The Birmingham age-herald., 1924-06-03
STOCK PRICES
 SHOW UPTURN
Vote Of House To Ad-
 journ Causes Stimula- ,:,.. 2. @ ti0n On Exchange

iasssfNEW YORK, June 2.-Stock prices today drifted within narrow limits un- LII the final few minutes of trading when the vote of House representa- lives to adjourn Congress at the end of this week furnished the basis for brisk upturn in the market leaders. With speculative interest at low ebb, 4total transactions shrunk to the small est volume of the year, barely exceed ling 300.000 shares.
 Predictions by the federal reserve l board in its review for May of an aearly turn for the better in the busi- mess situation gave firm undertone to fthe market despite narrow price fluc- tuations. The inactivity which follow Sed resumption of trading after a triple holiday, however. indicated that com sn1ittments either way would be re- stricted pending further political de- Developments.
 \ Action of the foreign exchanges 1commanded more interest than usual in financial circles in view of apathe- sstic stock trading. The unsettled French political situation and reported dissen- spsion among the leaders on the terms s.of the $100, 0,000,000 Morgan credit caused an abrupt decline of 26 points in the price of francs to below cents shortly after the market opened. The rate re- bounded sharply, however, when the French government issued an official communique upholding the operation and Edouard Herriot, potential pre- mier, denied making any attack on the bankers who. aided France. At the close of the day the currency had re- covered virtually all of It's early loss. Sterling, after an early decline, moved fractionally higher to around $4.31 3-4. l Railroads and public utilities dis played the most consistent strength throughout the days sluggish trading. Norfolk and Southern reached the sIyeafis best level at 16 on reports of, a possible segregation of it's lumber prop critics and publication on a favorable Searnings statement. ' Pittsburg and West Virginia preferred also reached the years highest price at 97. 8-4 and investment buying buoyed up other high-grade rail issues, including Ca nadian Pacific, which advanced 2 points. North American and Public Service of New Jersey established new 1924 top prices. at 26 1-4 and AS, re- spectively.
 Pivotal shares, including Baldwin, American Can and Stakeholder wavered uncertainty until the last minute spurt when scattered short covering carried prices above the previous close. Gains v of point or so, were registered by Baldwin, American Wooden, American Locomotive and Colorado Fuel. Re- public Steel,L however, established a new low for the year at 42 3-4
 Selling was effective in a number Oh <AttdhtlC nc- fining, Royal Dutch and Phillips Petroleums Middle States Oil was sub jected to heavy selling pressure on the filing of receivership proceedings and dropped to the lowest, level of the year at 2 5-s.
 Price movements in the entire group, however, were conflicting with Pan American isues, Superior and Sinclair registering moderate improvement.
 Money continued in plentiful supply. Call funds were quoted at 8 per cent aff day and few time loans were ar- ranged at rates of 4 and 1-4 per cent, Commercial paper discounts ranged sfrom Az per cent to 4 per cent for prime names.