The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-05-27
STOCK PRICES
MOVE UPWARD
slaEs
Sharp Drop Recorded Just
Before Close AS Call
Money Jumps

NEW York, May 26.-Stock prices
moved. upward during the greater part
of today's session in response to the
adoption of the conference report on the
tax bill by the House but they sold
OFT sharply just before the close when
the call money rate was advanced to
Az per cent. Final quotations showed
predominance OF net losses, much Of
which, however, were of a fractional
character.
Buying orders predominated at the
opening on publicatino Of revised fig
ures by the treasury department show
ing that the cost of the soldier bonus,
even with reduced taxes, might be alb
sorbed next year without a deficit. Bny-
ing, however, was of a cautious char
acter, today's sales again running
around 100000 shares.
Delaware and Hudson was one Of
the Individual features of the session,
jumping SIS points to 100, a new high
record for the year, and then slipping
back points from the top, The sud-
den burst OF activity in this issue re-
vived rumors of an early segregation
of its coal properties, Lackawanna
moved up 2h points to lin and then
hearing reports that this road was plan
ming distribution Of Its treasury hold
ines of Glen Alden Coal.
New high levels for the year also
were recorded by Western Pacific at
20h, the preferred at 81 and Pere Mar
quette at 50%. Indications Of contin-
ued accumulation were seen by some
traders in the further advance in Ches-
apeake and Ohio and "Nickef Plate"
which have been associated with mer-
ger rumors. st. Paul issues were Of
fered freely on publication of the April
earrings statement showing a deficit of
1881 1855 against net income of 81 $685.
294 in the same month last year.
A run-in~ OF the short interest In
United States Cast Iron Pipe sent that
stock up to 80, but it reacted later to
4 SS%, wheresit was up as on the day.
General Electric climbed to % but later
reacted to 219h off Is.
United States Steel crossed 98 In
! the early trading and then sagged to
SIX for net loss of " on the day.
Fractional reactions also were recorded
by the other so-called pivotal issues
American Can, Baldwin and Stude-
baker, International Paper closed near
ly 2 points higher at Al on reports of
I large current earnings from newsprint
and hydro-electric power sales. Wool
worth (old stock) jumped 6k points
to 339 and the new stock, which Is sell
{ ing. on a when issued bassi, closed
1% higher at So.
Oils were steady with a fair amount
of buying on favorable export statis-
4 tics. Strength and activity of Supe-
rior, which touched a new 1924 high,
was based on publication of an Off
cial statement showing that current
earnings were running between So and
+ 81 a share. Sugar stocks were inclined
& to weakness on a. further decline in
the prices Of the raw and refined prod
ucts. x
4 Call money opened at 8 per cent and
advanced SUCCESSFULLY to ga. and 41a.
the higher rate rejecting the with
drawal of funds in anticipation OF
month-end requirements. Time money
and commercial paper rates were I'M
changed.
Foreign exchanges held firm on quiet
trading Demand sterling ruled around
434h and French francs were quoted
just under s 1-3c. II