The Birmingham age-herald., 1924-07-22
NJ ISSUES REACH NEW PRICE LEVELS
Upward Movement :. Of
 Stocks Enters Upon , :..s Sixth Week ,.-...,

NEW YORK, July 21.-The upward
 movement of stock prices today entered upon its sixth consecutive week, with favorable reparations news and west
 ern reports of reviying business acti- ! vity providing the stimulus for the days advance. Trading was on a broad scale, 51 issues, Including 30
 rails and s coppers, establishing new high records for the year. Heavy investment buying of high grade carrier stocks was one of the days features, New York Central, At chison, Union Pacific, Southern Pacific ! Northern Pacific, Great Northern pre- ferred, Rock Island per cent pre- ferred and Atlantic Coast Line, all bet tering their previous top prices of the year.. Speculative buying of low z priced issues sent Erie common and first preferred, Chicago Great. Western and Omaha to new peak prices. Big Four jumped 5 points to new top at 1852. lt
 United States Steel common regain ed the leadership of the standard in. dustrials by moving up two points to 102, new high on the movement. Baldwin, Stakeholder and American Can each gained about point. General Electric touched new top at 250, and then 'eased to 2477s. Revival of acti. vity in Allis Chalmers, which. crossed
 5Sf to a new maximum price. for the year, was the indirect result of the recent buying of stocks of public utii- ity companies which are among. it's
 best customers. -
 Strength of the copper shares was attributed to reports that the surplus } of the red metal is at the lowest point ] in years. the rising trend of metal ! prices and indications of the extensive
 use of silver, an important by-product
 of most copper companies, for coinage
 purposes by European countries. Utah ! led the advance in that group, with a
 net. gain of PA at 75s4, and was close S ly followed by Anaconda, which closed PA points higher at 34%.
 Stewart-Warner climbed nearly 5 H points to 5633, on declaration of a { quarterly dividend of $1 .25. as against the previous payment of $2.5O, Wall street4 apparently having expected d
 sharper reduction. TE. -st s Other outstanding strong spots were
 American Woolen, Air Reduction, Gulf
 States Steel. Loose-Wiles Biscuit, Ma tional Biscuit, Mathieson Alkali, Rem
 ington Typewriter and Transue. and Williams. all up to 5lpOints. New
 highs were recorded by Mack Truck and Famous Players sy.
 Oil issues displayed firm tone,> de- 3 spite the announcement of further rea1- . justments of crude and gasoline prices.
 Cosden, Houston, Skelly, and Shell Union each closed about point higher,
 and a number of others improved frac-
 tionally. T ,..-.-'..-.. <
 Call money continued to rule at 2
 per cent. Time money rates eased
 slightly in the absence of any great
 demand for funds. laans up to 50 days
 being arranged at 21a per cent, with
 most borrowers unwilling to pay more
 than 2A. Longer dates ranged from
 PA to S1a per cent, depending upon
 maturity.
 Foreign exchange rates stiffened, in
 reflection of the progress reported at
 the London conference on, rep2rations. Demand sterling crossed S4:39sand theIr
 eased to around 42gM, and French
 france, ruled slightly higher around 6.161a cents.
 Stock market. averages