The Birmingham age-herald., 1924-01-10
STRENGTH IS DUE TO MANY FACTORS

W YORK, Jan. s-Hsavy buyin : k&f the railroad shares. particularly 4Ao low priced issues, was again the 9eAeure of today's active and broad eteck market. Strength of these is adee was attributed to. . variety o1 \ pnolidations, Secretary Hoover's speech .ft the transportation conference o1 Inc United States Chamber of Com {. nerce. high current earnings, exten. sive buying for European account and ~ New Haven assumed the leadership of the upward movem ent crossing 20 for . net gain of nearly points. The !. 1r3H issues. which were the outstand-
 int strong spots yesterday. climbed unable to maintain their top prices aOthsr low priced issues which were in good demand. were the St. Paul 2 Wabash preferred "A" and 'B," Fris- GO. Texas and Pacific, Rock Island and Missouri Pacific preferred.
 Among the dividend payers, ono o1 --AAs leaders was Canadian Pacific
 which closed points higher, large ,1uying orders for this issue being %tfaced through houses with interna- tional connections. Chesapeake and h Ohio. Southern Pacific. Northern Pa l. .elpssd . point or so higher. ' ]. encouragement in Washington reports -,Ehet the administration favored h Driority for the tax reduction bill over ', ,,fhesoldiers' bonus.
 Curiously the sugar shares moved '. upward despite the further reductions ] Vnl refined prices, while tho oil shares lost ground in the face of an in | grease in tho mideontinent crude oil prices.
 .s. Mixed price movement took place in the steel shares with tho greatest activity taking place in Penn Sea hoard, which showed . moderate gain A6Nreports of improved earnings. United States Steel closed fractionally lower on the eve of the publication of the monthly tonnage statement, which is expected to show a slight tn- xerease in thrilled orders.
 @ Copper shares were inclined to ease on publication of reports showing that stocks of refined copper increased = I6,000, ,o00 pounds last month and that -December output was the highest on record Motor shares lost ground on profit taking, Studebaker, Chandler aud Mack Truck showing fractional Hfcessions.
 %Some good gains were recorded among the specialties, Corn Products, Computing Tabulating Recording, Remington Typewriter. Cuyamel Fruit Fleischmann and Iron Products moV- ing up to nearly points.
 Early strength of the foreign ex. changes was due to heavy buying of francs and sterling in this market by Paris and London, presumably rep eesenting covering operations on commitments placed on the expecta- : tion of a more radical attitude of the labor party chieftains in London. The rally was not sustained. however, Although closing quotations were slightly above those of yesterday.
 Money rates continued easy. Call funds opened at Az per cent and eased to A. Trading in the time money market was quiet with busi- ness practically established on "A per cent basis for all maturities. The bulk of prime commercial ias paper lan Exceptional names going as low as 41s per cent.
 Stock sales 1,4o1 900 shares.
 Twenty industrials averaged s7.0<; net gain "A.
 High 1923, 1O5.3s; low s5.7s.
 3Twenty railroads averaged so.so; net gain 1.1o.
 High 1923, 1o5.3s; low s5.76.