The Birmingham age-herald., 1924-03-29
BEAR HAMMERS
 FORCE DECLINES
Average Of 20 Leading In- dustrials Forced To New
 Low For The Year

NEW YORK, March zS.-Prices or industrial stocks continued to yield to- day under persistent bear hammering. : A rally, based on short covering, in- spired by announcement that Corn Products old stock had been placed on S10 annual basis, set in towards the close, but not until the average of 20 leading industrial stocks established new low for the year.
 Rails moved up l to points early on buying influenced by publication of additional favorable February earnings statements, particularly by the north western carriers. These gains were materially reduced or cancelled when heavy selling developed in Norfolk and Western, which sent that stocx from 127 to 122. It closed at 124 for net loss of nearly 2 points.
 New 1924 low records were establish cd by United States Steel common at E 97, American Can at 102, Baldwin at 1l5 and Studebaker at 91h, pat all made . good recovery.
 Corn Products dropped from ITS to 16iA, and then rallied to 1884 on the announcement of the dividend.
 Oil shares moved up with Nsa,ls in the early dealings in further reflection Of another decrease in production, but fell back with the rest of the list in the selling wave soon after the noJn hour.
 One of the few stocks not affected by the late selling was International liar tes..I, which t.cstc at S3 fer net gain of points. South Porto Rican sugar was another to close at a net gain of point or more.
 Ihe early rail advance Was led by Chicago and Northwestern which touched 5 and tncn. fell back to 51A, or 11s above yesterdays .closa.
 Call money opened 4% per cent and then advanced to g., where 1t closed. Time money rates were unchanged, the shorter maturities commanding Az per cent and the longer dates 5. Prime commercial paper was unchanged at X per cent.
 Another sharp gain in Spanish pe- setas to 1880 cents, new high for the year, featured the foreign exchange market. Strength of Spanish exchEnge IS believed due to restrictions imposed by the Spanish government on trading in that currency. Other European rates held firm.
 Total stock sales, ss6 200 shares.
 Twenty industrials averaged ss.s7; net loss .23.
 High, 1924, 1o1.24; low, ss.s7. Twenty railroads averaged S392; net loss, "A.
 High. 1924. s5.sO; low, s2.74.
 FOREIGN EXCHANGES
 NEW YORK, March 28.-Foreign ex- changes irregular; quotations in cents: Great Britain demand, $4.29ss; cables, s4.29H; 60-day bills on banks, $4.27k. France demand, 5.47%; cables, 5.4SA; Italy, 4.33h and ASA; Belgium, 4.80ls and 4.31h; Germany (per triilion), 20; Holland, 3690; Norway. 13.61; Sweden, 26.4s; Denmark, 1887; Switzerland. 17.81; Spain, 1928; Greece, 1.72; Poland, .000012; Czechoslovakia, 2.97k; Jugo- slavia, 1.23k; Austria, .o014A; Ruma- mia, .521s; Argentina, 3362: Brazil, 11.30; Tokio, 42; Montreal, 97H.
 CALL MONEY
 NEW YORK, March. 28.-Call money firm; highs 5; low, Az; ruling rate, 3% closing bid, 5; offered at 5K; last loan, s; call loans against acceptances, Az; time loans steady; mixed collateral, 6o- 90 days, 4h; 4-6 months, 4hQ4% prime commercial paper, h@4%.
 LONDON MONEY
 LONDON, March 28.-Bar silver, 833s pence per ounce. Money, 2A per cent. Discount rates, short bills, per cent; three-months bills, 3 1-16@2M per cent.
 BAR SILVER
 NEW YORK, March 2s.-Bar silver, { e3Sc; Mexican dollars, 45%c.