The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-05-10
SALES OF STOCK
LOWEST OF YEAR
Prices Drift Irregularly
Lower In Apathetic
Session

NEW YORK, May 9.-Speculative
interest in today's stock market was
at low ebb, prices drifting irregularly
lower in extremely apathetic trading.
Total sales, which Appropriated one
half million shares, were the smallest
of any full day session this year. Specu-
latiye uncertainty over the outcome Of
pending legislation, particularly the tax
bill was widely regarded as chiefly
responsible for the markets lethargy.
MANY brokers also expressed the opin-
ION that the market had discounted
everything in sight, and was waiting
for some positive indications OF the
+ future trend of business before estab-
fishing definite trend in either direc-
ton.
Snoradic attempts on the part of bear
traders to unsettle the general list met
with success in only a few issues.
United States Cast Iron Pipe was
hammered down five points to S3as,
heavy offerings of that stock coming
into the market Just before the close.
Yellow Cab issues broke to a new low
level for the year. Chicago Yellow Cab
closing 1% lower at 405s and Yellow
Cab Manufacturing showing net loss
Of ga at Al, the closing prices being
elightly above the minimum quotations
Of the day.
with the exception of Bethlehem
which closed slightly more than point
lower at 4Sh, the steel shares held
relatively firm in spite of estimates OF
d decrease of more than 100000 tons
IN the April untitled orders OF the
United States Steel Corporation, which
1 will be made public at noon tomorrow.
United States Steel common closed rs
higher at 9SA.
BALDWIN. Studebaker, United States
Industrial Alcohol, Dawson Chemical
and most of the other active, indus
trials lost ground but net losses were
keld to fractions. While buying power
was extremely limited the majority OF
stocks showed good resistance to selling
pressure.
Doubling of the Ohio Oil company's
auarterly dividend and optimistic state
ments on the future of the industry by
Standard Oil and Independent officials
filled to make much impression on
che oil shares, most of which exhibited
a reactionary tone. American Smelling
dropped nearly III points to 63 despite
recent reports of improvement IN the
Statistical position of that industry.
Ra1lfOad SnareS e SnOWeu mlAcu
changes, Norfolk and Western standing
out with gain of more than one
point. New Haven improved fractionally
on fairly active trading.
Woolworth A. was the outstanding
strong spot in the speciality list, the
old stock jumping nearly II points
to 1904 and the new stock, which is
traded in on "when issued basis,
advanced 33s points to S57s.
Call money held steady at 31a per
cent, large offerings of time money caus-
ing a further reduction in rates, some
so and 45-day loans being quoted as
low as 3A, so and 9G days offerings
being obtainable at per cent and the
the longer maturities at Al! Prime
commercial paper is now available IN
barge quantities at IA per cent.
Foreign exchange trading returned to
normal after the violent disturbances
Of the past few days. Demand sterling
held fairly steady around $4.36A while
French francs were quoted just under
D cents.