The Birmingham age-herald., 1924-12-12
DRIVE BY BULLS CHECKS SELLING IN STOCK MART
Upswing In Values Is Re-
 stunned In Latter Half Of Session

N demonstrations on half dozen special ties. which scared to 9 points in the last hour of trading, checked the selling movement, which has been under way in the stock market for the last two days. Rumors that the local federal reserve board was to increase its re- discount rate, which inspired much Of the recent selling, proved to be ground less, no change being announced at today's meeting of the board, which was held after the market closed.
 The Commercial Solvents and West Pennsylvania Power issues were the sensational performers in the last hour. Commercial Solvents "A" scared g points, the "B" S94 and the "rigts" 4. West Pennsylvania Power common jumped S1a points and the perefrred 315, all to new peak prices for the year. Spirited bidding also took place for May Department stores, which closed points higher at 114, likewise new top.
 U S. Steel common, Baldwin, Amer ican Can and several other standard industrial issues closed fractionally low CT after having been depressed one to points in the wave of selling that swept over the market m teh early aft ernoon. While considerable differences of opinion exists among brokers as to the immediate course of prices, 1t is generally believed that the recent shake out" has eliminated number of weak accounts and materially strengthened the markets technical position.
 Chief interest in the rail group cen tered in the so-called Van Sweringen stocks, which were actively accumu- lated on reports that the deposit of stocks in connection with merger plans had been unusually large and that ear ly ratification of the proposed leases was expected by the Eric railroad. Ches- apeake and Ohio moved up 11A to new maximum quotation at 94&, and Erie second referred crossed 43 to new top on a gain or more than points, while Erie common and first preferred and Nickel Plate" closed point or so higher.
 New Orleans, Texas and Mexico opened points higher on the announce ment that its merger with the Missouri Pacific has been approved by the inter- state commerce commission, the pre- ferred stock of the latter road showing a gain of 1a4 at 701a. Kansas City Southern dropped more than points to 34 and then rallied to 35ia. while Gulf. Mobile and Northern, New York, Ontario and Western and Wabash pre- ferred B. dropped one to two points. Lehigh Valley crossed "A for net gain of 2 points, touching the highest price recorded since the regregation of the coal properties.
 Further selling of the oil shares based on spectacular expectations of large increase in production by the new Texas pools, was accentuated by the tnjunc- tion proceedings drought against the stock exchange by one of it's member firms which has been active in some of these issues, in an effort to prevent threatened disciplinary action. Extreme losses in these issues, which ran from one to three points, were materially re- duced before the close.
 Twenty-three individual issues at tained new peak prices for the year, the list including American Water Works, Postum Cereal, American Car and Foundry, Iron Products and Spicer Manufacturing preferred. Other out standing strong spots included American Sugar, International Combustion Flu gineering, American Type Founders, national Shoe and Utah Securities, up 2 to points. Cluett Peabody broke 4 points and Pierce Arrow preferred, Sears Roebuck, Westinghouse Air Brake, Burns Brothers A., and Ameri- can Sumatra Tobacco 21a to points.
 Call money ne1d at 312 per cent all day. Time and commercial paper rates held firm.
 French franc broke 61a points to 5.31h cents, presumably in reflection of Winston Churchill's warning that Eng land would expect France to begin pay ment on it's debt to Great Britain si- simultaneously with the funding of it's obligations to this country. Other rates showed 9nly nominal changes, demand sterling ruling just above $4.69.