The Birmingham age-herald., 1924-03-26
STOCKS CRASH
 ON LIQUIDATION
More Than 50 Issues Break Through To New
 Lows For The Year

crumbled in todays active market un- der the weight of heavy short selling and extensive liquidation of long stock. inspired by the omission of the extra dividend on American Can and the sudden increase in the call money rate from 3k to per cent.
 More than 50 stocks broke through to new low prices for the year. includ- ing Baldwin at 1163s, Studebaker at s1%, Chandler at 48h, Stewart-Warner at 76k, Maxwell Motors A at 43ss, American Tobacco E at 1854, Bethle- hem Steel at 51h Crucible at 55ss, Re- public at 47S, American Woolen at 6S$ and Marine preferred at 26a. The extreme losses in these issues ranged from to points, but in the majority of cases closing prices showed partial recovery from the lows of the day.
 Despite the fact that heavy selling of American Can late yesterday was based on alleged inside inform ation" that the extra would be omitted, sev- eral commission houses indicated in their morning wires that the $1 extra would be paid, bringing about short covering, which carried Can point above yesterdays close in the early trading. When only the regular was announced flood of selling orders appeared, carrying Can down from 114% to 10S%, the stock closing slight ly above the low for a net loss of 5 points. More than 75,000 shares changed hands in the first hour of trading, the days total sales being slightly below 150,000 shares, on more than one-eighth of the total sales.
 There was no special news to ac- count for the selling of Baldwin, but the weakness of that issue soon com mitted itself to other parts of the list and accelerated the general decline United States Steel common closed %hearly point lower at 9Ses, after nav ing touched par in the early trading. Motors continued to yield to bearisb reports concerning conditions in the in- dustry.
 Rail stocks continued to offer strong CT resistance to pressure, although Lackawanna broke nearly 4 points to 117ls on semi official denial of reports that a special distribution to stockhold- CTS was under consideration and At lantic Coast Line dropped points. Union Pacific lost ground in the face of an extremely favorable February earnings statement.
 An overcrowded short interest in Central Leather and United states Rubber preferred issues was revealed In the premiums demanded on borrowed stock. Strength of farm implement is- sues came somewhat as a purprise, In view of the recent decline in wheat prices. Some selling took place in the
  trouble in Mexico, while other oils yielded in sympathy with the general decline in other quarters.
 Call money opened at 3ls, advanced to 4, AZ, and finally 5, where 1t closed. Time money was somewhat firmer, 30 to 60-day loans being on a A to Az per cent basis, with lenders firm in de- manding Az for loans of three months or more. Commercial paper continued to rule at AZ per cent.
 Trading in tae foreign exchanges was quiet, with fluctuations narrowing con siderably. Demand sterling held around $4.29h, and French francs just below 4.40 cents.
 Total stock sales, 1,015,20o shares.
 Twenty industrials averaged s5.09; net loss, .16.
 High, 1924, 1o1.24; low, s4.ss.
 Twenty railroads averaged S4.24; net
 High, 1924, s5so; low, s2.74.
 LIVE STOCK
 KANSAS CITY, March 25.-Cattle- Receipts, 1000; calves, 1,500. Beef steers and better grades yearlings, fully steady; bulk fed steers, $S.9049.50: beef cows, steady; plainer grades heifers and canners,. dull; beef cows, $450@ 6.50; heifers $5.75D7.50; bulls, steady; calves. steady to Soc higher; top veals, $10; desirable stockers and feeders, steady; others, slow; top feeders, $8.70; bulk all classes, $6@7.50.
 Hogs-Receipts, 10,UoO. Mostly Dc packing sows. $6!5o@6.5O; stock pigs, 10915c higher; mostly S5.75@6.35.
 Sheep-Receipts, 5000. Very slow; lambs, generally steady to 15c lower; largely $15.65@15.95; clippeds, $1350Q 1885.
 CHICAGO, March 25.-Cattle-Re- ceipts, Il 900. Beef steers, yearlings, fat she stock, vealers, stockers and feeders, generally steady; cannerS, cutters and bulls, weak to 10c lower; best matured steers, averaging 1.450 pounds, $12.10; yearlings, up to S11.75; bulk steers, $10 down; canners and cutters, mostly $2,s5@3.7S; bulk bologna bulls, $4.65 and downwafd; bulk vealers to packers, $9 @10; few selected by shippers, upward to $11.50; fleshy, weighty feeders in best demand, Mineral Point buyers pay ing upward to $9.25 and above.
 Hogs-Receipts, 33,000. Moderately active and uneven; light-weights, 5c to 10c lower than yesterdays best time; heavy weights, 10c to 15c lower; bulk good and choice 160 to 240-pound aver ages, S7.45W150; limited showing, $7.55; bulk desirable 260 to 325-pound butch CTS, $7.35Qp7 40; better grades 140 to 150- pound averages, largely $72597.40; bulk packing sows, S6.60@6.75; bulk desirable strong weight slaughter pigs, $6.50W7; estimated holdover, 25,000.
 Sheep-Receipts, 12,000. Fat lambs, 10c to 25c lower; sheep, steady to strong; feeding and shearing lambs, mostly 25c lower; bulk desirable fat wooded lambs, $15.75Q16.25; top, $16.40; choice clipped lambs, $14.35414.50; 139- pound shorn wethers, $10.50; odd lots fat wooded ewes, upward to $11.25; best shearing lambs, $15.75
 EAST ST. LOUIS, March 25.-Cat- tie: Receipts. 4.000; beef steers gen. orally steady; spots 10c to 15c lower; yearlings and heifers steady to 25c lower; cows steady to 15c lower; can ners 10c to 15c lower; bologna bulls about steady; bulk calves, $1O.2591950; few. $10.75; bulk steers, $725Q900; heifers, $6.50Q7.50; beef cows, $4.500 b75; canners, S2.50Q275; bologna bulls, $4.50@5.00.
 Sheep: Receipts, 50O market steady; no wool lambs on sale; few medium to good kinds, $1500415.50; several lots common, $14.00; two loads good clipped, $10.75@1l.0O.
 Hogs: Receipts, 1S,0oo; market slow early steady to Dc lower; desirable TO to 220-pound averages mostly $7.600 7.65; pigs little changed; llU to loo pounds, $6.O0Q 00; pacKer sows, $6.oO W7.O0.
 LIVE STOCK
 NEW YORK, 7lArch 25.-Cattle: Re- ceipts, 470; market steady; steers, $5S5 @10.9O; state bulls, $3.00Q5.25; cows, $2.O0Q4.75. Calves: Receipts, 1,040; market steady; veals, $14.50@15.00; culls and little calves, $4.00Q5.00; but termilks, $5.0096.00.
 Sheep and lambs firm; receipts, $40. Sheep, $450Q7O0; culls, $3.OO@4.0O; lambs, $9.00Ql7.40; culls, $s.50@11.00.
 Hogs: Receipts, 1,720; market steady to firm; light to medium weights, $SU0 GD8.40; pigs, $76G6L7S0; heavy hogs,