The Birmingham age-herald., 1924-05-24
STOCKS ADVANCE
 IN DULL SESSION
Trading Restricted By Uncertainty Regarding
 Disposition Tax Bill

N NEW YORK, May 2s.--stock prices moved irregnlarly higher in today's ] quiet session, which was featured by the steady investment demand for high grade rails and public utilities. TraA- ing was somewhat restricted by the dn- ceffainty regarding the ultimate, dis position Of the tax bill, total sales run- ning only slightly more than half a <utillion shares. ss Short selling was conducted with a NEteel shares. Sugars reacted in sym Npathy with the decline in raw and re. Eftned prices, which established new low Nxecords for the year on Increased crop XeEtinates. Steels lost ground on re- Mports of as further reduction in output &Rnd thaspessimistfc interpretation placed #upon the remarks of Chairman Gary Mof the United States Steel corporation X at the < semi-annual meeting of the American Iron & Steel Institute.
 ~ United States common closed t low er at. zg7 sa. Independent steels, some |Xcf which were heavy earlier in the &day, closed practically unchanged as, g. Hresult Of late short covering move ment which was based on the predic- tion of several steel officials that the #of l to nearly 2 points were recorded by: American Sugar Refining Cuba Cane preferred and Punta Aiegre.
 Investment buying of high, grade stccks was inspired in part by the con tinued ease of money rates, the com hined federal reserve ratio touching s317, the highest since the close of the war. Call money again held at 3 per bent all day, but demand funds were obtainable in the outside market" in substantial sums as low as 2ss per cent. The time money market continued dull zwtth loans up to four months reported Nat per cent. Bids of 3% per cent were made for the shorter nAturities but lenders appeared to@be unwilling 10 reduce the asking rate. The bulk ued to move at 4h with some excep- tionai names offered as low as per cent.
 Norfolk 6 Western was the outStaTid1
 Ing strong spot in the rail group, climb
 ng more than 4 points to 124ss, and hen slipping back to 123A on reports pfa the favorable progress being made
 toward leasing of that road to the Pennsy1vania.
 Moderate strength developed in Dela- ware Hudson, New York Central and Frisco preferred, all of which sold q point or so higher. Pullman also de- < geloped moderate strength, closing 11s points higher at 120.
 Reports that the Pan American com 1any was planning to enter the retail r ,usinesss in California brought fresh { buying in these shares which closed
 
 burst of activity in independent oil which also closed more than point higher. followed publication of the re- port that the company had brought in 1000 barrel well and was drilling oth- | prs. Some of the minor oils lost ground pn reports of a reduction in gasoline prices in Chicago.
 M Good support again was accorded the rubber shares, United States Rubber comnnon and first preferred, Ajax and Fisk closing more than a point higher, vhile several others in that group im- proved fractionally. Some of the other Outstanding strong spots were Congo cum, Loose-Wiles Biscuit, Virginia ron Coal and Coke and Internatiot,al Business Machines all of which closed It net gains of 1 1s points or more. Foreign exchanges held fairly steady b quiet trading. :, Demand sterling was uief, just above SABA and French Frames ruled around 5ssc. D Total stock sales. 52s 100.
 4 erfAv er..N rnFk. rra VI