The Birmingham age-herald., 1924-02-17
STOCK LETTERS

NEW YORK, Feb. 16.-Yes.sbiays reaction was very professional and rather hysterical. Of course. the oil investigation and Mir. Vanderlip's in- credible speech, and more particularly sthe uncertainty over the Mellon DiIi, have all been factors accomplishing to- ward reaction for some time. fes- volume, and this quickly brought in an amount of selling, which showed that there was a good deal of stock held lightly or very sensitive to the trend of the market.
 Today, a more sensible aspect has prevailed; showing that the market. is intrinsically sound and not likely to have a prolonged reaction unless the Mellon bill gets into real jeopardy. The whole market has been based upon the hope of a sound economic tax re- adjustment, and this Is still its basis, so that the future will depend very largely on how matters progress in this respect in Washington. Sales, 72S, ,200.- Post 6 Flagg to Shannon & Go. NEW YORK. Feb. 16.-overnight news was constructive if anything. I'm provement in Steel bookings continued during the week and United States Steel was bought in large blocks at the open ing. Other steel stocks were also in de- mana. The extreme ucTVOuSucSS HI eVt- dence at last nights close had subsided to some extent, but traders were i'm clined to be bearish at first. Stop orders were caught, and take 1t all in all, the market had 8 thorough cleaning out of weak accounts, with the result that stocks are in strong hands and the tech- nical position greatly improved. As the session progressed the demand for stocks became urgent, especially from the short sellers of yesterday, who real ized that they had overplayed the down side on rumors of prominent operators turning bearish.
 Reports from Washington have been anything but cheerful for buyers of se- .curities, but the impression Is gaining ground that less attention will be paid to scandal and more thought given to business conditions, and that sound stocks will continue to show improve ment regardless of market trends. On the other hand, there are many stocks that have not commenced to register their true values. The market should, therefore, continue to. be more or Jess of a selective one for some time to come. -Fenner 6 Beane to Kahn & Virgin. COFFEE FUTURES
 NEW YORK; Feb. 16.-There was further liquidation in the market for coffee futures today, and first prices
  cline was not accompanied. by any in- dication of weakness in Brazil or in the local spot situation, however, and after selling off to 12.80c for May and 12.S2c for September. the market rallied several points from the lowest on coy ering, or fresh buying. The close showed net decline of 14 to 20 points. Sales were estimated at 43,000 bags: March, 1S.20c; May, 12.9se; July, 12,66c; Sep. tember, 12.47c; October, 12.42c; Decen~ Der, 12.31c.
 Spot coffee firm: Rio Is. 141sc: Santos As, 1874 0lS%c. No fresh offers were re- ported in the cost and freight market. The official cables showed an advance of 1-32 in Rio exchange on London, with decline of 30 reis in the dollar buying rate. The Rio market was un- changed to 125 refs lower and Santos unchanged to 425 reis lower. Brazilian port receipts, 47,000; Jundiahy receipts, 22, 900,