The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-01
POLITICAL news
Is ENCOURAGING
Selling Pressure Concen'
trates On Independent
Steel Stocks


showed marked improvement in today's
dull session. For several weeks specu-
lators for the decline have staged a
Monday reaction, apparently for the
effect 1t would have on price move
ments the rest of the week, but today
they encountered stronger resistance
and finally abandoned their attempt,
the subsequent short covering indi-
eating an oversold condition in many
parts of the list.
Bullish sentiment was encouraged by
Washington reports that the end of
the Senate oil inquiry was in sight and
that the Senate finance committee
would complete its tax revision work
this week. Apparently little attention
was paid to the sitter call money rate,
which opened at per cent and soon
advanced to 5h.
Early selling pressure was concen-
trated on the independent steels, new
1924 lows being established by Bethle-
hem, Crucible, Republic, Gulf States
and Sloss-Sheffield. They recovered
their losses. however, Crucible show
ing net gain Of almost 2 points at
the close.
New low records also were made by
nearly two-score additional stocks, in
GLIDING Hayes Wheel, Fisk Rubber
common and first preferred, Anaconda
Copper, Western Union, Western Mary
land common and second preferred and
Lima Locomotive.
Widespread comment was aroused by
the temporary weakness Of American
Telephone, which dropped 2h points
to 1923, the lowest this year, on rumors
Of new financing. The stock, which
is the most widely held on the "big
board" rallied nearly 2 points on Off
cial denials of the rumors.
Fresh hllVinC nf Genara1 FlacfriC
parently based on the showing made
in the 1928 earnings report published
today, sent that stock up to 219h, but 1t
shipped back later to 217A, up 3X on
the day. Corn Products, another recent
weak spot, also showed good reeupera-
tive powers, selling as high as 172%,
or nearly IL points above last weeks
low.
United States Steel common, Bald
win and American Can all closed a
point or so higher. Active short COW
ering again took place in the leather
issues, being particularly pronounced
in Central Leather preferred, which
touched 42ss and then eased to 41S for
a net gain of 29s. A six-point jump in
Woolworth featured the special list.
Trading in rails was somewhat ir-
regular, although most of the impor-
tant movements were upward. Norfolk
and Western was again active at ris-
ing prices, touching 1854 and then slip
ping back to 124$s, UP IL. st. Paul
preferred touched new high at 2sas.
The time money market continued
firm with 41s bid for all loans UP to 80
days. and comparatively little money
available below Az. Prime commercial
paper was unchanged at Ak.
The foreign exchange market showed
a strong undertone. Demand sterling
eased slightly to just below S43O, but
French francs were firm above $50
cents. Other European rates also i'm
proved.
Total stock sales, 726, 100
Twenty industrials averaged 1887;
net gain, 10.
High, 1924, 1924; low, 93.0s.
twenty railroads averaged s4.24; net
gain, 43.
Twenty railroads averaged 1924; net
gain, .43.
High, 1924, $3.50; low, s274.
CALL MONEY
NEW YORK, March 31.-Call money
strong; high, 5i5; low, 5: ruling rate