The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-06
RAILS AND Oils
in SHARP RISE
Stock Market Is Unsettled
BY Heavy Profit
Taking

NEW YORK. April 5.-Heavy prof
3t-taking among the speculative indus
trials unsettled today's stock market
after an earlier period of moderate
strength during which rail and oil
shares made sharp gains. The realizing
was prompted by the widespread spec
silative belief that the market had dis
counted, at least temporarily the con
structive features of the Dawes report,
which will be made public over the
weekend.
leadership of the rails was further
Iaccentuated by sharp rally in New
Orleans, Texas and Mexico, which
touched 117H, the highest level in its
history, before falling back to 1867 at
\ the close, net gain of 4 " points. Nor
folk and Western. with jump of al
most points; Atlantic Coast Line,
Erie first preferred. and Union Pacific
also reached new high levels for the
movement
American Agricultural Chemical is
raes were conspicuous weak spots.
liquidation, prompted by fears of
reorganization, carried the common
sstock DOWN almost > points to tx and
the preferred rs points to POS. new
low prices for the year. The latest
! drive against the issues marked another
step in the selling operations which
have continued almost uninterrupted
since the Virginia Carolina Chemical
company went into receivership more
than month ago. The companys
annual report, soon to be published. it
was indicated, would be even more dis
Anpointing than had been expected, and
hopes held out for improvement in fer
Z tilizer' conditions have failed to ma
terialize --.-=
The +irregularity which marked trad
ing was most noticeable in the indus.
trial list. High priced speciaIties, ham
snnered by professional traders, sustained
sharp losses. General Electric declined
abruptly more than points. and Bald
win and American Can yielded part
OF their recent recoveries.
Oil shares gave the most impressive
demonstration of group strength At
aantic Refining moved up points to
JOB, representing a gain of more than
II points for the week California
Petroleum preferred advanced "a points
and Standard Oils and Houston scored
moderate gains.
- 6udIp EullF Ill STERLING featured
trading in the foreign exchanges. After
displaying considerable sluggishness for
several weeks, while other European
currencies were setting new top prices
for the year, the pound moved up more
than cents to as high as $4.341A, fall |
ing back about cent toward the close.
Heavy buying was attributed to con-
Tidence. in the forthcoming Dawes re-
port. Other European currencies were
strong.
Total stock sales. $4,000. Twenty !
industrials averaged 9461; net loss,
.66. High 1924, 101.24; low. 93.0S.
Twenty railroads averaged 1912; net |
loss, 20. High 1924, 1923; low, 81. "A.
FOREIGN EXCHANGE
changes strong. Quotations in cents:
Great Britain. demand, s4.3S3A; cables
$4.asN; so-day bills on banks. s4s1H.
Italy. 4.46; and ASH Belgium, 4ss and
ts4; Germany tper trillion(, 21A Hoi.
spain isi Grsees s5 pol msden oooots
Czechoslovakia. 29S; JuGosIavia 124:
Aus 80 ;ool4% Rumania. .51h; Argen-
81; Montreal. s7b.
LONDON MONEY
LONDON. April Bar silver. SO Lice |
Money, is per cent.
Discount rates: short bills. ~ per cent
tnree months bills per cent.
BAR SILVER
NEW YORK, April 15.-Bar silver,
G%ci Mexican dollars, 4SNc.
NAVAL STORES
sANANNAH. Ga. April 5.-Turpentine |
firm. sac; sales. 81; receipts, 7S; ship
sales. none; receipts, 275; shipments, 1:
stock. 66,327. Quote B to l. $4S5; X
4ss; M, SIS N, $5.O5; WIG, $3.50; WV, |
COFFEE FUTURES
new YORK. April 5,-There was a. /
turner advance in the market for coffee |
ering or trade buying. First prices wers
70 points higher and active months |
sold Y to 46 points net higher. with July
tonching l2.S6c and December 12.O1c. The |
CLOSE showed net advances of II I'd 3S |
points. Sales estimated. 1000 May
1850; July, 12.S0c; September. 1233c: |
october l2.65c; December. 11.s5c March
Spot coffee firm; Rio rs, 15Bc; Santos
- 1s& @1s1zc. Cost and freight offers
inciuaed part bourbon SIS and Is |
at.eVc Tor prompt shipment. Rio ex-
Dollar buying rate 100 refs lower Ri
market. 626 to 500 reis higher: Santos I9S
60 2SO refs higher. Brazilian port REGENTS
e'oUVi 'undiahy receipts, $4,000.
FLAX MARKET
.POLUTH, April 5.-Close, flax. NAV
s<'4@%i July 32sSh; September, $2.27.
RAW SILK
~" YORK, April Raw silk dull.
prices unchanged. ''
Luckenbach