The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-04
Rail ACTIVITIES
FEATURE STOCKS
Advance In Industrials
Halted When Selling
Breaks Out

NEW YORK, April 3.-Strength
and activity of the railroad shares, par
ticularly those of the larger western
systems, was the outstanding develop
ment in today's irregular market. The
advance i'll the industrials, which start
ed three days ago, was halted around
noon when selling broke out in Gen
eral Electric and some of the standard
shares in that group.
Buying of the rails was influenced
by two important considerations-th
unusually good February earnings
statements and the statement by Inter
state Commerce Commissioner Esch be-
fore the House rail committee that the
proposed plan for revision of rates
might prove disastrous to business and
in his opinion rates should not be al
tered to meet price fluctuations. Pos
sibilities of special dividend distribu-
tons also was factor in tire demand
for some issues.
Southern Pacific was the individual
feature, being pushed up Az points
to 93A on total transactions of more
than 10000 shares. Union Pacific
climbed more than 2 points to 1919
and then reacted slightly, while Atchi-
son, Northern Pacific, Chicago and
1NoIIuWcSlcIH, NdHduldu dI ClllCy ESl
Louis Southwestern, New York Central,
Lackawanna and several others ad-
vanced q point or more.
Diversion of speculative interest into
the railroad group encouraged profit
taking in a number of the industtials.
General Electric dropped more than 5
points from its opening price to 217
and then rallied to 2191a. United
States Steel moved within a range of L
point, closing 3s lower at 991s. A sud
den burst of buying in Studebaker just
before the close sent that stock up
more than / point to 80. Baldwin
closed point lower at 117A and Amer
lean Can was off Y at 1851.
Cable reports that France would UNI
dertake reparations negotiations with
her allies after the publication of the
Dawes report without waiting for the
result of the German elections, had
good effect on sentiment and undOubt-
eddy was responsible for the temporary
display of strength in the copper group.
Oil shares held relatively firm. Strength
of Marine preferred, which moved up
more than l point, apparently was due
to the announcement of President Brush
of the American international corpora
tion that it's holdings of Marine stocks
would not be iquidated.
Call money opened at Al per cent
and then dropped to 4. Business i'll
the time money market was of re-
stricted nature with few short term
loans reported at Az per cent but
with Az the ruling rate for loans up
to 80 days and the longer maturities
commanding AZ.
Foreign exchanges developed a reac-
tionary trend on heavy profit taking
in the French and Belgian currencies.
Demand sterling was slightly lower at
$40, while the French francs ruled
around sac. Selling of the French
francs may have been influenced by
an increase of 300,000,000 francs in
the French governments borrowings at
the Bank of France.
Total stock sales, S64,500 shares.
Twenty industrials averaged 94.91;
net loss, 81.
High, 1924, 1924; low, 93OS.
Twenty railroads averaged S572;
net gain, 81.
High, 1924, $500; low, S2.74.