The Birmingham age-herald., 1924-02-28
CHEMICAL STOCK WEAKNESS FELT
Light Volume Of Trade Due Tt E Absence Of Spectators
 In South

= displayed a better tone. in today's dull
 market, bear traders inaugurating an t extensive covering movement in the
 late afternoon after an early campaign s of short selling had failed to make much headway. The relatively light volume of trading was attributed in '- some quarters to the fact that several large traders, wintering in Florida, temporarily had switched their specu- ; lative operations from the stock to the cotton market.
 Extreme weakness of virginia-Caro- lima, Chemical issues was one of the features of the days trading. The com mon stock established a new low rec 's ord at 3h and then rallied to A,
 where it was off nearly points on the day. The preferred sank to 12h, also a new low, and then rallied to 15K to 13M, off 3ss, as compared with the 'F years high of 34%. Late buying of the steel shares was influenced by the weekly trade reviews, which indicated that February book ings would equal those of January, the 'f falling off in the east being offset by the sustained activity in the west. United States Steel common, selling ex-dividend, closed at 102A. Bethlehem, " Crucible, Republic and Gulf States < Steel closed fractionally higher. United : States Cast Iron Pipe common broke / nearly Az points, to 64, as a result of Ii a New Jersey court decision holding that no dividends could be paid on the common stock. The stock rallied to 66 at the close. The preferred closed ? points higher, at S7A, after having { sold as high as s9. 2 Copper shares, which turned weak yesterday following the omission of < the Anaconda dividend and continued :. reactionary in today's early dealings, staadied later on publication of London d ~,rf tOb ax ]. prices in Great Britain. Directors of :, the kennecott and Inspiration Copper companies meet tomorrow for dividend action.
 Baldwin and American Can closed at !, 122h and 112ia, respectively, each up about point, after having sold about ? points below their final quotations. r The late rally was started by heavy ' short covering in these issues. Stude- ' baker, another so-called pivotal stock, { also closed about a point higher, at 10is<.
 oil shares failed to make any ap- , preciable response to reports of further improvement in the statistical position of the industry. The restricted trading in these issues was again attributed to the fear of further unfavorable de- .svelopments at the Washington oil in- Squiry and reports that Senator LaFol- Jlette shortly would introduce a measure regulating the industry.
 Trading in railroad shares was rather < sluggish, chief interest centering in the | demand for Norfolk and Western, ,B which closed nearly a point higher, at < 110h, on expectation of another extra dividend this spring. The recent in- kcrease in Pennsylvania railroad stock. holders was interpreted in some quar- ters as an indication of increasing pub lie interest in investment stocks. Call money opened at Az per cent E and then advanced to AZ, where 1t closed. The time money and commer- cial paper markets were quiet, with no change in rates.
 Extreme weakness of French and Bel M gtan francs, apparently based on sell X ing Influenced by the resignation of the < Belgian cabinet on a vote over the economic pact with France, was the feature of the foreign exchange mar $ kets
 To.ah stock sales. s7o. 400 shares; .. \ High, 1924, 1o1.24; low, s4ss.
 Twenty railroads averaged, s3.47; net
 High. 1924, s5.so; low, s2.74.
 ss FOREIGN EXCHANGES
 NEW YORK, Feb. 27.-Foreign ex- changes. easy; quotations in cents Great Britain, demand. 4.2sA; cables 4;2eh; 6o-day bills on banks, AFT -~.-e<>St NcAAAohub TsOOT2s CdDlcS, 4slU. Italy, 4.2s% @4.2SA; Belgium, s.5o1s O s.si; Germany (per trillion) .o22; Hoi- land, S7.2S; Norway, 1914; Sweden, 2sd2; Denmark. 15.s4; Switzerland, H.S2; Spain. 12.61; Greece. III; Po- iana, .o9ool2; ., czechoslovakia. 2.s0A ; mania, .53; Argentine, 3425; Brazil, 12ib; Tokio. AZ; Montreal, ss 13-le.
 CALL MONEY
 
 firmer; high, AZ; low, AK; ruling rate, lh; closing bid. A; offered at A; last loan, 4h; call loans against acceptances I; time loans firm; mixed collateral, e0-s0 days, A @5; 4-6 months, 4%95; prime commercial paper, A.
 NEW YORK METALS
 NEW YORK. Feb. 27.-Copper steady; elcctroIytic, spot and nearby, 13M O 1sEc; futures. 1874 @13Ac; tin steady; iron steady, No. northern. $22.O0@ 23.00; lead steady; spot, $s.70@9.5O; zinc quiet; East St. Louis spot and nearby, SS.soG6.s5; antimony spot, $11.oo.
 BAR SILVER
 NEW YORK, Feb. N.-Bar silver, 64cs. Mexican dollars. 4s%c.
 LONDON, Feb. 2S.-Bar silver, S3% pence per ounce. Money. 2h per cent. Discount rates, short bills. 3kQ3 9-1S per cent; three-month bills, 8 7-1693h per cent.
 s&s STEEL MARKET Y NEW YORK. Feb. 27.-Steel, un- changed.
 NAVAL STORES
 SAVANNAH. Ga, Feb. 27.-Turpen- Firm; s5hc. Sales, 95; receipts, IS; shipments, 112; stock, s,s2s.
 Rosin-steady. Sales, 2ss; receipts, 16Sssshipments, 2s5; stock, s1,s59.
 Quote: B, D. E, $4.6O; F, G. H, I, e4.627s; K, M, $4.so; N, $5.20; VIC, S6.30; i; WINK, $s.5o.
 NAVAL STORES
 JACKSONVILLE, Fla. Feb. 27.--Tur- pentine--Quiet; 96c. Sales, none; re- ceipta, 126; shipments. 5; stock, 22,27s.
 Hosin-Steady. Sales, SEA; receipts, ssg; shipments. none; stock. 135.s36. a;sSt N. s5-so; wG' ss.s6; wv. ss,s7"
 POULTRY AND PRODUCE . CHICAGO, Feb. 27.-Butter-Lower; lcreamery extras, 4s1zc; standards, 4s1ac; Nxtrs firsts. 47% @4sAc; firsts, 470 '3zc; seconds. 451s @46c.
 Egga--Lower. Receipts, 19,796 cases;
 rats, 25c; ordinary firsts, 22@23c.
 Poultry-Alive. lower. Fowls, 2S@ 24stc; springs, 26c; roosters, 17c; geese, 14c.
 NEW YORK, Feb. 27.-Live poultry Firm. Chickens, 259S2c; broilers, 459 65c; fowls. s0@32c; turkeys, 2oQS5c. Dressed, firm; fowls, 21@32c.
 Butter-Easy. Receipts, 7,246.
 Eggs-Weak. Receipts, 29,173. Fresh gathered extra firsts, 3o1s @311sc; fresh gathered firsts, 29@30c; fresh gathered se4onds and poorer, 27k @2sc; New Jer-