The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-16
RISE IS SCORED
BY STOCK LIST
Bears Renew Pressure,
But Meet With Little
Success

widely attributed TO Duylng DaSeu Oh
the belief that many stocks had been
oversold.
Activity and strength of the copper
shares was one of the features of the
session.. Buying of these issues I'M
ioubtedly was influenced by specula-
tive expectation that the recent sharp
reduction in the stocks of the refined
product and the increased foreign de-
nand would lead to higher commodity
prices. Gains of a point or SO were
registered by American Smelling, Utah,
Xennecott, and Calumet and Arizona.
Weakness of the rubber issues was
due to the passing of the Kelly Spring
field s per cent dividend. New low
records for the year were established
by Kelly Springfield common at 121a,
first preferred at SO, but all three is
sues made good recovery from their low
prices of the day.
Active short covering in the steel
group was reported to have been in
spired by the publication Of statistics
showing that pig iron bookings for last
week totalled nearly 1000 tons, o the
best weekly showing in the last month,
and by the return to this country of
E. 81. Gary, chairman of the u. s.
Steel corporation, who is expected to
have something optimistic to say re-
garding business conditions.
Steel common touched 'S71s for a net
gain of 1as, with approximately SINH
lar gains being recorded by Bethlehem,
Republic and Gulf States Steel.
Studebaker, which has been under
considerable pressure for the past
month, rallied 2 points to S4h. A
concerted drive was made, however,
against a group of so-called Chicago
specialties. Chicago Yellow Cabs was
hammered down points to 52H and
then rallied to 67h, while Stewart
Warner and Montgomery Ward estab-
lished new 1924 lows at 81 and %, re-
spectively, the former, however, regain
ing most of its loss. Selling of these
issues was attributed to Chicago pro-
fessional traders. Fisher Body jumped
s points to 200 jim the late trading on
rumors that the General Motors COM
pany was planning to make an offer
for the minority stock interest in that
company.
Rails held relatively steady through
this group were rather narrow except
in Norfolk and Western, which dropped
from 1884 to 125b and then rallied
to 127A.
Call money held at Az per cent all
day. The time money and commercial
paper markets were quiet with no
change in rates.
Establishment of a new 1924 high
record by French francs around 6K c
was the feature of the irregular foreign
exchange market. japanese yen broke
30 points to 41.10c, the years low, in
reflection of congressional action on the
Japanese exclusion measure. Demand
sterling advanced about cent to
around $4.35, or within one cent of the
years high on the announcement that
Great Britain had approved the report
of the Dawes reparation committee
Total stock sales. Oil, 400. Twenty
industrials averaged 91.39; previous
day. 90S3. High 1924, 1924; low,
90.S3. Twenty railroads averaged
S1.17; previous day, S1.O0. High 1924,
1922; low, S1.0O.
FOREIGN EXCHANGES
NEW YORK. April 15.-Foreign ex-
changes, firm. EQUATIONS in cents: Great
Britain, demand, s435h; cables. s4.351h
6o-day bills on banks. $4.33. France. de-
mand, s,2$; cables. s.25: Italy. 4.4S u @
trillion), .22% Holland. 37.OSh: Norway,
1880; Sweden, 26,40: Denmark. 1888;
Switzerland, 1852; Spain, 1870; Greece,
2ssS; Jugo slavia. 1.25: Austria, .O0141s
Rfmania. 52%; Argentina SS.12; Brazil,
$780, Toxic, AZ; Montreal IS.
GAEL MONEY
NEW YORK. April 15.-CalI money
easier; high. Al; low, Az: ruling rate
AZ; closing bid, ~ offered at An last
loan, AZ call loans against acceptances
5000 days. 4h AS months. Al OAK;
prime commercial paper. lA94%.
STEEL MARKET
NEW YORK. April 15.-steel prices I'M
changed.
RAW SILK
NEW YORK. April 15.-Raw silk
easier; prices, per pound; Kansai double
extra cracks. $6.45@6.5O; Kansai best No
]. $6.20@6.25; Shinshu No. /. $6.1O@6.15;
Canton extras. 1916. IS. Q5.S5 Shang
hai-China steam fill gold double deer. Sc. 81
d7.15.
FLAX MARKET
DULUTH. Mimi. April 15.-Close: Flax,
70 arrive. $2.SS%: May sassy; July.
S2.34; September. $2.2l.
FOREIGN MONEY
NEW York. April 16.-Bar silver.
641a Mexican dollars. 49,.
METAL MARKET
NEW YORK, April 15.-Copper steady;
spot and futures. 1shc; tin, firm; spot
steady; prices unchanged; lead. steady
spot, $S00@s.25; zinc. easy; East ST
Louis spot and futures. $6.05G6.1o; anti
mony spot. $1,000.
FLOUR MARKET
MINNEAPOLIS. MINI. April 1s.-Flour
enchanted. shipments. 4O.37o barrels
Bran, $1,000.
MARKET FLASHES
WASHINGTON, April 15.-Employment
in manufacturing Industries in the United
States increased o. per cent in March,
the department of labor announced today
but pay roll totals decreased OS per cent
and per capita earnings declined O4 per
cent. Seasonal increases in employment
offset decreases in some industries. the
report said. The survey on which the re-
port was based, cover 2735.069 employees
of $3.50 firms in So Industries.
NEW YORK April 15-Moving counter
% the general trend of foreign exchanges
Japanese yen were depressed today, es-
year at ALTO cents. representing a de.
cline of so cents.
NEW YORK, April 15.-Directors of the
Kelly Springfield Tire company today
omitted the quarterly dividend on the
per cent preferred stock. due at this time
Dividends have been paid on this issue
at the rate OF So quarterly, consecutively
since November Is, 1919. and are cumu-
lative.
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