The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-25
BEAR OPERATORS
CHECK ADVANCE
Stocks Close Irregular
With Biggest Losses In
Rail Group

NEW YORK, April 24.-Resump.
ton of bear selling, based on the pub
LEGATION of the March report of the
Southern Pacific railroad, showing a
loss Of over one million dollars in net
earnings, checked the upward movement
of prices in today's stock market.
Closing prices presented an irregular
appearance, most of the industrials
closing higher, while losses predomi-
mated in the railroad group.
Short covering, which provided the
main impetus for the early advance,
was inspired, in part, by the wide
spread publicity given to the record
Nbreaking short interest and the passage
of the soldier bonus bill without the
cash payment feature.
Southern Pacific dropped from 905s
to SS1a, closing slightly above that fig
IRE for a net loss of 15s. Analysis of
the March statement revealed that gross
revenues of 500, 500, 532 were the second
highest in the company's history and
only $416,o56 under year ago, the
& sharp decrease in net income being due
to heavier maintenance and equipment
charges. Shares of other northwestern
roads yielded in sympathy, losses of a
point or more being registered by Union
Pacific, Northern Pacific and Great
Northern preferred.
Early strength of the oil shares was
based ON the report of the American
Petroleum Institute showing an aver
age daily decline of q 900 barrels in
the production of crude oil for the
week ended April 10. Nearly dozen
issues in this group advanced point
or more during the forenoon, but the
gains were wiped out or reduced to
fractions in the later trading.
Sugar stocks also showed pronounced
strength in the early trading. but eased
( off later in sympathy with the decline
in commodity prices. Some of the
strong spots in the speciality list were
United States Cast Iron Pipe, United
States Industrial Alcohol, Beechnut
Packing, National Supply, Savage
Arms, and United Fruit, all up l to
332 points.
Steel shares held relatively firm on
reports of active buying of railroad
and building construction material.
The quarterly report of the Bethlehem
steel corporation, which was made
public after the market closed, showed
net income of $4,519,S75, compared
with $3,S1S,442 in the fourth quarter
of last year.
Maxwell Motors A and Pierce-Arrow
& preferred led the recovery in motor
shares.
In the railroad group, the heaviness
of the Pacifics was offset by the
strength of Pere Marquette, which
touched new high for the year at
461a.
Call money opened at per cent,
dropped to 3A and then to 3lA. the
lowest rate since March II. Time
none yand commercial paper markets
were quiet, with no change in rates.
Foreign exchange rates were reac-
tionary. Demand sterling dropped
about cent to around $4.3S and
French francs broke one-third of q cent
to around 6 1-3c. Belgian francs yielded
in sympathy. Trading in the principal
!, European exchanges was rather quiet
most of the necessary requirements of
the short interest before May l appar-
emily having been met.
!, Total stock sales, 659, 200,
! Twenty industrials averaged OLAF !;
y previous day, 9145.
High 1924, 101.24; low, 90.2S.
Twenty railroads averaged S1.41 !;
previous day, S1.67.
High 1924, S6.32; low, S1.00.