The Birmingham age-herald., 1924-06-04
STOCKS UNDERGO
 VIGOROUS RALLY
Signing Of Tax Bill And
 Prospects Of Adjourn :, sment Boost Prices

NEW YORK, June S.-A vigorous rally in stock prices developed today in response to the Presidents approval of the tax measure, the prospective ad journment of Congress this week, and Indications of the defeat of the Mo Nary -Haugen bill which was killed by the House shortly after the close Of the market. Gains in the active issues ranges from one to four points as the days transactions were expanded around 100000 shares.
 Characterized by a/progressive up- ward movement, today's trading cul- minated in a broad demonstration of < stfength in which public utility, motor, accessory shares predominated. While the action of the market did not rer fleet Wall streets full approval of the final, draft of the tax bill, 1t neverthe- less indicated relief from the strain imposed by congressional controversy {, and expectations that the small cut in T surtaxes rates and the 25 per cent re- bate on 1924 income taxes would be helpful to business.
 The advance, which became most spirited in the final dealings was ac- centuated by reports that the McNary Haugen bill was doomed, leading to active short covering in a variety of issues. Action of other stocks indi \ which presumably had been at work ypreviously.
 American Water Works common, with a sensational advance of 101a points to the years highest level, at .65 IA, led an assortment of public utility shares into higher ground. The ] company's recent expansions in the east, and It's lead in the super-power movement among public utility com , panies contributed to It's strength. The companys 6 per cent preferred stock alsosreached a 1924 top price at | nNh fawf1 RHe tablished by North American common at 27, the preferred at 47; Virginia Railway and Power at 55; Federal Light and Traction at SOFA Interna- tional Paper Aat 451s and Famous Play CTS common and preferred at 76h and 96, respectively.
 Railroad shares, while maintaining a good showing, were overshadowed by the spirited buying of industrial and ! miscellaneous issues in which large short interests have been reputed to fexist 5
 I Confident buying, however, con- ttinued in such stocks as Northern Pa hcific, Chesapeake and Ohio, Norfolk Fand Western, Great Northern prefer sred and Missouri Pacific preferred.
 Market leaders were in, brisk demand $toward the close of the market, Bald win reaching new high ground in the recovery at 111N, up 2 IA, and American Can, United States Steel and stwashaksy-e~eraging gains of point eESaaG
 Heavy liquidation of Middle States Oil, influenced by receivership proceed ings against the company, carried the stock down to a record low of 194, although it later recovered slightly. Other oil shares Jagged behind the rest of the list, but registered moderate im- provemsnt at the close. -,>
 Quiet improvement marked dealings 1&,. Anv- -01a vaph francs held steady around 5.16 after more than recovering from yesterdays abrupt decline. Belgian francs im- proved in sympathy while demand sterling moved up a point to around $4.32 IA. Call moneyN after opening at per cent dropped back to 2A, { whereiAt held until the close. Funds were in abundant supply throughout { the day; with a rate of 4 per cent pre- vailing for time loans. Commercial pa- per was inactive, with the best names quoted below; the market at per cent.
 Total stock sales 651 300.