The Birmingham age-herald., 1924-03-13
MARKET IS FIRM
 ON RAIL BUYING
Southern And N. & w. Establish New High Records For
 Year 1924

NEW YORK, March 12.-Desultory trading again characterized today's stock market, neither bear nor bull op- orators apparently being able or willing to bring prices out of the narrow area in which they have been floundering for nearly a month. Lack of definite trend is generally attributed to the in disposition of professional traders to extend their commitment until after the March 15 tax payments have been dis posed of.
 Heavy buying of the railroad shares, based on a continuation of record breaking carloadings and speculative expectation of favorable February earning statements and inauguration Of dividends of Southern Railway com mon tomorrow imparted a firm tone to the carly dealings. Announcement later in the day that directors of Nor folk and Western had not considered the leasing of that road to the Penn sylvania at today's meeting encouraged a resumption of bear selling, which gave closing prices reactionary ap- pearance. Net losses in the active is sues, however, were held to point or Jess.
 
 Western were the features of the rail group, establishing new 1924 highs at 62A and 1219s, respectively. In the late selling Southern dropped to 517s, where 1t was up one point on the day, and Norfolk and Western closed at 118s, net loss of X. Some of the other strong spots in that group included the Erie issues, Seaboard Air Line preferred and New Orleans, Texas and Mexico.
 Chain stores values again attracted attention when Woolworth established a record high for all time at 331 No sales of Kresge have taken place this week, but the announcement that the company had taken over large de- pertinent store in Washington, D. C., boosted the quotation to 330 bid and $40 asked. Loose-Wiles Biscuit spurted 51s points to 61 in response to the re- on the preferred.
 Studebaker closed a point lower at 101h and United States Steel common Baldwin and American Can sustained fractional losses. A sharp run-up in American Sugar Refining, which touch ed 54. or points above yesterdays low, indicated that Wall Street had over discounted the poor 1923 earnings re- port, which was published today. Gu ban Dominican Sugar preferred ad- vanced points and the other sugars held steady.
 Accumulation of United States Cast Iron Pipe sent that stock up to TIE, the closing price representing a net gain of two points. Unfavorable divi- dend rumors were held responsible for the sharp break in Market Street Rail- way prior preferred. Oils offered fairly good resistance to selling pressure, Gen eral Asphalt standing out with a net gain of 2b points. Pierce Oil preferred made good response to reports of an early announcement of reorganization plans.
 Call money held steady at Az per cent. Call money and commercial pa per markets continued dull, with no change in rates. Further recovery of the French franc featured the exchange market, the demand rate again getting above 4 cents. Belgian and Spanish rates also moved substantially higher, while Japanese yen broke sharply. Other changes were largely fractional
 Total stock sales, 576, 200 shares.
 Twenty industrials averaged 97S1; net loss, .09.
 High, 1924, 1o1.24; low, 948s.
 Twenty railroads averaged Ss.S2; net gain, .12
 High. 1924, s5.sO; low, s2.74.