The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-24
BRISK ADVANCE
in STOCK PRICES
Net Gains OF One To Two
Points Common At
Sessions Close

o~ooAVAA . SAOSC
NEW YORK. April 23.-Stock prices
moved up briskly today under the i'm
petus OF broad covering movement
winch apparently was based on the
realisation that the short interest was
becoming unwfeldy as indicated by the
unusually large number of stocks loan
ing HAT and at premium. Net gains
~ TO points were quite common at
the close, with the sugars. oils and
tmotbss giving the best demonstrations
VI group strength.
a. While sentiment is still divided as to
the present trend of prices. opinion of
traders was quite general that the So
called short interest in the market is
ene of the largest in history. Several
bxckers reported that the size of the
loan crowd" demanding stock to make
delivery on short contracts this morn
Ing was the largest in their experience,
the unprecedented number of "a issues
1oaning flat" that is, without pay
9neHt of interest to the borrower.
Trade news, as a rule was favorable.
Loadings of revenue freight for the week
ending April IL, which were made pub
!; lie today. showed substantial increase
after several weeks of decline. This was
construed as an indication that there
had not been any further sharp curtail-
+ nnent in business. Encouragement also
was derived from the steel trade reviews
which reported that the volume of con-
struction work and of railroad consump-
ton this month compares favorably with
March
United States Steel common closed
nearly point higher at 973s. Baldwin
rallied 2 points to Ill and then eased
70, 1lON. Strength of American Can,
which closed nearly . points higher at
48N, was attributed in part to reports
that the company had settled the gov
ernments claim of about $4,000. 600 for
back taxes. Ample reserves had been set
aside for this contingency. Studebaker
S3N.
Short covering in the motor group
was prompted to some extent by the
statement of President Sloan of General
Motors that sales of cars and trucks in
the first quarter of the year were we'll
above those of last spring. Gains of /
to- z points were scored by more than a
dozen stocks in this group, including
Chandler, Stewart Warner, Stromberg
Carburetor, Mack Trucks and the Vel
low Cab issues.
Higher raw and refined prices, togeth-
er with rumors of favorable dividend
the sugar shares, Cuba Cane preferred
rising more than points and American
Sugar Refining, Cuban American, Punta
Allegro and South Porto Rican rising
to "a. Resumption of dividends by
Mexican Seaboard and reports of an in
creased consumption of gasoline stimu-
lated the buying TO the oils.
French and British exchanges mount
ed to new high levels for the year on
wAAA -
ering by European spectators, particu-
lariy in the London and Amsterdam
markets. French francs crossed $50
cents and sterling sold above $40.
Call money again held at 4 per cent
HI day. Time money and commercial
paper markets were quiet with no
change in rates.
Total stock sales, 702, 100 shares.
Twenty industrials averaged 91.45,
sersytous day COPS.
High, 1924, 01.24; low, 9O.2S.
Twenty railroads averaged S1.67, pre-
High, 1924, 1852; low, 81.
( LIVESTOCK
:. cMIcAGo; April 2S-cattle 5000; prae-
KILLERS rather indifferent buyers; fat
etssrs OF value to sell at $1,000 and above
Rna beef heiferg showing most decline:
Cat COWS spotty largely 10 to 15c off;
tanners and bulls showing later decline;
i top matured steers, $12.25, average weight
1870 pound; few loads. s11.75 @12.oO; best
yeAFlings. $11.25. few above, $1,000; bulk
! Ted steers and yearlngs, $S.25410.5
some good weighty steers held off mar
I ket owing to unsatisfactory bids: several
B bologna bulls a+.T5; many rough fat bulls
around $500; stockers and feeders steady
60 strong; vealers steady at S750@s.00
1 Tor light kind; and $3.50 $500 for good
Z and choice handy weight offerings.
lower; closed at low point: bulk desirable
weiEhty butchers. 373097.45; top prac-
teal top. 1915; two loads to yard trad
ers,ye7b067.65 better grades. 40 to 21o
packing sows, $s.65@Ss5; killing pigs
steady to Csc lower bulk good and choice
stIong weight, s5.7S@6.25; estimated
Sheep: 10000; fat lambs 10 to Csc low
err; spots more: sheep SO to Use lower;
1900; bulk clippers, $3.50 @14,OO; one
load to outsiders, STATS: bulk spring
lambs, $17.0092200; good fat wooded
ewes $3.50: choice clipped ewes, 1915;
bulk clippers. $s.oo@SSO.
LONDON MONEY
pence SP per- OUNCE HHa Money ~ per S Ss
Discount rates. short bills, 27sQ3 per
cent. Three months bills, 1868 Is
per cent.
HORSES AND MULES
IS EAST ST. LOUIS, April 23.-Horses and
mules steady, quotations unchanged