The Birmingham age-herald., 1924-03-16
MOTORS BREAK
 :a::lINDER SELLING Independent Strength Is Shown
 By Some Of Medium
 Priced Rails

NEN IORhs MATCH 1os--oedi PASS- sure against the tire, motor and to- baccor shares, apparently based on un- favorable earnings and dividend ru- mors, unsettled today's stock market although independent strength was shown by some of the medium priced rail issues. Trading was largely of a professional character, as 1t has been for the last month or more.
 Speculative fears for the safety of the dividend on ily-Springfield per cent preferred, action on which is due about. April 1, were reflected in 7- point sbreak in that stock to 56. Heavy lfquidation of the common sent that stock down more than 8 points to 17ss new low record for the year. Net lossessin most of the other rubber is- sues were held to fractions, Goodrich touching a new low at 21, off l. q Selling of the motor shares was basedson unconfirmed reports that some of the leading companies were not find ing a-ready market for their cars and storing large portion of their output Chandler broke 3h points to 56h, a new 1924 low; Maxwell "A" dropped to 50; Stewart Warner sold down IF to S6, and Stakeholder and most of the others yielded fractionally.
 Pressure against the tobacco group centered in tobacco products issues,
 
 pointsn to new 1924 lows, on rumors Questioning the maintenance of the 6 per cent dividend. New lows in this group also were recorded by American Sumatfa common and preferred, Con- solidated Cigar common and preferred and General Cigar.
 General Electric advanced fraction ally to 226. q new high since 1902, and then" broke nearly 6 points from the top on profit taking. Corn Products, Dupont and Gulf States Steel also re- acted sharply on realizing sales.
 Another decline in commodity prices resulted in further liquidation of the silk shares, Mallinson and Julius Kali ser dropping 2A and A, respectively, to the lowest prices of the year. Coca Cola was again in supply, touching an othen Htew low at 63A, off 2as, in fur ther reflection of speculative disap- pcintrnent over 1923 earnings, which left slight margin over the per cent dividend rate.
 Chesapeake and Ohio was one of the active features of the rail group, clos ing At higher at 75h. Good buying also was noted in Norfolk and Western, New Orleans, Texas and Mexico and Erie first preferred. Lackawanna and Northern Pacific were heavy.
 Further improvement in the French franc, which carried it above A cents, featured the foreign exchange market. Most of the other rates held steady, although Brazilian milreis dropped about 50 points on the heavy purchases of dollars in Rio de Janeiro to meet intereat. payments.
 Total stock sales. 415,200 shares.
 Twenty industrials averaged 9S.13; net loss, .S2.
 High, 1924, 101.24; low, s4.ss.
 Twenty railroads averaged S4.17; net loss, II.
 High, 1924, s5.so; low. s2.74. f .s BANK OF GERMANY
 BERLIN, March 15.-The statement fthe Bank of Germany, as of March 2. shows an increase in coin and bull Mon bf 7s,019,0 900 marks. Gold holdings decreased 62,000 marks to 464, ,so3, ,00O, Of which 21,247,000 marks is deposited abroad.
 The statement shows the following changes in trillions of marks:
 Treasury and loan association notes increased 276.000; renten bank notes in- creased 19,66S. .s55; notes in other banks decreased l82; bills. of exchange and cheque decreased '26, ,742, ,129; renten bank bills q and cheque increased 91, ,907, ,72S; advahces decreased 1,511, 1883; renten mark discounts and advances increased 1,659,S70 investments increased 349, ,335; ; other, assets increased 25,S16,572; notes In circulation increased 24,s93.624 de- posits increased 57,6S7, ,451; other liabil- tiles increased 31,676, ,54s; renten bank loans increased 50,000,00
 FOREIGN EXCHANGES
 NEW YORK, March 15.-Foreign ex- changes irregular; quotations In cents Great Britain demand, $4.2SA; cables, y4.2SM; 60-day bills on banks, $4.23% France demand, 4.76h; cables, 4.77h Italy, 4.26h; cables, 427h; Belgium demand, 3.so; cables. s.s1; Germany, per trillion, .22; Holland, 37.01; Norway, ls.Ss;I Sweden. 26.ss; Denmark, 15.4e; Switzerland, 17.31; Spain. 12.8s; Greece, 1.62; Poland, .0000111s; Csechoslovakia z.ee%i Jugoslavia, 1.23h; Austria .0014H; Rumania, 53H; Argentina 33.75; Brazil, 11.05; Tokio. 42; Montreal, NAVAL STORES
 SAVANNAH, Ga, March 15.-Turpen- tine firm, 9Shc; sales, 95; receipts, 54; Shipments, 3; stock, S,399. Resin firm sales, 1924; receipts, 267; shipments, 400; 7 stock 61, ,712. Quote: B, D, E, F, c, H. !. K, M. $4.55; N, $4.75; VIC, $5.65; Wwx, $e.1O..
 JACKSONVILLE, Fla, March 15.- Naval stores exchange closed today.
 STEEL MARKET
 NEW YORK. March 16.-Steel un- changed.
 BAR SILVER
 NEW YORK, March 15.-Bar silver 6SAc;a Mexican dollars, 4Sc.