection of an increase of the dividend.
 Foreign exchanges displayed a firm tone. Demand sterling ruled nearly 1hc higher, around $4.63A and French francs advanced Az points to 5,44kc.
 Call money renewed at per cent and then advanced to 3h in reflection of the heavy demand for funds incidental to first of the month operations. Time money rates were slightly firmer, the bulk of the business being done at 3h ger acnt, which also was the ruling rate for prime commercial paper.
 Stock market averages: