The Birmingham age-herald., 1924-01-17
STRONG DEMAND
 ,FOR RAIL ISSUES
! irtually All Groups Of Indus trial Stocks Participate In Ad-
 vance, Many Shading Top

M KEW YORK, Jan. i6.-sellins pres sure was lifted from today's stock mar X Aksk and the general Mist moved higher In response to further improvement in t9e foreign exchanges, cheaper money rates and favorable trads news.
 Chief speculative interest centered in the railroad shares, of which there was reported to be heavy buying for Euro- pean account. A number of the non- dividend paying issues sold to 8 points above yesterdays closing prices, while the high grade stocks showed ex- treme gains of 1 to 2h points, top prices in many cases being shaded as . result of profit taking.
 Virtually all groups of industrial stocks participated in the advance with the steel, 'automotive, equipment, food, merchandising, can and farm inn- plement issues recording the highest gains. Several of the oils moved up additional announcements of higher gasoline and crude prices, but the gains were reduced or caveelled when fresh selling broke out in the Pan- American issues in the late afternoon. , Copper stocks were inclined to be slug gish on reports that the red metal was again selling below 13c a pound.
 Buying of the steel shares was in fluenced to some extent by the op- timistic tone of the weekly trade re- VlSWS, WHICH StTeSScQ tQ6 ueaVy uc- mand for construction material. United States Steel closed a point higher at par and gains of l to nearly points were recorded by Bethlehem Crucible, Republic and Sloss-S Sheffield Steel, Iron Products and U. S. Cast Iron Pipe issues. Payment of the last back dividend on Republic Steel pre- ferred was announced after the market closed.
 . Revival of activity in the tobacco group was based on reports of forth coming mergers. Philip Morris led the point. Equipment issues were heavy early in the day on rumors that 1924 earnings would be well below those of 1923, but they strengthened later on the announcement that tLs Baldwin com pany had obtained a contract for 57 locomotives from the Atchison rail- road. Leather issued made a favora- bic response to reports of higher com modify prices and improved earnings, Central Leather preferred rising points.
 Strong spots in the speciality list in- cluded Corn Products, Savage Arms, Remington Typewriter, Computing ulating-Recording,. Marlin-Rock- well. and Munsingwear, the net gains ranging from 2h to nearly points.
 Lehigh Valley was one of the strong features of the Railroad group, clos ing more than 2 points higher at 66h after having sold slightly above that figure. Good gains also were recorded by Erie common and second preferred, Wheeling and Lake Erie preferred, Rock Island, Missouri Pacific pre- ferred, Pittsburg and West Virginia St. Paul preferred, Chesapeake and Ohio and the Reading issues.
 Foreign exchanges continued to make sharp recovery from recent weakness, French francs selling just below 4.70c, or more than 50 points above their recent low, and /demand sterling moving up above $4.26.
 Call money opened at "A, eased to 41s and thence to 4. Time money and commercial paper rates were un- changed.
 Total stock sales, 906,4 400 shares
 Twenty Industrials averaged 9652, net gain .5s.
 High. 1923, 1O5.3s; low, s5.76.
 Twenty Railroads averaged S3.53 net gain .79. High, 1923, 9O.51; low, 1853.