The Birmingham age-herald., 1924-06-28
STOCK VALUES
 CONTINUE RISE Two Dozen Issues Sell At
 New Peak Prices lg For Year

NEW YORK, June 27.-Stock prices continued to seek higher levels today despite profit-taking in the standard shares, which reached sufficient propor- tions in the late trading to give closing quotations an irregular appearance. Trading was again on comprehensive scale, with more than two dozen issues selling at new peak prices for the year and total sales falling about 125,000 shares short of the million mark.
 Buoyancy of the chain store and merchandising issues was one of the outstanding developments of the ses- sion. Kresge was the individual fea- ture, the old stock jumping 15 points | to 415 and the new stock soaring nine points to 5S1a, while Sears -Roebuck, Hartman Corporation and Gimbel Brothers closed one to two points higher.
 United States Steel common crossed par for the first time in six weeks, de- spite widely published reports that op- erations of the corporate plants were only about 50 per cent of capacity and those of the independents at about 40 per cent, but it cancelled it's gain in the late realizing and closed un- changed at 99%. American. Can dropped to 109% and then rallied to 112N, a new high on the movement and net gain of two points. Baldwin closed slightly higher at S114A and Studebaker showed nominal loss at 33A.
 The continued rise in railroad shares was construed as reflecting not only a large investment demand, but the withdrawal of large blocks of stocks from the market with a resultant de- crease in floating supply. Among the carriers to sell at the best prices. of the year were the Union Pacific, Northern Pacific, Nickle Plate, Lehigh Valley and Chicago and Northwestern pre- ferred, yielding moderately on profit taking.
 Bullish demonstrations were not con- fined to any one group, but included such a widely diversified list ass Saw age Arms, American Express, Inter- national Harvester, Brooklyn Union Gas, General Electric, .Schulte Stores, Interborough Rapid Transit and Burns Brothers Coal, all of which attained new 1924 top prices.
 Trade news again was colorless in character, the weekly mercantile re- views reporting little change in the gem eral business situation. However, with 1nQ1CdL1OlS or continuance Ol edSy money rates for some time to come and a growing belief that a change for the better is some of the basic industries was not far off, spectators for the advance did not find it difficult to at tract following.
 Call money continued to rule at per cent, although loans as low as IF ! were reported in the outside market. Time money showed signs of weaken ing with borrowers being unwilling to bid over 21a per cent for loans up to two months and few liens were re- corded at that figure. although the bulk of the shorter maturities moved at PA. Prime commercial paper ruled at SA per cent.
 Foreign exchange rates turned re- actionary after quiet and steady open ing. The weakness originated in Lon don and soon spread to this market, demand sterling falling more than cent to around 432 and French francs ruling just above 5H cents. Brazilian exchange showed independent strength. Stock market averages