The Birmingham age-herald., 1924-02-20
TRADE IN STEEL
 IS BULL FEATURE
Selling Pressure Is Lifted And Lists Move Up
 ward


 NEW YORK, Feb. 19.-Selling pres sure was lifted from today's stock mar ket and the general list moved to high or ground, gains of to 20 points being quite common at the close. Statements by President Coolidge and Secretary of Commerce Hoover, that business was in . healthy condition, helped to impart a moro cheerful tone.
 While operators on the long side showed a disposition to limit their com mitments, pending more, definite devel- opments on the revenue bill and the oil lease Investigations, they were en- couraged by reports from steel trade circles that the mills of the United around s4 per cent of capacity, the high est since last June and by the series of favorable earnings reports.
 United States Steel common, which sold as low as 102 yesterday, rallied to 103%, closing slightly below that figure for a net gain of IA on the day. Gulf States Steel closed 21s points higher at each showed net gains of more than a point.
 Baldwin, Studebaker, American Can, American Locomotive and United States Industrial also closed a point or 50 higher on the day. Short covering was particularly noticeable in the Pan American issues, the common closing 2A higher at SS and the "B" stock 1% higher at 45%. Houston oil rallied more than points, but most of the other issues in that group showed only nominal changes on the day. ! Congoleum, which was one of the few issues to move against the downward trend yesterday, slipped back PA to 63A today on profit taking. Heaviness also n1 NAA Western Sugar, May Department Stores, Mathieson, Alkali and Van Raalte Silk, the net losses ranging from 1A to 3% points.
 Heavy liquidation of Erie common, which dropped one point to 24, was one ofthe features of the trading in rail- road shares. Most of the other issues in that group, particularly the low priced carriers, moved to higher ground under the leadership of Southern Rail- way. which closed nearly 9 points higher. Call money opened at AZ per cent and continued at that rate until just before the close, when 1t dropped to per cent. The time money market was quiet. with the rate quoted at A to per cent, depending upon maturity. The commercial paper market was slightly more active, but the ruling rate for prime names was unchanged at "A per cent.
 French and Belgian francs establish cd new low records for all time at <.o71s and 347 cents, respectively. in the early trading, but made substantial re- covery on heavy short covering by spec ulative interests. Demand sterling was firm throughout the session, being quoted around 4.29h. Japanese ex- change made further descent of 20 points to 44.90 cents before recovery set in.
 Total stock sales, 1,os6,ooo shares.
 Twenty industrials averaged 97so; net gain. S4.
 High. 1924, 1o1.24; low. s4.ss.
 Twenty railroads averaged s3.45; net
 High, 1924. s5.so: low. s2.74.
 LONDON MONEY
 LONDON, Feb. 19.-Bar silver, 8 1-16 per ounce. Money, 2% per cent. Dis count rates, short bills, 3% per cent; 3-month mills. 3%@3 11-16 per cent.
 BAR SILVER
 NEW YORK, Feb. 19.-Bar silver e4A; Mexican dollars. 4s.
 LIVE STOCK
 NASHVILLE, Tenn, Feb. 1e.-Cattle Receipts, 100; steady. Heavy steers, $7@s; beef steers, S5@6; heifers. $5.50@ $50; cows. $3.5o@5; feeders, $4.5oQ6.5O; stockers, $2.50@5.
 Hogs-Receipts. 800. Light. medium and heavy hogs and throwouts. 200 higher; 200 pounds and up, $7.75: 165 to 200 pounds, $765; 1S0 to 165 pounds, $s.s5; pigs, $4.5005.25; throwouts, $5.45.
 Sheep-Nominal. Fat sheep, $3.50@ .z.bo; choice lambs. $s910.
 LOUISVILLE, Ky, Feb. 19.-Cattle- @s.5O; beef steers, $50s.5o; heifers, $50 s; cows. sa5o@6; feeders, $4.5O@e.5O; stockers, $2.50@5.75.
 Hogs-Receipts, 600. Mostly FOG higher: 165 pounds up, $7.70; 120 to 165 pounds. se.s5; pigs. $4.5o@5.25; throw outs. $5.45.
 s1l,
 CINCINNATI. Feb. 19.-Hogs-Re- ceipts, 1000; 200 to $50 higher. Heavy, $6.75@S; packers and butchers, $8; medium, $s; heavy fat sows, $5@6; pigs and lights, $5@7.50.
 opened steady; closed soc higher, $50 sheep-Receipts, 50; steady. Lambs, steady.
 ~ CHICAGO. Feb. 1s.-cattle-Receipts, ue to sell at $10 and below, fully 25c lower; spots more on $7.50@s.50 kinds; above $10 value, steady to weak; kill ing quality generally plain; top ma tured steers, $11.35; several loads handy and strong weight offerings. OOH; i; bulk fed steers, $7.50@9.75; beef heifers and better grade fat cows closing 10c to 15c lower: other she stock and bulls steady; veals, 25c to 50c higher; bulk to packers, $9.50010; outsiders, upward to SIS: stockers and feeders, firm.
 Hogs-Receipts, 44,000. Opened fairly active, mostly 10c to 15c higher; closed slow, weak at early advances; bulk butchers. .$7.3507.40; top. $7.4o; bulk desirable 160 to 210-pound averages, $71o@7.sO; bulk packing sows. $6.25@ $40; slaughter pigs, unchanged: bulk good and choice 120 to 130-pound aver ages, $6@6.5o; estimated holdover. 13,- 900.
 sheep-Receipts, 12,00o. Fat lambs, strong to 25c higher; spots, more; sheep and feeding lambs steady; bulk fat wooded lambs, $15@15.50; choice light and handy-weight fat ewes, $9.50@9.75; heavies, mostly $9@9.25; bulk feeding lambs, $1S.5o@14.
 EAST ST. LOUIS, H., Feb. 19.- Hoks-Receipts, 1s,0oo; active. 15c to bulk good butchers, $7.65; light hogs, s7.4o@7.55; light lights, $6.75Q7.40; de sirabIe no to 13o-pound pigs, $6@6.75; packer sows, $6.10.
 Cattle-Receipts, 5000. Beef steers, steady to strong; heifers. strong; beef cows, weak to 25c lower; light Vealers s1250@13; other classes steady; top steers, $9. 50; bulk, $7.25@9,10; most heif- CTS, S6@7; cows, largely $4.50@5.50; can rers; S2.25@260; bologna bulls, $45oq 5; top bolognas, $5.25.
 :, sheep-Receipts, 1.5o0. Fat lambs mostly 25c higher; one load choice yestern, $153O; bulk sales, $15q15.10