The Birmingham age-herald., 1924-08-29
STOCK MARKET
 IS VERY DULL Sales Drop To $550,0OO, Smallest Of Any Ses-
 sion Since June

NEW YORK, August 2s.-Extreme dullness characterized today's stock market, which opened with firm tone and then turned reactionary when pro- fessional traders directed selling pres sure against the standard industrials. Total sales, which fell below $50, 900 shares, were the smallest of any full session since the middle of June and re- flected the absence of many large op- orators over the Labor Day holiday.
 Spectators for the decline succeeded in uncovering a number of weak spots among the specialties. American Ice broke points to 72, making a loss of nealy 20 points on selling attributed to reports that the earnings statement for the six months ended April 30, soon to be published, would show a larger deficit than the corresponding period of the year previous. Union Bag and Paper broke nearly points to 43 on publication of rumors that the $1.50 quarterly dividend, due September 10, was likely to be omitted.
 Selling pressure against Cuyamel Fruit, which touched new low for the year at 46%, was apparently inspired by the failure of the company to earn its dividend requirements in the first six months. International Telephone which was bid up briskly yesterday on the announcement that the compAny had obtained contract to reorganize the Spanish telephone system, fell back points on profit taking. Union Tank Car, West Penn Power, American Water Works, All-Amerfca Cables and Youngs- town Sheet and Tube dropped 2 to points, last named being due to a re- duction in the quarterly dividend.
 United States Steel common, selling ex-dividend, touched 10SA, but slipped back to 106B for a net loss of $ at free supply, closing points lower at 12s%. Baldwin showed a net loss of point at 120%. despite a furry of early buying in anticipation of the plac- ing of $25,000 equipment order by the Pennsylvania railroad in the next few days.
 Excellent buying developed in the chain store issues in response to re- ports of anNincrease in retail trade, but the early gains were substantially re- duced in the late wave of selling. s. s. Kresge spurted 10 points to 44o and then dropped back to 495. Kresge De- partment Stores fell from 541S to SIS, up 19. Woolworth closed + higher at 1121s after having touched 114%. Mo Crory Stores showed a net gain of 2 points at 95.
 Railroad shares failed to respond to reports that car loadings for the week ended August 16 were the highest of any week this year. July earnings, which are running 10 per cent below those of last year, probably restricted trading in the carrier issues. Rutland preferred was an outstanding strong spot, touching a new high at 54N on buying attributed to New York Central interests. Pittsburg and West Virginia came within a small fraction of the years top.
 Call loans continued to hold at per cent. The demand for time funds was reported to be slightly better with more inquiry for loans at 8 per cent for 90 days. Commercial paper held steady with the bulk of the prime names nov ing at 3A per cent.
 Foreign exchange rates were slightly reactionary. Demand sterling ruled about 15c lower at $4.14h, and French francs were moderately active around 6.40c. Canadian exchange sold at slight premium for the first time since 1922.