The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-11
STOCKS UNDERGO
SHARP REACTION
Net Losses In Active Is.
sues Range From
To 5 Points


sharp reaction in today's stock market,
net losses in the active issues ranging
from / to 5 point. More than two
score stocks including u. S. Steel COM
mon, Baldwin, American Can, Stude-
baker and other industrial leaders es-
tablished new low prices for the year.
Unfavorable trade developments,
which furnished the ammunition for
bear attacks, included decrease of
slightly more than 10000 tons in the
March untitled orders of the U. s.
Steel Corporation, shrinkage of %,
726 in the carloading for the week
ended March % as compared with the
same week last year and reports of
further curtailment in the automobile
industry.
Spectators for the decline, who have
been hammering the market success
fully for the last five days, had little
difficulty in uncovering weak spots in
!. all sections of the list, but opinion
varied as to the amount Of real iquida-
ton that they had brought out. While
the daily turnover was the largest of
any day this week, 1t was well under
100000 shares. Commission houses
reported that the number Of margin
calls was relatively small, considering
the extent of the. decline. This was
construed las indicating that. stocks
generally were in fairly strong hands.
Publication of the untitled tonnage
statement was the signal for another
attack on U. S. Steel, which was de-
pressed to 951s and then rallied to SO,
off ~ on the day. In view of the
uncertainty as to what action the di-
rectors will take concerning an extra
dividend on u S. Steel at their meet
ing later in the month, bear traders
were reported to be rather cautious in
extending their commitments in this
stock.
Speculative selling of the motors I'M
doubtedly were influenced by the an
nouncement that the Paige Motor Car
company had curtailed operations, and
that industrial employment in Detroit
had shown a decrease last week. Stude-
baker (old stock) dropped more than2
points to S91s, WHY'S Overland pre-
ferred broke more than 8 points to
GS5s and most of the other motor and
accessory issues slumped to 3 " points.
Woolworth broke 91s point to 292,
Fisher Body to 202, and American
Can, Davidson Chemical, Dupont, Cen
eral Electric, U. S. Cast Iron Pipe,
National Lead and Otis Steel preferred
were among the many issues to sag "a
or more points. American Sugar Re
filming sold at 45A, the lowest price
on record.
Rail shares yielded with the rest of
the list although independent strength
was shown by Texas and Pacific, which
moved up nearly 2 points to 30. new
1924 top, on rumors of forthcoming
consolidation with Missouri Pacific and
two other southwestern lines. Norfolk
and Western dropped more than 2 points
to 1245s.
Gall money opened at 414 per cent
and then advanced to Az, where 1t
closed The time money market was
dull and the commercial paper market
fairly active, the ruling rate in each
being A ~ per cent.
Foreign exchange trading was quiet
with the principal rates holding fairly
steady. Demand Sterling ruled slightly
above S4.33 and French francs were
quoted just below cents. A further
stiffening was noted in the Canadian
Total stock sales, $4,000 shares.
Twenty industrials averaged OLGA, net
less 1.26. High, 1924, 101.24; low.
ai64. Twenty railroads averaged
S125: net loss, $40. High, 1924,
$500; low, SIPS. Decline due to
Lehigh Valley selling ex-rights in rail-
road averages.
FOREIGN EXCHANGES
NEW YORK, April 10.-Foreign e1-
changes, easy. Quotations in cents: Great
britain. demand. s!.ssH; cables, sAssh ;
SoGsy s s5Is on sab SsnkT ss italy 4ti%
442: Belgium. sos sos; Germany (per
trilliOn), 81; Holland, ais; N0T~s sS
switzerland. 1854; Spain. 1913; Greece
1.74; Poland, OOOo12; Czecho Slovakia
2.ssss; Jugo slavia. 1.24; austria ;Oola'
Rumania, .52M: Argentine. 1925; Brazil
11.25; Toxic, 477s Montreal, 9s lis.
CALL MONEY ~---.
NEW YORK April 1O.-Call money,
steady; high. Az low. ~; ruling rate;
AZ; closing bid. A; offered at ~ last
loan, "A; call loans against acceptances'
4; time loans. steady; mixed collateral
$3.50 days, Az; AS months, "A 94%;
prime commercial paper, Ala @4%'
BANK OF ENGLAND
LONDON. April 1o.-The weekly state
nent of the Bank OF England shows the
following changes In pounds; ooo. .,r,,,,.-
ton decreased $4,000; bullion increased
1871; other securities decreased 3sls,-
600; other deposits decreased 5.5S7oo0;
public deposits decreased 3,4s5OOO: notes
reserve increased 5000: government Sc
ourities decreased 6.266, 900
The proportion of the banks reserve to
liability this week is 1915 per cent; last
week II was 1913 per cent.
Rate Of discount, per cent.
BANK OF FRANCE
PARIS. April 10.-The weekly state
. ment OF the Bank of France shows the
following changes In francs:
Gold in hand increased 100000: silver
In hand increased 117000; notes in circu-
Iation decreased 68.1S6,000: treasury de-
posits decreased 1O.e41.000; general de-
posts decreased 362.77so0o; bills dis
counted decreased 953,111.o0o; advances
increased 175,7O1,000. The state repaid
the bank 2oO.OO0.OOO francs.
BAR SILVER
NHAv YORK. April 1o-Bar silver,
GS5tc; Mexican dollars. +S%c.
METAL MARKET
NEW YORK, April 1O-Copper steady
electrolytic. spot and futures. 1S5s q 10 &c.
Tin irregular; spot and nearby, s51; flu
changed Lead easy; spot, $3.50 Zinc
easy; East st. Louis spot and futures.
$3.50. Anthony. spot. $40.
NAVAL STORES
SAVANNAH. Ga. April lo.-Turpen-
tine, firm st%c; sales 1as; receipts. ISL
Resin. firm; sales. 525; receipts. $50;
shipments, $50; stock. 422s -
Quote: B. $40: D, $3.50: T. G.. 1855;
II: $40; J.. *, s4.75i NJ, $3.50; WIG, $3.50;
STEEL MARKET
NEW YORK. April 10.-Steel unchanged.
COFFEE FUTURES
NEW YORK. April 10.-Coffee futures
opened at an advance of three points on
May but generally l to points lower
in response to easier Brazilian cables.
Offerings were light, however, and prices
steadied later on covering. with July ad-
cember from 11.4Oc to 11.5Oc. The close
was net l point lower TO 10 points higher.
T,IH.