The Birmingham age-herald., 1924-06-18
STOCKS REACH HIGHER GROUND But Advance Is Inter- -rupted By Heavy Profit
 Taking

NEW TURK, June H.-Stock prices resumed their movement to high CT asound at the opening of today's market but the advance was inter- rupted in the late dealings by heavy profit taking and asTenewal of bear selling; closing prices showing curious mixture of gains aiig losses. Though substantial inroads were made into the quoted values of several oils, rub bers, motors and motor accessories, marked independent strength was shown by most of the tobaccos, public utilities and chain store issues.
 Buying of public utilities received its impetus from a federal court de cision holding the local $1 gas law unconstitutional and confiscatory. New 1924 high records were established dur ing the session by consolidated gas, Brooklyn Union Gas, Columbia Gas and Electric, American Water Works common and Brooklyn : Manhattan Transit common, the net gains rang ing from fractions to three points.
 High current earnings formed the basis for the bullish demonstration in chain store issues, Kresgea jumping 15A points to new 1924 high at 3S014 while Woodwork new stock which had advanced 9 point the last eight days added two more today by touching a record top of 104A. Buy ing of the tobaccos was attributed to some of the leaders of the industry and sfo %hat raf iYN were underway for merger of the Schulte and Tobacco Product com panies. t.5p -
 Omission of the dividend on Kelly Springfield six per cent preferred was used by bear traders as an excuse for an attack on rubber shares. Losses in Kelly Springfield issues ranged from moderate fractions on sithe common shares to 31s points on the six per cent preferred, Goodrich, Fiske, U. s. Rub- Der and Goodyear stocks suffered slight fecessions.
 Recent activity in the. rail group subsided, but stocks of the Van Swerin- gen roads manifested conspicious strength. Chesapeake and Ohio and Nickel Plate, both established new high records for the year at Sf and S7, respectively, before dropping back to around yesterdays closing levels. Southern Pacific shares were under ac- emulation, but delay Tn negotiating the lease of the Norfolk and Western to the Pennsylvania railroad caused. a recession of 1a4 points in the former.
 Selling pressure was renewed against the oil shares in the final dealings. Cosden, singled out for attack, yield ed more than point and fractional de- clines took place in Marland, Phillips, Sinclair and Pan American issues.
 Foreign exchanges developed reac- tionary.- trend. French francs were driven down about IS points on selling inspired by Premier Herriott's declara- ton that evacuation of the Ruhr would be deferred until the guarantees pro- vided in the Dawes plan had been set up. Adoption of this policy, it was felt, might possibly delay the early settlement of European difficulties that bankers had been looking for. At the close of the market, francs were selling around 5.35 cents and sterling was fractionallys lower, hoYerins around $4.32.
 A quiet undertone prevailed in the money market. Call funds ruled at per cent all day and rates on time Jonas ranged from for short matur- ities to S% per cent for six months obligation. Commercial paper was ac- tive with most of the business trans- acted at per cent, although some of 4ha lo.& ,,ar,a. Jian,xnufnd a+ QA