The Birmingham age-herald., 1924-07-10
WALL STREET BRIEFS

week and the absence Of buying nave left the trade without indication of any new tendency Iron Age says. "It was expected that, with this nid-year clos ing of mills, some business would ac-. cumulate; but, in the absence of re- ports of addition. capacity starting up, there is no reason as yet to look for larger output in July than that of June,"
 Pig iron is now $1s2s, the lowest point in more than two years, the Iron Age composite price having fallen from S1s.Ss last week. It was $26.04 one year ago. 4 Finished. steel remains at 2.5s9c per pound, the Iron Age composite price showing no change from last week. One year ago the figure was 27ssc.
 Ruuors of another steel merger have reached Wall street linking Republic Iron and Steel with Gulf States. Roth companies have interests in the south. Reports of negotiations acted favorably on the stock market trading, both ts- sues advancing point or more. At- though official confirmation is lacking, steel statisticians are of the opinion
 
 bring production economies.
 Southern Railways new high price for all times of 66 yesterday wasg accom- panied by rumors of an increase in the annual dividend rates to $6, which were discouraged by bankers, however, on the probability that earnings this year would be smaller than the $10 share earned in 1928, Although 1924 business has not equal1ed last years, the roads earnings in the first five months of 1924 and it's equity in the ,undisfributed earn inRs of its subsidiaries amounted to $4.93 9 share on the common stock almost the annual requirement. for the common dividends. 4-
 Food issues gained added impetus in the stock market today on publication of National Biscuits quarterly report showing increased profits of about S600,000, compared with the correspond ing period last year. Strength also was displayed by Postum Cereal and Park & Tilford, 1t having been rumored that the latter company planned early re- tirement of it's funded debt. Food products companies usually enjoy their best business in the second and third quarters, due to larger consumption.
 American Sugar Refining directors to-
 
 thereby tnullifying forecasts of what would happen when they met to con- slider it Heavy liquidation in sugar preferred in the past few months had been accompanied by statements that the rate would probably be slashed or omitted.
 Representatives of various associa- tions ip the petroleum industry had been meeting this week in New York for the purpose of finding ways and means to rectify, If possible, some of the ills now prevalent among the producers. One suggestion pointed to the possi- bility of an advertising campaign of rather large proportions.
 A banking group ise offering for pub lie subscriptton, 1,34S, 800 shares of capi- tai stock of the Pierce Petroleum cor poration at $T a share. The corpora tion was recently formed to acquire the assets ana business of the Pierce oil corporation.
 lower, 1sc. Other produce was un- changed. ,
 ST. LOUIS. July s.-Butter, lOc.
 Eggs, 25c.
 Poultry was unchanged.
 RAW SILK
 NEW YORK, July s.-Raw silk, easy; prices per pound: Kansai double extra cracks, $5.50@6.60; Kansai best No. 1, $515@5.25. .,
 METAL. MARKET
 NEW YORK, July Stopper, easy; electrolytic, spot and futures, 12kc.
 Iron, steady; No. southern, $2o.
 Lead. steady; spot, ST. ..
 STEEL MARKET
 NEW YORK, July 9.-Steel prices were unchanged. -'.-.
 FLOUR MARKET
 MINNEAPOLIS, July 9.-Flour, un- changed shipments, s4,1s9 barrels.
 Bran, $21@22.
 FLAX MARKET
 DULUTH, Minn., July 9,-Flax closed: July. $2.s5%; September. $215h, and