The Birmingham age-herald., 1924-03-14
TRADING HSTILL
 ON LIGHT SCALE
Several Factors Contribute To Marked Improvement In
 Speculative Sentiment

NEW YORK, March 13.-For the first time in nearly month stock prices today developed definite upward trend, although trading was still on a somewhat restricted scale.
 Several factors contributed to the marked improvement in speculative sem timent, including the overnight an- nouncement that American bankers $100, 100000 to the account of the Bank of France in order to assist the French government in stabiiizing It's currency. the inauguration of dividends on Southern Railway common stock, easier money rates and a continuation of favorable trade reports.
 Transactions in Southern Railway common exceeded 100000 shares and comprised more than one-eighth of the days total sales, the stock climbing nearly points, to 55, a new high record for all time. It closed a point below the top figure. Other railroad shares advanced in sympathy, notably Wabash preferred "A," Frisco pre- ferred, St. Louis, Southwestern and Lackawanna, all of which closed a point or so higher.
 Standard industrials, such as United States Steel common, Baldwin. Ameri- can Can and Studebaker. which have been moving within extremely narrow limits, were accorded good support and closed at net gain of to 11a points.
 
 to the high-priced specialties. Fisher Body jumped 51s points. to 215. new 1924 high, while Woolworth established a new maximum for all time at 332% and then dropped back to 330, where it was up 1% on the day. General Elec- trio closed nearly z points higher, at 21s%; Dupont advanced nearly points. to 133N, closing slightly below the top, and United Fruit moved up 3 points. to 194.
 Bear traders made an unsuccessful attempt to depress the general list by disturbing substantial selling orders among the standard industrials to be executed on the announcement of the Southern Railroad dividend. These were we'll absorbed, however, and op- erations on the short side in these is sues were quickly abandoned.
 Sales of raw silk at a new low price for the year, due in part to the weak ness of Japanese exchange, had a de- pressing effect on the so-called silk shares, Mallinson common and pre- ferred and Julius Kaiser each dropping a point or more. Sugar shares i'm proved in sympathy with the more ac- tive market for the raw product. I'm pressive strength also was shown by Colorado Fuel, International Harvester, Corn Products, National Dairy Prod all up IF points or more.
 Wall street interpreted the granting of the French loan to mean that of- ficial assurances had been received that the Dawes reparations report would be acceptable to both France and Ger many. Indications that huge sums are available here for investment and com lnercial purposes were seen in the wide spread inquiries by banks for partici- patton in the French credit, applica- lions for which were materially sealed down.
 Call money held at 4 per cent all day, some "outside loans" being report ed below that figure. Time money and commercial paper markets continued quiet, with no change in rates.
 The sharp recovery in the French franc, based on the French loan, and the sharp contraction in note circula- tion featured the foreign exchange mar ket. With the exception of the Japa- nese yen, which again reacted sharply, most of the other rates showed mod crate improvement.
 Total stock sales,, 671 400 shares.
 Twenty industrials averaged 98.46; net gain, .65.
 High, 1924, 101.24; low, 94.ss
 Twenty railroads averaged s4.16; net gain, .34.
 High, 1924, s590; low, S2.74.