The Birmingham age-herald., 1924-12-23
STOCKS REACT
 AS CALL MONEY
 IS ADVANCED
Irregular Recovery Made Later On Violent Bull-
 ish Demonstrations

NEW YORK, Dec. 22-stock prices opened firm today, reacted sharply when the call money rate renewed al three per cent and then advancd 10 four' and made irregular recovery in the late trading when violent bullish demonstra- tions took place in few hlgh prlceu specialties The average of 20 leading industrial stocks rose to the highest level since 1919, due largely to the nine point jump in General Electric, which esta ablished a record top at 29oie. The days sales totalled slightly above one and one-half million shares.
 The advance in call money was due 10 the extensive calling of loans by banks as result of S15000, 900 deficit fin reserve shown in the weekly clearing house statement last Saturday. It was estimated in some quarters that the to- total amount of loans called was close to $30, 0,OOO 0O0, the heavy holiday demand for funds being another factor.
 The days news was largely favorable. It included the inauguration of diV1- dends on Texas and Pacific railroad preferred stock at the annual rate Of $5; the stiffening of zinc, copper and pig iron prices; the prompt oversuo- scription of two stock offerings and the publication of additional favorable November railroad earning statements.
 The United States Steel common closed Is lower at 11Sb, and Studebaker was off 1s at 45h. American Can fluc- tuated within a range of three points, closing 1s lower at 1587s. Baldwin showed a net gain of about a point at 131% after having sold as low as 123 1s.
 Brokers reported that much of the selling of Standard industrials in the middle of the day, represented the con version of paper profits into cash Tn order to purchase Christmas presents. 1f1 irf0 by a large variety of issues, including American Sugar Refining, American Wool, DuPont, Maxwell Motors A and B, Philadelphia and Reading Coal and Iron, Worthington Pump, Continental Can, Crucible Steel, Gimbel Brothers, Goodrich, Gulf States Steel, Jordan Mo- tors, Ludlow Steel, May Department Stores, National Enameling, Replogle Steel, Savage Arms, Stewart WaAler, United States Distributing and Westing- house Air Brake.
 The sharpest breaks took place in the Commercial Solvents issues, each of which dropped about 1012 points and then rallied slightly. Other weak spots included American Express, Commercial Investment Trust preferred, Manhattan Shirt and United Railways and Invest ment, off 3 to 5h points. Rails also moved irregularly lower although excel lent buying was noted in Norfolk and Western, which advanced more than 2 points to 131. Baltimore and Ohio Reading, Delaware and Hudson, Gulf, Mobile and Northern, Illinois Central, "Nickel Plate," St. Louis Southwestern, and few others were off 1t o3 points on the day.
 Independent strength was shown by American Car and Foundry which ad- Vanced five points and Iron Products, which scared thirteen points to 9s.
 Time money and commercial paper rates held firm with business in moder- ate volume.
 Except for moderate reactions In the Norwegian and Danish rates, which re- flected the re-adjustment of speculative positions, foreign exchanges held steady with trading quiet. Demand sterling was quoted around $4.7O 5-7 and French francs 5.3sh.