The Birmingham age-herald., 1924-03-19
STOCK MARKET
 IS REACTIONARY
More Than Forty Issues Touch New Low Prices
 For Year

NEW YORK, March 1s.-Reactionary price tendencies prevailed throughout the greater part of today's stock mar ket as bear traders pressed their ad- speculative sentiment was engendered by the adoption of the soldier bonus bill by the House by an overwhelming vote, lack of effective buying support by powerful financial interests, eXten- sion of the oil and Daugherty inqui- ries by the summoning of additional cabinet officers as witnesses and the reduction in sugar and other commod- ity prices.
 Operators on the long side provided only limited support for their favorites. despite a further rally In the French franc to above cents, which was in fluenced by the French senate's adop- tion of the Poincare fiscal program and the lowest renewal rate for call money since January 5, 1923. While selling pressure was said to have orig mated largely with professional trad CTS, some closing out of weakened mar ginal accounts was reported as re- suit of margin calls sent out last night.
 Selling pressure was most effective in the motor, steel, rubber and tobacco shares. More than two-score issues touched new low prices for the year, including Studebaker at 96A, Chandler at s54, Willys- Overland preferred at 78B, Crucible Steel at 5S11, Gulf States Steel at ITS, Stewart Warner at 79K, To- bacco Products at 55A and American Sumatra Tobacco preferred at 45K, the last named closing at the bottom for a net loss of nearly eight points, but most of the others making substantial recovery from their low prices of the day.
 Rail shares continued to offer stub born resistance to pressure, the rela- tive steadiness of this group being at f~fh Hnf1 fn earnings and the diminishing prospects for adverse railroad legislation. Nor folk and Western closed points higher at 121% and c. and O. and Erie first preferred improved fractionally on accumulation attributed to banking interests.
 General Electric was one of the in dividual features, jumping more than eight points to 22SB, a new high price since 1902 U. S. Steel common fluc- tuated within range of 1 point, clos ing at 101h for net gain of s. Sell ing of Tobacco Products followed the publication of a poor 1923 earnings re- port, but a part of the loss was re- covered after the president of the com pany had issued a reassuring state Establishment of a new high for the year by Interborough Rapid Transit :, voting trust certificates at 24ss re- flected the resumption of Manhattan dividend rental payments. Establish ment of a new 1924 low by U. s. Rub- Der common at 31 apparently was based on unconfirmed rumors questioning the safety of the preferred dividend, but the stock rallied nearly point at the close. Call money opened at 3% per cent and then dropped to 31s. The money market continued easy, a few sixty-day loans being reported at Az per cent. The commercial paper rates were unchanged, prime names com manding A per cent.
 Foreign exchange rates moved irreg- ularly higher. Demand sterling, which has been heavy for several days, climb ed nearly cent to around $4.29.
 Total sales, 976, 800 shares.
 Twenty industrials averaged, 970S; net gain, 10.
 High, 1924, 101.24; low, 94.Ss.
 Twenty railroads averaged S3.79; net loss, .03.
 High, 1924, s590; low, s2.74.