The Birmingham age-herald., 1924-02-19
LOSS OF 1 TO }
 POINTS FORCED
Selling Influenced By Oil Devel' opments And Resignation Of
 Secretary Denby

NEW fOhh, feo. lo~-opeCuidloiS for the decline regained control of to- days stock market by launching a se- ries of attacks against speculative rails and industrials which carried them down to points and forced some be low the resistance points established in the drastic decline last Friday. Tlie bear attacks started after the week-e Id buying orders had been disposed of opening prices displaying a rather firm tone.
 Selling of stocks undoubtedly WE B in- fluenced by the latest Washington oil developments, including the resig nation of Secretary Denbys announcer ient of the decision of the House repr iblicans to boost the proposed maximuuh surtax rate in the revenue bill to 37Aa per cent, and the acute weakness of FI ench and Belgian francs which estabH shed new low records for all time. A b sarish bull letin by stock market adv fsory serv- ice also was regapded in some quarters as a contributing factor. Operators on the long side shows a Disposition to suspend their operations pending more definite developments tpl Washington, while powerful financiaf. interests, with the Japanese loan out tof the way and allotments cut to 50 P CT cent, had no particular incentive bI providing sup port at current levels. What little trade news appeared during the day was of . constructivef stock market character, the principal item being another in- crease in the price fof copper which car ried up to 13!sc pound.
 United States Sf eel, common, sold as low at 102, closing one-eighth above that figure for a net loss of 2% points on the day. Baldwin dropped back 3 points to 1D, American Can showed net loss of A. and Studebaker broke below par andJ closed 2h lower at 99k.
 Net losses Of two or more points also were recordeii by more than 50 other issues, incaud ling Allied Chemical, Corn Products, Cv iba Cane preferred, Dupont, General F tectric Marland, Republic Steel, Toba eco Products, United States Cast Iron Pipe, American Car and Foundry, Air Reduction, Chandler Mo- tors. Gul1 States Steel, Davison Chemi- cal, Hou Hon oil, Pure Oil, Otis Ele- vator an National Lead.
 Rails offered better resistance than industry Il, although losses of point or more were recorded by Erie, Southern PacifiG Chesapeake and Ohio. St. Paul preferr ed, Chicago and Northwestern, Wheel ing and Lake Erie preferred and North ern Pacific. Call money held at A. n 1T cent all day. Time money rates were somewhat firmer, funds being quot ed at A and 5 instead of Az and A, the ruling quotations last week. The bulk of prime commercial paper con tinues to move at A per cent.
 ' oreign exchanges developed reac- tiq nary trend. Demand sterling held fs| lrly steady around $4.29, but French fr ancs broke 25 points to S4.12A. rec . rd low for all time, and Belgian francs dropped "A points to $3.5o4, also rec f ord low. Selling, which originated ' largely in Paris, apparently was based on the delay in the adoption of Pre- mier Poincare's fiscal program.
 Total stock sales, 1,275, ,00O shares.
 Twenty industrials averaged 96.96; net loss 1.93.
 High 1924, "A; low, 94.SS.
 Twenty railroads averaged S2.99; net Joss "A.
 High 1924, s.o5; low, s2.74.
 LONDON MONEY
 Y,nNn0N Feb 18-Bar silver, 33A