The Birmingham age-herald., 1924-02-16
LOSS RANGES TO THIRTEEN POINTS.
Bears Switch Attacks From Oils To Steels And Then To
 Other Specialties

active stock market on the widespread circulation of rumors that one of Wal streets most prominent operators had switched from a bull to a bear position because of his belief that the Washing. ton oil lease disclosures had under. mined public confidence. The reaction was allowed to run it's course by strong financial interests, with the result that active industrial issues broke one tc eight points and Fisher Body { dropped 13.
 , Opening prices were irregular, with the main tendency upward. Before the end of the first hour, rumors were broadcast that piece of bearish news would be published before the end oi the day; but it's source was not re. vealed until after noon, when a sum- mary of a telegram. sent by the prom inent operator from the south to one of his Wall street friends, was published on the financial news tickers.
 Bear attacks, which had been con centrated on the oils, switched to the steels, and then other speculative in- dustrials. the rapidity of the decline forcing the closing out of a number of marginal accounts. Rail shares held steady until just before the close, when they weakened, early steadiness appar- ently being due to the publication of statistics that weekly car loadings for the week ending February totaled s29,9o6 cars, the largest of any week in January or February on record.
 Averages of 20 leading industrial stocks showed a net decline of about 3A points, and the rails about 1A points, bringing both back to where they were about a month ago. Among the popu- lar issues, United States Steel closed 3h lower, at 103E; Baldwin dropped $ points, to 12Oh; American Can was off 5 points, at 112%; studebaker was off sL, at 100; Bethlehem Steel sagged 3A, to 56A; Cosden, 3ss, at 32A: Pacific oil, SIS, at 49, and Tobacco Products, 1, at 6Sk.
 Pan-American Petroleum issues, which have been hammered intermit- teutly since the publication of sensa- tional developments at the Senate oil inquiry, offered stubborn resistance to selling pressure today, closing prac- tically unchanged. Sinclair, another re- cent bear target, dropped about a point.
 Independent strength was shown by a very few issues, the chief of which was Cong oleum, which touched rec ord high at 65 and then eased to 62s up 1&. Commercial solvents "A." Ma tional Lead preferred; Otis Steel pre- ferred and Pacific Coast were among the few other issues to show small net gains on the day.
 Foreign exchange rates slipped slightly lower in quiet trading. Demand sterling was off about half cent, at 34.29%, and nominal recessions were recorded by the French and other prin- cipal European rates.
 Call money opened at Az and then dropped to Az. Time money was some what firmer. with maturities of 60 days and over being quoted at "A per cent. Commercial paper was unchanged.
 Total stock sales, 1,671 900 shares.
 Twenty industrials averaged 97.2f; net loss, ,3.21.
 High, 1924, 1O1 "A; low, 94.ss.
 Twenty railroads averaged S3.15; net
 High, 1924, s5.eo; low. s2.74. LONDON MONEY
 LONDON, Feb. 15.-Bar silver, 33B pence per ounce: Money, 2% per cent. Discount rates, short bills, 3$ per cent; s-month bills, s%@3 11-1s. sL CALL MONEY
 NEW YORK, Feb. 15.-Call money easy. High, 51s; low, Az; ruling rate, AZ; closing bid, A; offered at Az; ceptances, Az; time loans, firm; mixed collateral, 60-9O days, "A; AS months, A; prime commercial paper. "A.
 METAL MARKET
 NEW YORK, Feb. 15.-Copper strong. Electrolytic, spot and nearby lS%@ 13Ac. -
 Tin-Firm. Spot and nearby, $55; s1tures, $54.50@54.62.
 Iron-Steady. Prices unchanged.
 Lead-Firm. Spot, $s.50@9.
 Zinc-Quiet. East St. Louis spot and nearby. $6.s5@6.9O.
 Antimony-Spot. $10.75.
 g- FLOUR MARKET
 MINNEAPOLIS. Feb. 15.-Flour- Unchanged. Shipments, 50.ss4 barrels.
 Bran-$24@25.50.
 FOREIGN MONEY
 NEW YORK, Feb. 15.-Bar silver, 65: Mexican dollars, 49hs.
 BRADSTREET'S REVIEW