The Birmingham age-herald., 1924-02-21
CRIPPLED WIRES REDUCE VOLUME Speculative FavOrites Heavily Sold By Bear Traders At
 Opening


 turned reactionary after an early period of strength in today's market on the announcement that the House of Rep- resentatives ha dadopted an amendment to the revenue bill making stock-divi- dend profits subject to regular income tax rates. Practically all important stocks, however, held we'll above their low level.
 Crippled wire service through the west and south resulted in a reduced volume of sales, which fell below the million share mark for the first time in several days.
 United States Steel Baldwin and some ' of the other speculative favorites were heavily sold by bear traders at the opening on tho theory that the substi- tuition of the Garner tax-reduction plan for the Mellon program by the House would bring about a heavy liquidation of long stocks. This failed to develop, ? however, and the market soon headed upward in response to active buying of the oil shares. Several commission houses pointed out that any reduction in taxes was a bulIish argument and that A per cent surtaX in the Garner bill might possibly be reduced before |. the revenue bill becomes law. l. Trade news was rather mixed in char acter. Weekly steel trade reviews were optimistic, calling attention to heavy railroad buying and the increase in current shipments above those of month ago. Steel shares failed to make any appreciable response to this news, Republic Steel showing a net loss of 11a, at 55, and the other shares in that group declining fractionally. ! United States Steel common closed at 102%, off B. Announcement of the in- crease in the annual dividend on Gulf 5 States Steel from to 5 per cent was not made until after the market closed. Early strength of Iron Products and U. $. Cast Iron Pipe was based on speculative expectations of increased business likely to result from heavy municipal purchases.
 National Enameling broke to 29k fol- lowing the announcement of the passing of the dividend, but rallied later to 3h where it was off 1 point.
 Corn Products broke nearly points on profit-taking.
 With the exception of Pacific Oil, which closed more than points higher at 52, the oil shares failed to hold their early gains. The Pan-American issues, Marland, Phillips and Houston, all sold point or more above yesterdays final figures, but the gains were either wiped out or reduced to fractions.
 Market Street Railway issues broke to 7h points on unconfirmed reports that the $6 rate on the prior preferred was likely to be omitted.
 Call money opened at A per cent, but dropped to 4 shortly before noon, closing at that figure. The time money market was quiet, with rates unchanged nt fn navf nv.f ~fx are the principal buyers of commercial paper, the rate for prime names con- tinuing AZ per cent. Foreign exchanges were reactionary in the early dealings, but rallied moderately in the late aft ernoon. Demand sterling rose from t42s3a to 4.soA, and French francs from A.14hc to 4.16c.
 Total stock sales, Ss6 ,o00 shares.
 Twenty industrials averaged. 97.1s; net loss, .62.
 High, 1924, 1o1.24; low, 94.ss.
 Twenty railroads averaged s340; net loss, .05.
 High, 1924. s5.so; low, s2.74.
 FOREIGN EXCHANGES
 NEW YORK, Feb. 20.-Foreign ex- changes irregular. Quotations in cents: Great Britain, demand. 4.2sh; cables, France, demand, 4.14h@4.15 Italy, many, .OO0OoOOo0o220 O .ooo0OOoooO22; Hol- land. 37.21; Norway, 1917; Sweden, 26.10; Denmark, 15.73; Switzerland, D, 17.30; Spain, 12.70; Greece, 167; Poland, .oooO2A; Czechoslovakia. 2.9oh; Jugo- slavia, 1.2s; Austria, .0o14; Rumania, .66: Argentine. 34.0o: Brazil, 1920; Tokio, 45; Montreal, s6 1S-16.
 LONDON MONEY
 LONDON, Feb. 2O.-Bar silver, 8 7-16  Discount rates, short bills, 3ss per centS s-month bills, 3ss @3 11-16 per cent
 CALL MONEY
 NEW YORK, Feb. 20.-Call money steady. High. A; low, 4; ruling rate, 44 closing bid. 4; offered at Az; last loan, 4; call loans against acceptances, (; time loans, firm; mixed collateral, sO-so days, 4%a5; 4-6 months, 4N@5 prime commercial paper, A.
 STEEL MARKET
 NEW. YORK, Feb. 2o.-steel un- changed.
 FOREIGN MONEY
 NEW YORK, Feb. 2o.-Bar silver, e4; Mexican dollars, 4s7s.
 METAL MARKET
 NEW YORK, Feb. 20.-Copper quiet: electrolytic, spot and futures, 139s O 1Sl4c.
 Tin-Firmer; spot and nearby. s54.5o; futures, $54.
 Iron-Steady; No. 2 southern, $23624. Lead-Steady; spot, $S.5o@9.25.
 Ztnc-Steady; East St. Louis, spot and nearby, S6.s566.9O
 Antimony-Spot, $11.
 NEW YORK, Feb. 20. - Lead - Steadier. Middle west. $11.70a11sO. Other articles unchanged.
 NAVAL STORES
 SAVANNAH, Ga, Feb. 20.-Turpen- tine steady, 96Mc. Sales, none; receipts. 50; shipments, 6; stock, 9,0S9
 Rosin-Firm. Sales. PAP; receipts, Ell; shipments, s69 stock, 77,7s2.
 Quote:B to l, $4.65; K, M, S475;' N, $5.10; VIC, $5.95; WINK, $6.s5.
 POULTRY AND PRODUCE
 NEW YORK, Feb. 20.-Live poultry, firm; broilers, 45q65c; fowls, 27Q3oc; dressed poultry, quiet; turkeys, 25a35c. Butter-Steady. Receipts, II ,555.
 Eggs-Firm. Receipts, 21 ,269. Fresh gathered extra firsts. 37ls q 39c; fresh 5, gathered firsts, 36la 937c; fresh gathered seconds and poorer, 35QS6c; New Jer-