The Birmingham age-herald., 1924-12-24
CROSS CURRENTS
 MARK ACTIVITIES
 IN STOCK MART
Prices Eventually Drift Lower Under Weight
 Of Profit Taking

NEW YORK, Dec. 23.-Curious cross currents of prices characterized today's market, which eventually drift ed lower under the weight of Christmas profit talking and the extensive re- adjustment of speculative accounts. Much of the selling was inspired oy the marking up of the call money rate to 5 per cent, the highest since last April.
 The unexpected declaration of divi- dend by the Anaconda Copper company brought fresh buying into the copper shares which, with Pullman, the Max well and Jordan Motor issues and a few specialties, presented the only points of consistent strength. New 1924 highs were established in the early trading, however. by Atchison, New York Air Brake, American Locomotive American Car and Foundry, Magma Conner. American smelting preferred. Texas Gulf Sulphur and Continental ln- surance.
 American Can broke more than 4 points in reflection of speculative ols- apointment over the failure of the dlrec- tors to make a more generous dlstrlpu- tion to stockholders, the regular quar- terly dividend of $1.25 and an extra or
 
 Omission of the common dividend on Pittsburg Coal was followed by de- cline of points in that stock, halr or which was later recovered. New fork' Ontario and Western responded to the resumption of dividends by advancing over two points to 27, but 1t eased to 261S in the later trading.
 United States Steel common closed &s lower at 117h, Baldwin showed a net loss of nearly 2 points at l29A, after having touched 132, and Studebaker closed a point lower tt 441s.
 The railroad shares also lost ground despite the publication of freight sta. tistics for the week ended December l3 showing total car loadings of 956.761 cars. or 6.3 per cent above the same week last year. Net losses of l to 5 points were recorded by Baltimore and Ohio, Norfolk and Western, Reading, Louisville and Nashville and reW others.
 General Electric, which had been Did up rapidly in the last few weeks on the expectation that the directors would authorize split-up of the stock at to- days meeting broke from 2988s. the highest price in two decades, to 29O on the announcement that only routine business was transacted. West Penn sylvania Power broke nearly F points on a few sales. Other outstanding week spots were FedeTal LlSHl anu d'@io'i preferred, Kelsey Wheel, National Lead, Third Avenue Railway and Vir- ginia Railway and Power off to o points. -
 Anaconda climbed more than points to 441a, a new high, on the dividend declaration. The rally in the Maxwell Motor issues was based on reports that sufficient holders of debenture bonds had taken advantage of the stock con- version privilege, which expired yes terday, to make it possible to pay off the remaining debentures from the pro ceeds of the new S3,000,O00 512 per cent issue to be offered next year, without recourse to the treasury.
 Call money ct 31a per cent, advanced to and then to 5, closing at the top. The calling of loans was in prepara- tion for the year-end statements. Time money and commercial paper rates were unchanged, although funds were not so plentiful.
 Foreign exchanges were slightly re- actionary with business of holiday character. Demand sterling again fell below $4.7O and French francs sold relatively steady around 53sc.
 Stock rna of Averages: