The Birmingham age-herald., 1924-04-29
STOCK MARKET
 REACTS SHARPLY
Bears Renew Pressure After Federal Re-
 serve Report

of bear pressure, based on the fed eral reserve boards report of decreased production and sales of basic com modities, brought about a sharp reac- tion in today's stock market, most of the active isspes showing net losses of to ? points at the close. The sharp rally in the closing days of last week had deprived the market of much of it's technical strength, leaving the general list vulnerable to selling pressure.
 U. s. Steel common was singled out for attack in an apparent effort to de- stroy the hopes built up in expectation of favorable developments at tomor- rows dividend meeting, the stock be- ing hammered down nearly points to sS. It snapped back at the close to 30 Is, off 1M. Reports that some steel manufacturers were making price concessions to attract new business also was a contributing influence to the hcaviness of this group. Bethlehem, Republic, Crucible and Gulf States Steel showing net declines of 1 to 5 points.
 Motor shares had another sinking spell on publication of reports showing that sales and earnings of the first quarter this year were running slight ly below the first three months of 1923. Studebaker was hammered to S3 3-S and then rallied to S4 for net loss of IFS. Chandler Motors, Yellow Cab, Stromberg, Mack Truck and Stewart Warner closed to points below Sat urday's closing figures.
 Oils Fail to Respond
 Oils failed to respond to preliminary reports that gasoline consumption on Sunday probably was the largest of any single day on record Pacific, Cosden, Standard Oil of New Jersey, Houston, General Asphalt, and Stand ard Oil of California were among the many stocks in that group to record losses of point or more.
 Textile shares continued to yield on reports of unfavorable trade conditions, American Woolen preferred and Nuns ing Wear established new low records for the year at 97 IS and 5 1-3 respectively. Other outstanding weak spots included American Can, Ameri- can Agricultural Chemical preferred. Dupont, Cuyamel Fruit. National Lead, Fisher Body, Sears Roebuck and U. $. Rubber first preferred, all off ? to 5 points. One of the features of the session was a sharp run up in U. s. Cast Iron Pipe issues just before the close, the common and the pre- ferred establishing new high records at 915s and 91A, respectively, after each had sold as low as SS%.
 Railroad shares held firm despite the publication of relatively poor March earnings by Atchison and New York Central. Norfolk and Western was the chief feature of that group, closing about point higher at 1225s after hay ing changed hands as high us 123%.
 Call Money Holds
 Call money held at 3% per cent. Of. ferings of funds in the time money mar ket was somewhat larger with the re- suit that shorter maturities were avail avle at A per cent, the ruling rate for the longer dates and commercial paper being AZ per cent.
 Foreign exchange rates were slightly reactionary on quiet trading. Demand sterling ruled about half cent lower around $4.3S and French francs held l relatively steady just below G1ac. Ab- sence of recent pressure and scarcity of offerings brought about a 30 point jump in Japanese yen to 39.GO cents.
 Total stock sales, 662, 100.
 Twenty. industrials averaged, 91.S5; 1; previous day, 92.95.
 High 1924, 101 PA; low. 90.2S.
 Twenty railroads averaged, S1.4O: previous day, S1.61.
 High 1924, S6.32; low, S1.OO.