The Birmingham age-herald., 1924-02-29
COPPERS WEAK
 ON NEW SELLING
Speculative Interest In Market Is Not Confined To In-
 dustrial Issues

NEW YORK, Feb. 2s.-Stock prices moved briskly upward in today's more active session on publication of Wash ington dispatches setting forth that the regular republicans and the so-called insurgents" had reached a compro- mise on the tax bill whereby the maxi mum surtax rate would be STA per cent. Much of the buying power con- sisted of covering operations by trad CTS who have been selling stocks free ly on the relatively poor northwestern railroad earnings for January and the unfavorable developments in the cop per industry.
 Today's trade news was varied in character. Omission of the regular div idend on Inspiration Copper was offset by the declaration of the regular pay ment on Kennecott and a further in crease of 1s to A of a cent a pound in the price of the red metal, which of operations by the Inspiration and Calumet and Hecla companies.
 Fresh selling of the copper shares followed the announcement of the h. spiration directors action on Anaconda, which controls Inspiration, establishing later to 34, off #. Announcement of the Kennecott dividend brought good buy ing support into the copper group and emphasized the contras = between the earning position of the nigh and low cost producers. Kennecott closed 11a points higher at 36ts. Americaa Smelt- ing and Utah registered substantial fractional gains.
 Speculative interest in the market was not confined to the industrials, Norfolk & Western jumping about 9 points to 119A, a new 1924 high, on re- fc nf hV Pennsylvania and its prospects for an extra dividend. Chesapeake & Ohio also was in good demand, closing near ly points higher at 71A. Northern Pa cific dropped 15s on publication of a poor January earnings statement. Sev- were heavy for the same reason, but the net losses were limited to fractions.
 Among the so-cal1ed pivotal stocks, United States Steel common closed IA higher at 104, Baldwin moved up 1h to 123%, American Can advanced nearly ed a net gain of 1h at 103A.
 oil shares, which have been display ing reactionary tendencies as a result of the Washington oil inquiry disclos- ures and speculative fear of govern ment control of oil production and prices, developed special strength to- day on publication of the weekly report of the American Petroleum Institute showing substantial reductions in crude oil production and imports for the week ending February g. Other outstanding strong spots were Dupont, General Electric, Mack Truck, American Beet Sugar, American Hide and Leather pre- ferred, Burns Brothers B and Willys- Overland preferred, all up 2 to points.
 Call money ruled unchanged at Az per cent. Time money was still on a 4% to per cent basis. The commercial paper market was quiet with nc change fin rates.
 Foreign exchange rates displayed firm tone. Demand sterling ruled about l1ac higher around $4.30, and French francs rallied about 12 points to around 4.211sc. Other European currencies im- proved in sympathy.
 Total stock sales, S76, 200 shares.
 Twenty industrials averaged 9s.22; net gain, .99.
 High. 1924, 101.24; low, 94ss.
 Twenty railroads averaged s4.s6; net gain, .S9. , High, 1924, s5se;~low,, s2.7 s; .--,-..s- :.