The Birmingham age-herald., 1924-07-16
RAILROAD SHARES
 SHOW STRENGTH
Brisk Demand For Car rier Stocks Is Unac-
 counted For

NEW YORK, July 15-Further ir- Regularity developed in today's active
 stock market which was featured by an
 Impressive demonstration of strength
 in the railroad shares and the marked
 heaviness of. the oil issues. Total sales
 again fell slightly below the million
 share mark. N Heavy selling of oil shares reflected
 the spread of gasoline price reduction.
 Atlantic Refining broke nearly points
 to S2115, some of the liquidation in this
 issue apparently being inspired by the
 recent court decision awarding the Su- 8perior Oil. company large damages
 against it. .Pan-American issues broke
 about points each and losses of a !. point or more were recorded by General q Asphalt, Maracaibo, Tidewater and Roy < al Dutch, 4 There was no special news to ac-
 count for the brisk demand for the car 2 Tier stocks, recent accumulation of
 which has been based, in part, on spec
 nlative expectations of large earnings ! during the latter part of the year. Some
 excellent gains were recorded by the seasoned dividend paying issues. Lacka-
 wanna closing 4 points higher at 126
 and Delaware and Hudson showing a
 gain of 3 points at 11934. Baltimore
 and Ohio touched new. peak price { for the year at 61as, closing slightly S below it's top price with a net gain of
 more than i point. Buying of this stock apparently was based on publi-
 cation of, the annual report showing
 $13.21 share earned on the common
 stock. fs
 ,t.Active buying of American Can sent !. that stock up more than ? points to 11S1k but it eased later7tB 117A. Unit ' cd States closed at paFss,off 19. and small fractional losses were recorded by i Baldwin and Studebaker.
 Heavy selling of Stewart-Wa which closed 3 points lower at 51, was based on the expectation that the
 SIG annual dividend would be sub 2 stantially reduced at this weeks meet < ing of the board of directors. Strom-
 berg Carburetor closed more than point lower at 621A Chemical issues reacted on profit taking. as did such
 industrial specialties as United States Industrial Alcohol, International liar yester, Manhattan Electrical Supply and Westinghouse. Afrbrake. -
 Resumption of pool activities in American Waterworks sent that stock up more than 5 points to II, but 1t
 reacted later to 1OS. Substantial net
 gains were recorded by the preferred issues. :.
 Several other public utilities fell back on realizing sales. Virginia Railway and Power dropped nearly 4 points to
 66 and United Railways investment
 preferred 2A.
 Call money continueds to rule at Z per cent. Time money and commercial raper rates were unchanged with lend CTS of time funds apparently unwilling to reduce rates ;n order to lind em- pIoyment for surplus money.
 The foreign exchange market showed
 a complete reversal of form from Mon day when trading in European curren- cies was active and strong. The reac- tionaFg- tendencies which developed to- day were attributed to nervousness over the impending conference on repara- tions. Demand sterling declined 1Ac to 4363l and French and Belgian francs reacted about 10 points each to 5.l61s and 4.661sc, respectively.
 Il