The Birmingham age-herald., 1924-01-05
GENERAL ELECTRIC1 JUMPS ABOVE 200

sep NEW YORK, Jan. i.-Stock prices upward today after an early i period of irregularity, but except in
 the case of few specialties, the net
 gains in most issues were limited to Y fractions.
 ..sss. Selling pressure was again in evi- x dence at the opening, particularly in
 the oil, independent steel and motor
 shares, but this was lifted before ss noon on resumption of successful & . pool operations in other sections of - the list. Leather, rubber and ferti- sw lizer stocks, which have been lag sseging behind the rest of the list, were
 taken in hand during the day and "s some good gains recorded in those
 groups.
 as One of the individual features of a"e the sessio1 was General Electric, .s which again crossed 200 for net gain of more than points on reports a3 that 1923 earnings will total SIS ss share and that an early capital re-
 adjustment was likely. United States
 Cast Iron Pipe was another strong !. feature, moving up nearly points to
 "A 3-4. Congoleum, which recently i4 was placed on a s3 dividend basis, as climbed S-S points to 4S1a.
 z. 4. American Can moved up 1 point to ss above 1O4, but United States Steel F common, Baldwin and Studebaker ? showed only fractional gains.
 Shipping shares benefited by re- :. ports of higher, ocean freight rates. ; Marine preferred touching 32 3-4 and ! closing 1 7-s higher at 31 7-S. Much
 of the buying of this issue is re-
 ported to have come rom brok craze i5 houses with Miami, Fla, connections z giving rise to reports that it was for I the account of large traders winter ing in that territory.
 fs,.. Railroad shares developed strength
 during the afternoon, Northern Paci- | 2 fic, Union Pacific, the Rock Island
 preferred issues Gulf, Mobile and l EAarquette preferred, Frisco common Fl Ind preferred. and St. Louis South
 western, all closing point or so
 higher.
 Carloadings for the week ended
 December 22, showed a further fall
 ing off, but this was regarded as
 seasonal, current loadings being well 'tabove those of year ago. In No- r, ,vember, 1923, class one railroads re-
 ported net operating income of $S4,-
 516,S00, or at the rate of 4.6S per cent
 on their tentative valuation, accord ,. ing to the bureau or railway eco- monies. In November, 1922, the same roads reported net income of $81,- -601, 300 or 4.62 per cent and in Oc- tsber. 1923. $102,S53,691 or 4.79 per rcent. ' tPan-American Oil issues made - slight recovery from recent weakness
 on the official denial of reports of a , material decline in Mexican light oil
 production. Reports that all MeXi-
 can oil fields were now in posses iD sion of rebel forces was construed as Cmeaning that the revolutionists held ! the territory in which they were To-
 cated, and not that they were being
 confiscated.
 Demand sterling made further re- covery from recent weakness climb
 ing more than 112c above S4.30. l -aFrench francs touShed a new low at
 4.841a cent but made partial recovery
 later.
 Call money opened at 3-4 per pcent, but eased to 4l.c before the |
 close. An easier tone and broadening | activity characterized the time |
 money market, more funds being |
 available at 4 3-4 per cent. Out of |
 town institutions are still the princ
 pal takers of commercial paper |
 prime names moving at 1 34 and , | ? per cent. | Total stock sales, SS4.200 shores ."t'Twenty ndustrials averaged 9540 | ,,tpet gain .52. |
 High 1928: 1O5.3S, low S5.76. te' Twenty railroads averaged SS.S3 |
 net gain .21.
 High 1923: 9o.51. low 59.9o.