The Birmingham age-herald., 1924-01-29
GROUND IS LOST X. BY: NDUSTRIALS
Notable Exception Is American Can. Which Makes New High
 For All Time -'

NEW YORK, Jan. 28.-Heavy specu-y lative selling of the stocks or the fan, American Petroleum ana smear On companies, based on the belief. that their leases to naval oil reserves would hn cancelled as a result Of the dis cfosures before the Senate investigating committee was the feature or today's active and irregular stock market. The Pan-American issues each closeo apo1' a. points lower and Sinclair lost l, transactions in these three issues com urising nearly one-tenth of the days business, which ran well over one mii- lion shares.
 with a few exceptions, such as Amer iean Can, which touched a new high record for all time, and closed nearly 2 points higher, most of the industrials lost ground. Railroad shares showed moderate improvement, due in part 10 d renewal of buying for European ac- count and an increased domestic de- rfiand predicated on the favorable na- ture of some of the recent earnings statements.
 gDavison Chemical broke points to 52 on unconfirmed rumors that group which has interested itself in the prop erty had liquidated their holdings. weakness of General Electric. which closed nearly points lower at 2141s, was attributed to official denial of ru- n1ors of a stock dividend and the filing of. a complaint by the federal trade commission charging that General Electric and other companies with
 Corn Products, American Woolen. American Car and Foundry, United states Cast Iron Pipe, Producers and Refiners, Cuyamel Fruit, American Horticultural Chemical preferred, Vir- einia Carolina Chemical preferred and Rsmington Typewriter, all off to 4 s United States Steel met good sup tort in the expectation of favorable div fdends developments at tomorrows rheeting of the board, yielding only ffactionally on the day. Baldwin fhirly steady on the removal of recent sblIing pressure, Studebaker closing x nigher at 1O1%. Further advances In 6Asoline and certain grades of crude brought fresh buying into some of the dnxnestic oils. Atlantic Refining and Gdewater gaining about points each. Air Reduction moved up about points on the announcement that the company had called $1,000000 remain fig per cent convertible notes as Of 2 April 1, which was construed as fore oasting an early resumption of divi-, dsnds on the common. Kresge jumped c points on publication of 1923 earn ikEs report. National Lead General naking and Montgomery Ward also Wsre strong.
 gAtchison was the leader or the rdh- .rbad group, touching 102h and clos ihg at 101h for a net gain of 2% ubints New York Central, Canadian HAcific and Chesapeake and Ohio closed d. point or more higher.
 sCall money opened at 4 per cent ad- vance to Az, and thence to 5. where if closed. Time money was quoted at 4& for all maturities, the same rate being quoted for prime names on com r4ercial paper.
 sForeign exchanges showed marked iunprovement infection of reports pre- dieting an early end of the British rail- road strike.
 fDemand sterling moved up more than 2c to around S4.25 and French francs we're quoted about 10 points higher at 45sh cents.
 Total stock sales, 1,2S6, 900 shares. z S1ndustrials averaged 99.93; net loss, .52
 High, 1923: 105.Ss; low, s5.76.
 sRailroads averaged 54.96; net gain, .3s.
 High, 1923: s0.51; low, 79.43.