The Birmingham age-herald., 1924-08-05
U. $. STEEL SETS
 RECORD FOR YEAR
Common Stock Reaches no Before Close Of
 Session

NEW YORK, Aug. 4.-Establish-
 inent of new high record for the year by United States Steeil Common at no marked today's stock market, the be- | ginning of the ninth successive week < of rising picres. Sales exceeded the mill E lion share mark for the fifteenth con \ seccutive full session.
 Heavy profit taking which was urged by several commission houses on the theory that the technical condition of the market warranted at least tempo rary reaction, gave the general list an irregular appearance most of the day. Bullish sentiment was encouraged how ever, by favorable trade reports. Sec
 retary Hughes prediction of success for the Dawes plan and the departure from Berlin of the Gemran envoys to the London separations conference. Twenty-one stocks established new high records for the year. They included American Can, Colorado Fuel and Iron, Union Tank Car, American Radiator, United States Cast Iron Pipe, Chino Copper, Schnlte Stores, pAssociated Dry
 Goods, Famous Players, United Fruit, Mack Truck, American International Corporation, Chesapeake and Ohio, Pere Markuette preferred and Pittsburg and West Virginia. Federal Light and Traction dropped one point to 76, the years low.
 Buying of steel common, about 100,- 900 shores of which changed hands, was influenced to some extent by increased sales for pig iron in the local market last week and reports of increased mill
 activity in various steel centers, General Electric was another outstanding fea- tsfre, jumping nearly 1Epoints to 2S1, a. record high for all time, and then clipping back to PIT.
 Speculative interest in the rail group was confined largely to the socalled Van Sweringen stocks. Pittsburg and
 West syirfgiuia sold as Shigh as @ 1-4
 but later reacted two points from its high. s'''.'.sz.
 Oils and motors again came in for considerable speculative attention, Mo- tor truck stocks were astrong on the theory that the revival of prosperity in the agricultural region would stimulate sales. Oils, with few exceptions, showed fractional changes. Revival of activity
 in the Barnsdail issues was based on reports of a substantial reduction in
 funded debt, together with predictions
 that the. net earnings for. the second
 quarter would equal or exceed those of
 the first three months.
 Commercial solvent issues broke about seven points each in further re- flection of closing of the company s plants. The A stock recovered half of its loss and the B closed only point under Saturdays final quotation. Heav- mess cropped out in Atlantic Coast Line, National Lead, Pullman company,
 United Railways investment common; American Agricultural Chemical, Air Reduction and Pan American B, off + 1-2 to 5 points. s. S. Kresge broke 13 points on two sales.
 Call money again ruled at two per cent. A few sixty day time loans. were
 reported at two per cent. q, new low for the year. but other rates held steady. The commercial paper mhfket was quiet with no change in rates. z Strength of sterling exchanges, which advanced two cents to a new 1a24 high at $4.45 5-S was the feature. of the for eign exchange market Other European
 rates hlso improved. s.
 STOCK MARKET AVERAGES.