The Birmingham age-herald., 1924-03-20
STOCKS DEVELOP
 STRONGER TONE
Gains Exceed Losses At Close; Longs Aided By
 Plethora Of Funds

st NEW YORK, MATCH IS.-otoCh PAiSoS developed stronger resistance in today's market, the irregular fluctuations in ahe general list reacting the readjust- ment of speculative accounts. Gains exceeded losses at the close. Opera tons on the long side, while aggres- dive only in limited number Of issues, were aided by the plethora or 1unds available for stock market purposes. Call money opened at 3h and then dropped to per cent, the lowest rate since August IS, 1922, with loans ob- tainable, in linliteed quantities, in the '.outside market" as low as 2A per cent z Continuation of the short covering movement, which began in Tuesdays late trading, gave opening prices a firm tone. When the shorts discovered, however, that in many cases they were bidding up prices on themselves, they renewed their selling pressure, concen- trating on the motor, independent steel and shipping shares, several of which broke 1 to points to their lowest prices of the year.
 Studebaker, one of the favorite bear targets was hammered down 2A points to 95A, another new 1924 low, closing at the bottom. Crucible was drepressed nearly points to 56, a new minimum, and then rallied 1A points. Chandler touched a new low at 53h, closing slightly above that figure for a net loss of 1h points. American Interna- uonal Corporation was offered freely, on publication of the annual report, showing another large deficit, the stock Hitting . new bottom at 17as and then snapping back one point: Marine pre- ferred yielded in sympathy.
 Shorts in American Can apparently were badly punishedy that stock soar ing 6h points above yesterdays low to 119B and then slipping back to 117A for net gain of 3A, the days hot frner rrrnlI 100000 shares. United States Cast Iron Pipe was another stock in which shorts had an uncomfortable time covering their committements, the stock touch ing S0% and then easing up to 79h, up four on the day. United States Steel common closed A lower at 1O0B and Baldwin showed net gain of % at l21M.
 oil stocks were firm on publication of a statement by President Teagle of the Standard oil company of New Jer- sey that the supply and demand for oil would meet at the end of this month ors early in April instead of May or June as indicated by the government figures of last November. Publication of a report that new business of the General Electric company had exceeded $55,000, 900 in the last ten weeks brought fresh buying into that stock, which touched 231, a new high since 1902.
 Chief interest in the railroad group Centered in the accumulation or Norrolk and Western, which was run up nearly points to 129%, the highest since 1917, on the appointment of a committee of Pennsylvania Railroad directors to con- slider its lease by that road. Marked strength also developed in the Frisco issues, New Orleans, Texas and Mexico, Wabash common and preferred "A" and St. Louis Southwestern, most of which sold at their highest prices of the year.
 Time money rates softened in sym pathy with the lowering of the call rate. Time money for 80 days is four per cent bid and A offered, with trad Ing being done at the higher figure. Two to four months money is A per Ncent bid and Az offered with the bulk of the business at Az per cent for ninety days. Commercial paper rates remain unchanged, prime names com manding A per cent.
 Except for q brisk rally in Dutch guilders, foreign exchange rates held relatively steady with demand sterling being quoted around $4.29 and French francs around 5.07 cents.
 Total stock sales 1,037, 900 shares.
 Twenty industrials averaged 97.S5; net gain, .52.
 High, 1924; 1o1. .25; low, s4.ss.
 Twenty railroads averaged s4.31; net
 High. is25:. s5.so; low. s2.74.