Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-02-24
TAX BILL REPORTS
HELP LIFT STOCKS
Trade and Business News
Also Strengthen Prices in
Saturday Session.
EVEN OILS DO BETTER
Less Fear Shown Over Inquiry in
Capjtal-French Francs in
l0-Point Rally.
By the Associated Press.

By the Associated Press.
NEW YORK, February 33.-Stccl
prices displayed 4 firm tone in TO
days market with business on a re.
duced scale because Of the absence Of
many traders. who were taking 4
threc-day holiday. Eull.sh sentiment
was created by Washington reports o.
q strengthening Of republican forces
on tie tax bill. the decision Of tn
French chamber OF deputies 20 sup
port the Poincare tax plan and favcr-
able trade and business news.
Strength o4 the oil shares, which
were bid up from the start. indicated
that speculative uneasiness over The
Washington oil investigation was be-
ing aiiayed. Atlantic Refining novel
up AZ points te 1857, and Tide
water advanced TO I4l. while net
gains Of. point or more were re-
corded by General Asphalt, Pure Of
and Pierce Oil preferred, most Of the
others Improving fractionaIly.
Steel shares strong.
Steel shares displayed strong u3!-
dertone in further reflection oE re
ports that the United States Stce,
Corporation was operating at 80 per
cent o. capacity, only per cent be-
low the record, and OF expanding
operations by the Independent
United States Stee! common opened
z higher at 104;4. and moved within.
l. narrow range. closing at the open
ing price. Republic and Bethlehem
steels Improved fractionaNy Otis
Steel preferred moved UP 1ia TO II. =
new top, on speculative expectation
OF an early resumption OF Dividend
and reports that 1923 earnings vii:
show operating profits OF ahou;
t2.lo0.060. az against less OF $1,000.
600 in 1922.
Passing Of the Calumet and Heel
price OF the copper. brought about
some selling OF copper shares Etaa
dropping ! :. points and ADaconda :
So!ne OF the strong spots in the IL
dus trial group we're Baldwin, Dupont
General EieA -it, United states Al
cohoi, Lnitedl States Rubber. Bose
Magnetic and t'uya!nei Fruit. UP ] e
> points.
Southern II ,ilway at New Top.
Strength and activity OF Soutfer..
railway, which established @ reco-o
top for all time 1t +sA, up IL. was
the feature or the trading IN railroad
shares. Other strong spots IN thai
group were Norfolk and Western.
f.aekaxanna, New Orleans, Texas anu
Mexico, Erie second preferred. West
ern Maryland second preferred and
Western. Pacific. all up one 10 tive
points.
Active bu-ing OF French franz
which rallied about 10 points Il
around 4.55 cent? on news OF q,
a ioption OF Premier Poincare's tax
t!on program l." the chamber q!
Ge!s:lties was the feature or tie otht1'.
wisc quiet trading IL the foreign eS-
Grange market. Demand steriing
held fairly steady around S4.3' and
the other European carrenc!es show
Cd only nominal change. ArSenttns
pesos were strong.
Increase I'm Loans.
The weekly clearing house STAG.
ment shows increases OF sis,674. G6n
In loans, discounts and investments:
$3.50. 900 IN cash in own vaults, and
1885,, GOO in time deposits. Net de
,nand deposits dropped sii.160.0oe
and the reserve of member banks liz
the federal reserve bank dropped
s50.4s1. 900. Aggregate reserve total
ed :50s.9sS.060. leaving a deficit If
reserve Of .5.e65,S50.