The Birmingham age-herald., 1924-04-13
SELLING CHECKS
 RALLY IN STOCKS
Studebaker, Bear Target, Is Hammered Down
 Six Points

NEW YORK, April 12.-Stock prices started upward at the opening of today's market on a resumption of Fridays short covering operations, but the rally was checked by a fresh out break of selling in the motors and motor accessories, which carried most of those issues to new low records for the year.
 Studebaker was the principal target of bear attacks, being hammered down nearly 6 points to S4, the lowest in two years, on unconfirmed rumors of a forthcoming sharp curtailment in pro- duction. Other new lows in that group were recorded by Chandler, Yellow Cab, Chicago Yellow Cab and Spicer Manufacturing.
 Buying support for U. S. Steel, Bald win and American Can was limited with the result that they closed about l to 2 points lower on the day. Steel closed at 9S1a after having sold as high as 97%.
 The demand for stocks for borrowing purposes after the market closed indi- cated that the short interest today was one of the largest in history. While accurate figures are unobtainable, many observers estimated that bears were short of more than 2,000000 shares of stock, including, it was reported, a large block of rails.
 Oil, rails and copper shares offered the best resistance to selling pressure, most of them closing fractionally lower on the day. Norfolk and Western crossed 129 in the early trading, but fell back later to 127as.
 Woolworth. which broke more than 30 points earlier in the week on the an nouncement of the new pitalization plan, rallied Az points to 297. Other merchandising issues did not fare so well, Julius Kayser and Consolidated Textile sagging to new lows on reports of curtailment of operations.
 Seneca Copper, which has sold as high as 6.25 share this year, broke from $2.25 to $1.00 in response to re- ceivership proceedings against that company.
 Strength of French francs, which sold as high as 6O6 cents, or within 2 points of the years high, featured the foreign exchange market. Demand sterling again ruled above $4.33 and Belgian francs jumped about 15 points to 5.12 cents. Heaviness of Danish crowns, which dropped about 10 points to 1851 cents, apparently was in reflection of the labor victory at yesterdays election. Total stock sales, 3S2 100. Twenty industrials averaged 91.72, net loss .61. High, 1924, 101.24; low, 91.64. Twen- ty railroads averaged 81.6S, let loss .15 High, 1924, S6.32 low, SIPS
 FOREIGN EXCHANGE
 NEW YORK, April 12.-Foreign ex- change irregular Quotations Gin centso cables, 4.ss s-is; sO-day bills on banks. Gs1 1-1e. France demand. 6.04; cables. to6;. Italy. demand. A: cables, t&4h. Belgium. demand. 5.12; cables. "A. Holland, demand. s7.22. Norway, demand. 1872. Sweden. demand, 2.69. Denmark. demand, 1651. Switzerland, demand, 17.6s.. Spain. demand 13.45 .00o0i2. Czechoslovakia. demand. 296h. Jugo-Slavia, demand 124%. Austria. de mend. .0014. Rumania, demand. .52% Argentina. demand. S9.12. Brazil, de- mand, 11,s0. Tokio. demand, 41%. Mon.
 BAR SILVER
 NEW YORK, April 12.-Bar silver. GA; Mexican dollars, 4oh.
 eS NAVAL STORES VI HANNAH. Ga... April 12.-Turpsn-
 quiet. 94kc. Sales. none, receipts. n. shipments. II: stocks. 4.622. shipments. none; stock; 1873 iel5; H. $40: I K. 34,75; M, sl.SO N. tA.sO; W G. $5.sO wv x. 1s.4o
 RAW SILK
 NEW. YORK, April 12.-Raw silk, un- changed.
 STEEL MARKET
 NEW YORK. April 12.-Steel prices unchanged.