The Birmingham age-herald., 1924-05-16
STOCK VALUES
 RISE AND FALL Curious Cross Currents Reflect Play Of Oppos-
 ing Forces

NEW YORK, May 15.-Curious cross-currents of prices, reflecting the play of opposing speculative forces, characterized today's dull stock market. Operations for the rise in certain steel, equipment and motor shares were con ducted simultaneously with the bear selling of the merchandising, food and certain speciality issues.
 When the maret opened the average of 20 leading industrial stocks was at the years low level. Good buying support had been provided, however, Tor the pivotal issues which displayed n &rm tone throughout the early trad ing. An attempt to unsettle the gen eral list by applying concentrated sell ing pressure in Baldwin and American Can met with little success, although those two issues were hammered down fo around their previous lows figures before developing strong recuperative power.
 Declaration of increased dividends on the so-called "Walters Roads" monopo- lized speculative interest in the rail group. Atlantic Coast Line, which had been run up to 125% in the early trading, broke five points to 120a fol- lowing the announcement of one ' WdB less than the speculative community had expected. Later in the day Louis vile and Nashville increased its annual rate from $5 to $6, that stock clos ing fractionally higher at 9334, after touching a record 1924 high at 95. Atlantic Coast Line, which owns a majority of the Louisville and Nash vile common stock, closed at 1213s for . net loss of 35s points.
 Other rails were helped by the high CT dividends for these southern roads and an increase of 35,41S in car load lngs for the week ended May 3 over the week before. Chesapeake and Ohio. which was depressed on the failure of the directors to increase the regular S4 rate, showed good recovery.
 Philadelphia and Reading coal and iron continued to be in brisk demand jumping PA points to 501k before pro- fit taking set in which carried it back to Az at the close Other coal stocks shared with it in activity and strength.
 Cosden was hammered down to new 1924 low at 2714 as a result of its poor 1925 report, showing a deficit from operations, but closed the day with a net gain of half a point
 Oil stocks offered good resistance to selling pressure, Standard of New Jer- sey moving up briskly in reflection of an increase of $10,000,000 in last years earnings.
 In attempting to bring out additional liquidation professional operators made the greatest inroads in the specialties. forcing CongOleum, National Enamel ing and Associated Dry Goods down to new lows for the year. Rumors of new financing accompanied selling of Ma tional Enamel. Anaconda copper, selling at 30, reached the lowest level since ,1920, while other shares in this group also lost ground on a reduction in the price of the red metal
 Foreign exchanges again were un- settled. Early selling in London brought about reaction in the price of French francs at the opening of the market but the rate later rallied above 5.S0 cents to within Q few points of yester- days close. Belgian francs fell about IL points to below five cents while sterling was fractionally lower at S4.361a.
 Call money after opening at 31a per cent dropped to per cent, the lowest since March. Time money was unchanged with 90-day loans available nt per cent aud longer accommoda- tions at IA per cent
 Totals stock sales, 561, 300 shares.