The Birmingham age-herald., 1924-03-21
SHORT SELLING
 BRINGS DECLINE
Stocks Continue To Crum- ble Despite Continuance
 Of Low Money Rates

NEW YORK, March 2o.-stock prices continued to crumble today under the weight of professional short selling despite the continuance of unusually low money rates. Selling pressure was most effective in, the steel rubber, chemical and equipment issues, but weak spots also developed in practical ly all other sections of the list. Rail Botcks, however, continued to show mar ket firmness with moderate strength developing in the issues in which favor able dividend or other developments are Believed to be pending.
 Wall street, which invariably finds some excuse outside the market to ex- plain price movements within, general ly attributed today's reaction to specu- Iative uneasiness and uncertainty re- garding the possible effects of bonus legislation and the fate of the tax re- duction bill.
 Chief speculative interest in today's market centered on the attack on Unit cd States steel common, which was hammered down more than points to e8ss, a new low on the current move ment. It rallied feebly at the close, Republic steel suffered net loss of 34 points; Gulf States 2A and Bethlehem 12, selling of the last named being influenced in part by unconfirmed re- ports of new financing.
 
 as a screen to hide short covering op- erations in other stocks, particularly in the motor group, which has been un- der pressure for several days. Stude- baker closed unchanged at 95% after having sold as high as 97h Chandler and most of the accessory issues sold at net losses of l to 21a points, al- though Fisher Body jumped nearly 9 points to 216, new high record.
 Short covering in the motor group was prompted in part by the publica- tion of a statement by President Sloan, of General Motors, setting forth that the cars in the hands of the company totalled only about ten days produc- tfon, that the increase in the hands of dealers this year over last year was to enable them to make prompt spring delivery and that the present situation in the industry entirely was satisfac tory. Recent selling of the motors has been based on unconfirmed reports of greatly reduced sales and a prospective curtailment of production. Leathers al- so recorded good gains on short cov- ering.
 Royal Dutch jumped four points on Rumors of an increased dividend and reports that stockholders would be given the right to subscribe for addi- tional stock. Most of the other oils 2%. Superior was active and firm on reports of a strong cash position. Gen. eral Electric again featured the spe- ciaity list, touching another new 1924 top at 2311s.
 Norfolk and Western continued to feature the raii group, establishing another new high at 132 and then drop ping back to 129B. Atlantic Coast Line jumped more than points to 121 and then slipped back to 119, while Louis vile and Nashville closed a point higher at 90%, after selling as high as @. Buying of these two issues being in anticipation of higher dividends.
 Foreign exchange continued firm. French francs touched a new top at 6.15 cents and sterling ruled about cent higher around $4.30. Spanish and Canadian exchange was heavy.
 Call money> held at per cent all day, the renewal rate at that figure being the lowest since July IS, 1922 Out side loans were reported as low as per cent with a brick business being done at 2A. Time funds are available up to 60 days for A with the longer dates commanding Az to A. Com mercial paper showed an easier tone, prime names appeared at Az per cent, as against A earlier in the week, some business being done at the higher fig ure.
 Total stock sales 1,006, 800 shares.
 Twenty industrials averaged 96.42; net loss .93.
 High, 1924: 101.24; low 94.SS.
 Twenty railroads averaged S4,2S; net loss, .03.
 High 1924: s5so; low s2.74.