Evening star., 1924-02-10
SELLING PRESSURE
LIFTED IN MARKET
Saturday Trading Marked by
Sharp Advances in Many
Leading Issues.
STEELS EXTRA STRONG
Teapot Dome and Gasoline. Price
Inquiries Hold Oil Shares
in Restraint.
STEELS EXTRA STRONG
BY the Associated Press.

BY the Associated Press.
NEW YORK, February 9.-Selling
pressure was lifted from today's
stock n. rket a few minutes after
the opening, and the general list
moved to higher ground in response
10 bullish demonstrations in the
steel, motor and speciality issues.
The January unfilled-tonnage state
ment of the United States Steel Cor
poration, which was issued after the
market closed, exceeded all prelim-
mary estimates, showing an increase
Of 353,09O tons, or about 10000 more
than some of the experts predicted.
Sharp Gains in Steels.
Steel common closed Is higher at
y. and sharp gains were recorded
by Bethlehem, Republic and Gulf
States. Further indications of the
improvement in the industry were
shown by the preliminary 1923 earn
lngS statement of the Otis Steel
Company, showing profits of approXi-
mately $2.100,000 and total production
of slightly more than 100000 tons, or
double that of 1922.
Defeat of the bill to prohibit the is
suance of tax-exempt securities fail
ed to have any market influence,
Wall street apparently being more
interested in the tax-reduction legis-
lation. Publication of the weekly
car-loading figures for the last week
in January, showing the largest total
or any corresponding week on record,
confirmed the reports of improve
ment contained in the weekly mer-
camille reviews
Fisher Body Hits $50.
iSl- y
among the specialties. Fisher Body
jumped points to $50, and closed
within a point of the top, while net
gains of 21a to points were record
Liggett & Myers. Nash Motors and
General Baking preferred.
Tobaccos We're again in demand,
American Tobacco Z rising 2A
Schultz and Tobacco products issues
about Il each and Philip Morris and
Lorrillard about a point each. The
oils gained a little ground, but trad
ing IN those issues was under re-
straint as a result of the Teapot
vestigation into gasoline prices
Phillips Petroleum, rallied more than
: points, and Pacific. Shell Union.
Houston and General Asphalt about a
point each.
Studebnker and Baldwin In.
Htuot bdhtT CioSeu ia higher at
1O3I, American Can advanced a
point to 11S4 and Baldwin closed
q higher at 1875, Otis Elevator
moved up points. Strength of
Foundation Company. which sold 3
points above yesterdays close was
attributed to reports of a new pre-
ferred stock isSue with convertible
features. likely to benefit common
stockholders.
Foreign exchange moved slightly
higher on. the denial of yesterdays
uISquleting rumorS concerning the
reparations commission. Demand
sterling moved up nearly / IL cents to
$4.31, and French francs rallied about
points to 4.60 cents
Clearing House Report.
The weekly clearing house state
ment showed decreases of $53,176, 900
In loans. discounts and investments;
SSl,546,Oo0 in net demand deposits
ana $114,000 in note circulation.
cash in own vaults increased $780,
900, reserve of member banks in the
federal reserve bank gained $685.
oo0 and time deposits rose S43220OO.
Aggregate reserve totaled S555,S65-
wv leaving excess reserve OF SAL
SS1.6l0. an increase of S3S,67O.63O
over that of week ago.