The Birmingham age-herald., 1924-01-12
5 ,,WDUSTRIALS TAKE LEAD INV ADVANCE

NEW YORK, Jan. 11.-Encouraged @asfJ " the decision of the House re- Ss ,publicans to take early action on the ~, tax reduction bill. professional op ~ Srators resumed their campaign for ss@oS saan htsher prices in today's stock mar soeeket. the fifth consecutive million sns1 share session. Industrials regained usl leadership of the upward movement. < sas sHeavy profit taking took place in 090 ethe railroad shares, particularly the gsSolow priced issues. on the circulation 4sa of, reports that Senator Smith, newly sGl elected chairman of the Senate com sssa mittee on interstate commerce, fa- .xs vored prompt action to lower freight
 rates. particularly on agriculture.
 An abundance of cheap money, s,sa which resulted in call funds falling ytes below f per cent for the first time sfAF since last September. also aided op- 9s9erations, for the rise. Time money -gr and commercial paper were quoted at saHnr4& to , per cent.
 Fte Se Food. chemical merchandising. oil, "etf motor and motor accessory issues VEG gave the best demonstrations of
 group strength. Some of the out -.ftsstanding strong spots were Atlantic
 Refining, Tidewater oil. Marland. !. .ass Stewart Warner Speedometer, Strom
 j.erg Carburetor. American Can, Gen oss sesal Asphalt; Willys-overland ore
 ferred, Otis Elevator and Sears Roe hes slnck, the net gains ranging from
 2it to points.
 .s.s Steel shares moved within narrow E. and irregular limits Steel common '5ass again crossed par but fell back later
 to 99a,. where it was up 1s on the day. Considerable interest was
 aroused by the report that the float, sf inS supply of this stock in brokers ssoa ta nds on December 3f was 1.o4S.3tS s.s1 shares, or 20.62 per cent. a new low .,-',, record. A. the end of 1922 the total s a stock held by brokers was l,3S5,S6i ' shares of 26.2S per cent of the amount s s9tstandins.
 ssri'.sAA temporary burst ot strength ill the equipment group sent Baldwin s, up to 127's but it s ppcd back later ss sto l.Gsi for a small fractional gan . - ror ;he day. General Electric duph- ,.,.ated it's record prtr" Of 2oo!2, clos X -Ai is7.i slis;ht,y below that figure for
 rot .nin Of 2as. O:l shares contin-
 ncdl tn re!iect the improvement in ~ that industry as' indicated by ."97 '$feady reduction in crude output anh
 hGhar comm odity prices.
 ... Sporadic attempts were made dur .1se' in.s tn. day by the short interests tc' urscttla theN list by offering
 .:lsocks freely on the theory that the Condition of the market warranted E sf least D technical reaction, but Fys,% Haey failed to make much headWay cTcert in n few issues like Amer-
 can Wooden. Tobacco Products. lroA ses.Products and American Sumatra io- Sabaceo. all of which declined point
 or so.
 Net losses in tho railroad group A..SSere. as rule, limited to fractions. ss Establishment of another new IoM was the feature Of the foreign ex-
 change market. Demand sterling eased about 1ac to 4.27ia. Sharp re- cessions took place in the far east
 crn rates in reflections of the fur
 t6er drop in silver prices in the
 local and London markets.
 Total stock sales, 1.110,200 shares. Twenty industrials averaged 97.47;
 net gain. .a7; high, 1923, 1o5.2S; low
 S5.76. OF Io.
 net loss, .22; high, 1928, 9o.51; low
 T9.53.