The Birmingham age-herald., 1924-02-22
SHORT COVERING
 IS MAIN IMPETUS
Active Industrials Rise 1 To 2 1-2 Points, While Oils Dem-
 Onstrate' Strength

NEW YORK, Feb. 21.-Stock prices displayed a firm undertone in today's market, net gains in the active indus- trial issues ranging from to 2h points. Business was on a reduced scale be- cause of the approaching holiday and the continued interruption of wire service.
 Resumption of buying on the long side was influenced by cheaper money rates, call funds being obtainable in the outside market as low as 3A per cent; continuation of record breaking carloadings for this season of the year, another advance in lead prices, the re- covery in sterling exchange on the set clement of the British dock workers strike and continuation of favorable trade reports.
 Short covering was in evidence from the start, and, in many cases, provided the main impetus for the advance. For the first time since last October, Wall street brokers loans have taken a drop in the last few days, the total now be- ing estimated at S1 ,380, 100000. or about $20, ,000 below that of February. Oils gave one of the best demonstrations of group strength, Standafd oil of California rising points and Pacific, Mexican, Seaboard, Sinclair, Maracaibo and Tidewater rising a point or more. Buying of these issues was based on the speculative belief that the Wash ington oil investigation already has ex- hausted their bearish possibilities, leav- ing them in a position to respond to any improvement in the crude oil pro- duction situation.
 Steels also moved up smartly, gains of a point or so being recorded by United States common, Republic, Cruicible, Bethlehem and Gulf States. The in crease in the annual dividend on the last-named stock and reports of heavy buying of automobile and railroad equipment stimulating the demand for these shares.
 One of the sharpest rallies took place in American Can, which scared as high as 114Ss and then dropped back to 113A, where it was up 2a on the day. Bald win closed nearly 2 points higher, at 122. after selling slightly above that figure. The sharp rally in Davison Chemical, which was pushed above 53 and then eased to 51ss, up 3%, was at- tributed to pool operations. Market Street Railways issues, which were de- pressed yesterday on unconfirmed re- ports that the dividends on the prior preferred was in danger, made partial recovery today the prior preferred closing 2A higher, at 54K.
 Strength and activity of Southern Railway common, which touched 4sN, . new high for all time, featured the railroad group. Seaboard Air Line preferred, Union Pacific and Lacka- wanna also were strong.
 General Electric and Virginia Caro- lima Chemical preferred were among the few heavy spots.
 Call money held steady at 4 per cent all day. Time money and commercial paper rates were unchanged.
 Foreign exchanges made good recov- cry from recent weakness. Demand sterling climbed more than cents, to around 4.31%. French francs rose about 10 points, at 4.25, and other European rates improved in sympathy.
 Total stock sales, 70s,000 shares.
 Twenty industrials averaged 9S.O1; net gain, .s3.
 High, 1924, 1924; low, 94.8s.
 Twenty railroads averaged s3.S5; net gain, 40.
 High, 1924, s5.9o; low. s2.74.
 METAL MARKET
 NEW YORK, Feb. .21.-Copper-Quiet Electrolytic, spot and nearby, 13A@ 1S3sc; futures, 13% 913hc.
 Tin-Steady. Spot and nearby, $54.50; futures, $54.25.
 Iron-Steady. Prices unchanged.
 Lead-Steady. Spot, $S.70@9.25.
 Zinc-Quiet. East St. Louis, spot and nearby, $6.s2@6.S5.
 3 Antimony-Spot, $11.