The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-03-05
BUSINESS IS ON
REDUCED SCALE
Chief Speculative Interest Cen
tiers In American WOOlen's.
Annual Report

NEW YORK, March 4.-Stock prices
were confined within narrow and irreg-
ular limits during the early part Of to-
days trading. but stiffened perceptibly
during the afternoon in response to
President Coolidge's re-statement of his
position on the tax bill, the rally in
Foreign exchanges and easier money
rates. Business was again on a re-
duced scale with professional operators
supplying the bulk of the trading.
Chief speculative interest conferred in
American Wooden. which opened 3
points higher at X, and advanced to
771s in anticipation OF a favorable
showing in the annual report. Publi-
cation of the report at noon brought
forth a flood of selling orders which
carried the stock down to 73h, through
misinterpretation of a reserve item.
When this was cleared up later, the
stock rallied to rs, where it closed.
One commission house pointed out
after the market closed that today was
the eighteenth consecutive session of
outstanding trend. While fluctuating
within this narrow range, however, the
averages held somewhat nearer to the
higher level.
Norfolk and Western was again the
strong and ACTIVE feature of the rail-
road group, closing 4 points higher at
11SA on buying attributed to revival
of reports of its ultimate. acquisition by
the Pennsylvania railroad. Several of
the northwestern carriers, which had
been heavy as a result of poor jan
uary earnings statements, made good
recovery on the announcements by sew
eral officials of these roads that the
February figures would show marked
Improvement. Northern Pacific rallied
1h points to 49H, and Great Northern
preferred moved UP. more than a point
TO So.
American Can made the best showing
among the so-called pivotal stocks,
closing nearly 2 points higher at 1141a.
United States Steel, Baldwin and Stu
debaker all closed fractionally higher.
Corn Products was in good demand,
closing a point higher at 173.
Marked strength also was shown by
a number of specialties, Fisher Body
touching a record high at 30 for an
extreme gain Of more than points
Commercial Solvents A advanced Az
points to 5S and then dropped one
Bear traders, however, singled out
few stocks for selling operations. Cen
trail Leather preferred was hammered
down nearly points to 1914.
Call money opened at Ar per cent
and then eased to Az as March 1 funds
were redeposi&d. Time money and
commercial paper were still on Ak
to 5 per cent basis.
Another break in French francs,
which carried them to an extreme low
of 4.92h cents, was the feature of the
foreign exchange market.
Subsequently, however, francs rallied
to 4.10s cents, practically unchanged
on the demand. Sterling was slightly
firmer around 4.29A.
Total stock sales, 656,200 shares.
Twenty industrials averaged 97.S4;
net gain, As.
High, 1924, 1924; low, 94.Ss.
Twenty railroads averaged s3.47; net
gain, 20.
High, 1924, $3.50; low, s2.74.
FOREIGN EXCHANGES
changes irregular. Quotations in cents:
Great Britain, demand, 4.29s; cables,
4.29B; 60-day bills on banks, 427%.
France, demand, 4.12; cables, 412k.
ITALY, ASH @429; Belgium, 3.61@3.62;
Germany (per trillion), %; Holland,
1920; Norway, 1870; Sweden, 2610k;
Denmark, 1879; Switzerland, 1Z301s =
Spain, 1897; Greece, 1.65; Poland,
.000012: Czechoslovakia, 2.S9k; Jugo-
slavia, 1861; Austria, .0014; Rumania,
62k; Argentina, 1920; Brazil, 1900;
Toxic, Az; Montreal 96A.
CALL MONEY
NEW YORK, March 4.-Call money
easier. High, Az; low, Az; ruling rate,
Az; closing bid, Az; offered at Az;
last loan, Az; call loans against &C
ceptances, Az; time loans, steady;
mixed collateral, 5000 days, Az; As
months, Ak; prime commercial paper,
az