The Birmingham age-herald., 1924-02-14
1 TO 3P0INTS IS
 RANGE OF LOSS Encouragement Found In Report
 Japan Will Spend Big Sum

NEW YORK, Feb. 13.-Speculators for the decline, taking advantage of the public apathy in the stock list and the latest developments in the oil in vestigation at Washington, forced a substantial recession in prices in to- days moderately active session. Call ing of loans by banks in anticipation of the Japanese loan financing resulted in stiffer call money rates, which also was a converting factor to the selling of stocks.
 Prices showed a tendency to advance when the market opened, with special strength developing in the copper shares, as a result of the increased price of the red metal. Pools also re- sumed operations in few high priced specialties. Persistent selling by pro- fessional shorts and the lack of effec- tive support by operators on the long side eventually brought about a gen cra1 reaction, net losses in the active issues ranging from one to three points.
 Constructive forces found encourage ment in the report that Japan would spend large part of the proceeds Of its international loan for the purchase of reconstruction materials in this coun- try. Steel and copper shares were bought on tho theory that those com panies would benefit from this busi- ness, but they yielded with the rest of the list in the late wave of selling.
 United States Steel closed a point lower, at 106N, and the independent steels sustained net losses of 1 to 2M points. Baldwin dropped 2k points. American Can fell back nearly points, despite the publication of a 1923 earn ings statement showing $19.63 a share earned on the common stock, as com- pared with $1830 in the preceding year.
 Oil shares proved vulnerable to short attacks in the face of another advance in Corning crude prices, brokers re- porting considerable liquidation by in- vestors who had become frightened or displeased by the disclosures before the Senate investigating committee. Losses of 2 to points were sustained by the Pan-American issues, Standard Oil of California, Marland, Cosden, Pacific, Houston and White. Eagle.
 Fisher Body continued it's sensational advance on buying reported to be for the account of W. c. Durant, the stock advancing 15A points, to POP, or more than 30 points above last weeks low. South Porto Rican Sugar was heavy following the announcement of a re- sumption of dividends because of the traditional selling on the good news," but 1t rallied later and closed a point higher, at 79A.
 Public offering of 42,000 shares of the Jordan Motor Car company's 26,000 Outstanding no-par common stock will be made tomorrow at $31 a share, sub JeCt 10 priOT TiBnt OL StOCknOlueTS tO subscribe at $50 share before Feb ruary 16.
 Rail shares yielded with the indus. trials, some of the selling in this group being inspired by reoprts that Senator LaFollette was preparing another at tack on the present railroad rates and regulations. Southern Railway was off more than 2 points-a at one time on profit-taking, but it recovered part of its loss.
 Foreign exchange rates were irregu- lar. Heavy oversubscription of the London portion of the Japanese loan had a cheerful effect on sterling ex- change, demand bills advancing about lsc, to 4.30la. French francs broke more than 6 points, to 4.48%.
 Call money opened at Az, advanced to 41a and thence to 5. Time money and commercial paper were unchanged.
 Total stock sales, 926, ,00O shares.
 Twenty industrials averaged 100.10; net loss, .99.
 High. 1924, 101.24; low, 94.sS.
 Twenty railroads averaged 's4.31; net loss, 50.
 High, 1924, s5.sO; low. s2.74.