The Birmingham age-herald., 1924-03-06
STEEL SHARES SHOW ACTIVITY Oil Stocks Respond To Statisti- cal Position Of
 
 Industry


 NEW YORK, March 5. - Extensive short covering by professional specula- tors brought about moderate rally in the latter part of today's stock market after an early period of irregularity. Late buying apparently was inspired by the regular dividend onTNorthern Pacific and the optimistic tone of steel trade reviewed.
 Oil shares were beginning to respond to the statistical position of the indus try. Pacific Oil and Pan-American A led the rally, each closing 2h net higher. Net gains of 1 to 2h points were registered by Pan-American B, Maracaibo, Cosden, Sinclair, Associated and Phillips Petroleum. Atlantic Refin- ing, which had been heavy in the early trading, moved up from 123ss to 129, where it was up 3ls points on the day. Tidewater closed 32s higher at 1417s.
 fulfilled Orders Up
 Steel shares were bought on reports that present conditions point to. sus- and preliminary unofficial estimates of another increase of between 125, 1000 and 175.000 tons in the untitled orders of the United States Steel Corporation. Net gains in this group, however, were linn ited to fractions. Activity of Otis Steel an early resumption of dividends on the preferred stock. United States Steel common closed a half higher at 103Ss.
 Bear traders continued to single out weak spots and succeeded in uncover ing a number of them in the leather, chemical, silk and rubber shares. New low records for the year were estab- ltshed by nearly dozen issues, includ- ing lly-Springfield, Central Leather common and preferred, United Drug, American Agricultural common and preferred, and Julius Kayser common and preferred. The extreme breaks in these issues ranged from to points, but most of them closed above their low figures of the day.
 Wall Streets reception to the new Westinghouse stock offering and 10 per cent stock dividend was somewhat of a surprise, the stock climbing from 60A to 63ss and then falling back to 61st on large volume of profit taking General Electric improved in sympathy.
 Fluctuations of other industrials failed to attract much attention, all though Kresge jumped points on a small turnover. and Tobacco Products preferred moved up to within 1% of the redemption price of 120.
 St. Paul Issues Strong
 Trading in the railroad shares was featured by the strength and activity of the St. Paul issues, which apparently was based on reports that bankers had arranged to take care of the heavy ma | provement in Northern Pacific, which climbed more than, one point to 51. Weakness of Delaware and Hudson, which established a new 1924 low at 104l9, was attributed to unconfirmed rumors that the annual statement, soon to be published, would show that the cost of fighting the shopmen's strike had made severe inroads into the roads earnings last year.
 Call money was held at A per cent all Aday. The amount of new time money coming into the market was rather linn tied, with brokers showing little dispo- sition No pay more than "A per cent for the shorter maturities. New commercial paper is readily absorbed at the present rates of (4st to 5 per cent.
 Trading in the. foreign exchanges was rather quiet. Demand. sterling held fairly steady around $4.29%, and French francs we're slightly easier around 4os cents. 80 tp 6o-day deliveries, however, being quoted at cents and less
 Total stack sales, 675,7o0 shares.
 TWtSS@ss iustrials averaged 97.97; net gain, IS.
 High, 1924, 101.24; low, 94sS.
 Twenty railroads averaged S3.62; net gain. .15.
 High. 1924, s5.so; low, ss.47.