The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-03-30
PRICE OF STOCKS
INCLINED TO sag
Profit Taking illustrates
Efforts To Prolong Rally
Of Previous Day

HI NEW YORK, March 29.--Stock prices
drifted ,irregularly lower in the desul-
tory trading which characterized to-
days short market session. Feeble eff
forts to prolong yesterdays late rally
were frustrated shortly after the open
ing by profit taking, which spread
Through a great part Of the industrial
list and drove the average price OF
twenty leading stocks into now low
ground for the year..
Absence of any well defined specula-
tive interest was reflected in the small
volume of business transacted. The
weeks trade reviews indicated some
uneasiness over the failure of future
orders to develop on larger scale, al
though the current trade activities were
reported undiminished. Uncertainty
over the exact status of the trade sit
uation. combined with the tendency to
await further developments at Wash
ington, deprived the market of what
little buying support had been present
and caused some shading in railroad
ports.
Selling pressure today was directed
mainly against the Independent steel
stocks, many of which were carried
down to new 10 wlevels for the year.
Tbs attack apparently was based on re-
ports of an increase in competition, and
the fear that 1t would result in fur
her shading Of prices. The reduction
In buying by automobile manufactur-
4 mi
rious effect on earnings. While plants
OF the United States Steel Corporation
were reported this week operating a.
almost full capacity, first indications of
. falling off in forward business ap-
peared on the horizon.
Fear that the independents would te
the first to feel the effects of slacken-
ing business inspired selling of Beth
lehem, Gulf States, Republic. Sloss-
Sheffield, vanadium. American Steel
Foundry and Youngstown, all of which
moved into new low ground for 1924.
Selling pressure against the indus
trial leaders were lightened, resulting
in only fractional recessions in Steel
common, American Can and Baldwin,
while Studebaker recorded a slight
gain. Corn Products, which dropped 4
points in the first hour, later rallied on
short covering and closed the day with
fractional net gain.
Isl Although price changes throughout
the rest of the list were narrow, they
were sufficient to establish new mini
mum figures for the year in a numb9.
Of the less active industrials. These
included Continental Can Pressed Steel
Car, Miami Copper, General Cigar,
Submarine Boat, Ciuett Peabody, Texas
Company, Pierce Arrow preferred and
Kelly-Springfield per cent preferred.
The weekly clearing house statement
showed decreases in the principal
items. Loans and discounts dropped
913, 205, 900; cash in vaults $39, 900 000 re-
serve of member banks in the federal
reserve bank 81 ,083, 900, and net demand
deposits Sill, 412, 900. Time deposits
however, increased $24,363, 900. Aggre-
gate reserve totaled $541, 1855 900, leav-
ing an excess reserve of $25, 057 ,82O, an
increase of 1884 ,290 over the proceed
ing week.
A further rally of Spanish pesetas,
which moved up over a quarter of a
cent to 1880 on active buying, was the
only feature in foreign exchange trad
Ing. French francs were firm at 5.481ac
and sterling was steady at $4.29%.
Total stock sales, 315, 200 shares.
Twenty induStrials averaged 93.Os;
ut loss, 49,.
High, 1924. 1924; low, 93.OS.
Twenty railroads averaged 1881; net
loss, IL.
High, 1924. SIS 90: low 1914.