The Birmingham age-herald., 1924-01-19
PROFESSIONALS
 HEAVY SELLERS
Special Strength Shown In 5 Various Sections Of List,
 which Close At Gain

t NEW YORK, Jan. 1S.-Stock prices pursued an uneven course in today's relatively quiet market, fluctuations generally being of a narrow character. Bear traders renewed their attacks on such speculative favorites as Baldwin, American Can and Studebaker, but they encountered strong support just below yesterdays closing levels and net with little success.
 Some of today's selling is reported to have been inspired by the market letters of some of the larger commits sion houses, predicting that the mar- ket was entering a trading area, pending more definite indications of the trend of spring business and urg ing a reduction of long commitments in some of the issues which have reg tstered sharp gains in the last two months. Professional traders, winter ing in Florida, also were reported to De heavy sellers of stocks in the last few days.
 Special strength developed, however, In various sections of the list. It was particularly pronounced in such issues as Lehfgh Valley, Pittsburg and West Virginia, Mallinson Silk, Air Reduc- ton, Brooklyn Union Gas, New York Dock preferred and Woolworth, which closed IA to 4 points above yesterdays final quotations. A bullish demonstra- ton in Corn Products sent that stock up to 1611a, the highest ever recorded, but 1t fell back later to 160A, up F on the day.
 Weekly mercantile reviews reported further irregularity in business. Some encouragement was derived by bull op- orators from the further improvement in the reserve ratios of the local fed eral reserve bank and the system as a whole, and the increase in car loadings for the first week in January over the week before.
 Steel shares hold reloti,,alx ctaody or reports that the Bethlehem Corporation was planning to start four more fur naces and the publication of a prelim- mary earnings report of the Inland Steel Company, showing earnings of over $5,500, 900 on common stock in 1923, or more than s4 share. Announce ment was made during the day that the United States Cast Iron Pipe com- pany ordered 60,000 tons of pig iron. stock of that company closing a point higher.
 Strength of Pittsburg and West vir- ginta was associated with reports of It's possible requisition by New York Central, but these lacked official con ffrmatfon. Lehigh Valley was again active. the rights being admitted to trading on the New York curb and selling between s and 29h. St. Paul issues yielded slightly on profit taking.
 Further reactions took place in the foreign exchanges, due to selling abroad, which Apparently was inspired by political developments in Great Britain. DemaEh sterling dropped to ,2S and theF allied nearly a cent,
 nile French 1cs were as low as
 cents, an l snapped back sev-
 points. --t.l foreign exchange
 iers reported that the buying of
 lcs at the lower levels came from
 ks with French government connec-
 s.
 III money ruled unchanged at 4 per
 ,a-. The time money and commercial
 Yer markets were dull, with no cTsnge in rates.
 Total stock sales, S41, 300 shares.
 Twenty industrials averaged 96.27; mt loss, .15.
 igh, 1923, 105.3S; low, s5.76.
 wenty railroads averaged S3.59; net gain, .06.
 J igh, 1923, 9O.51; low. 7a.5a.