The Birmingham age-herald., 1924-06-17
STOCKS KEEP ON
 MOVING UPWARD
New High Records Reach
 = ed By Two Score
 Of Issues

NEW: YORK, June 16.-The up- ward movement of stock prices en- tered upon it's second week today with new leaders being brought forward as some of the old favofites began to lag on profit taking. New high records for the year were established by near ly two score stocks, the largest number in any single session since the present advance began.
 Strength of the oil shares in the face of cut of 25 cents in Corning crude and rumors of further. reductions in the Montana and Wyoming grades, was one of the features of the session. Buying of these shares undoubtedly received its stimulus from reports that Oklahoma producers had taken steps to limit production in that territory in order to stabilize the market Better weather with, a resultant increase in gasoline consumption also was . factor. Net gains of point or more were registered by the Pan-American issues, Maryland, Houston. Cosden, General Asphalt, Pa cific and few others.
 Motors also showed signs of strength for. the first time since the current ad- vance began, Maxwell A, assuming leadership of that group with gain of more than 2 points. Maxwell B, Stii,le- baker and Willys Overland preferred >also gained a point or more.
 Public utilities continued to reflect q heavy investment demand, Consolidated Gas moving 1 E points to another new high record for the year at 6912. The American Water Works issues, Go lumbia Gas, United Railway preferred and the local fractions also showed good gains. United States Steel common, Baldwin and American Can improved fractionally, being held back by profit taking.
 General Electric Swas again the. out standing strong spot in the specially list, soaring nearly [ points 10 a new peak price for the year at 235A and then slipping back to 233Ha, the days transaction exceeding 10000 shares. American Bank Note jumped 10 to Il new top on small turnover. Revival of activity in United States Distri5ut- ing common, which sold at a new 1924 top follows the recent Initiation of divi- dends on the preferred Chain stores stocks again were in favor on reports of high current earnings. Woolworth, new stock, jumping more than 6 points to its record top of 1051a, a gain of 22 points in eight days, while Kresge closed z points higher at 365. May de- pertinent stores also showed marked strength.
 Activity in the rails quieted down, although some new high records were established by the low priced carriers. The devision of the Union Pacific to spend nearly $30,000 for maintenance this year was widely regarded as con. structive factor. The Rock Island is sues and Lackawanna lost ground On realizing sales.
 Call money remained Unchanged at per cent The time money market was quiet with rates ranging from 5 tu 3% per cent, depending upon ma- turity. Commercial paper was fairly active with some of the best names Gis- counting at 3A per cent. A''
 Strength of French francs, which again advanced. above 5112 cents, was the feature of the firm foreign exchange market. Demand sterling ruled slight Sy above $4.32 Italian lire softened slightly in reflection of -disturbiAg po- itical developments, but other rates ahowed only nominal changes.
 Stock market averages: "