The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-11

whoever the buyers were, they got them
| at their own prices There are few who
! look for much Improvement in the situa
pens that when everybody thinks one way
a change is close at hand.--Fenner and
Beanes 10 Kahn and Virgin.
New financing announced for tomorrow
Is the largest in several weeks. Bankers
will offer -$201Oo.Oo0 Pennsylvania rail-
road 1. 10 15-year per cent equipment
bonds at price of ssh to yield, an aver
age of about sos per. cent. Offering also
will be made Of ss,5ooooo Consumers
Power Company 30-year s "a per cent bonds
at s6h to yield $50 per cent. Proceeds
from the sale will be used to finance ex-
pansion of the companys properties in
Michigan.
When the stock market closed tonight
both the rail and Industrial averages were
in new low ground for the year, the
sharp decline in the former being due to
the quoting Of Lehigh Valley stock lex
rights"
The apparent failure of bear traders to
bring out large volume offered iiauida-s
tion in the face of the sharp reactions
in leading Industrial issues is a source of
considerable comment in Wall street and
Is reported to have discouraged SPECIALIZED
amateur ventures on the short side of
the market. Although several of the stand
ard industrials are selling or more points
below the prices of a week ago. the daily
turnover OF stocks has not reached l..
100000 shares since the present decline
started.
Net earnings of the Central Power and
Light company Of st. Louis. Mo-, and
Its after all charges exceeding $1,000 900.
ruary 90. available for depreciation and
interest charges amounted to s1.1o4ros5,
an increase of more than 80 per cent
over the previous fiscal year. Net rev.
enue in February was nearly 20 per cent
greater than the same month last year.
: The Island Creek Coal company, said
to be- the lowest cost producer of all
porous first quarter Of the year, net prof-
It's after al charges exceeding s1,ooO.oOo.
The southern Pacific company, has or
dered 1s1.246 tons of steel rails for 1924
and 1925 delivery $1,000 tons from the
Tennessee Coal. Iron and Railroad
Iron. and Inland Steel. 1850 tons.
The February output of boots and shoes
sol pairs. about 100000 pairs less than
the same month last year.
1t was said that no further demonstra-
ton might be expected In the old corn
products stock owing to the tmminence
of the new ISSUE -
sell the industriaIs and buy the rails"
was more commonly heard suggestion
among commission houses. That the
transportation lines would reflect their
improving earning position had long been
the belief among banking anaIysists and
the steady flow of annual reports seemed
to bear out many of these contentious.
There was strong opinion on the matter
preferred stock and this, ii was thought
would not be delayed beyond June If 1t
was not ordered before that time.
Before its authorization by shareholders
the new woolworth stock was traded in
on when issued" basis. AS a 50 issue
entities. overtoppfng as it did other stocks
OF the same basis. Its near price approach
was found in General Asphalt preferred,
which pays IS year.
The old woolworth stock added sew
eral points to the previous days decline
from the recent high record level of moe
than 50 points. As the shares fell away
It was noted that they maintained a par
ity with trAnsactions in the "when is
sued" trades.
The Aqultania, due tomorrow, was said
70 nave GsSsss MnslS svs Sons Its pas
what significant this slated arrival as
stockholders OF United Cigar Stores also
were scheduled to- meet on the same day
OF capital structure through re-
duction of par value and the issue of four
shares where one now existed. The street
heard quite unofficially that opposition
might develop to the proposed plan.
1t was predicted by bankers having IN
formation on the subject that Hays
Wheel directors might at their meeting
next Monday raise the dividend rate from
So to s. year. Increased earnings from
the enlarged facilities were thought to
be sufficiently great to permit the large
dividend return.
It came to light that commission houses
have commenced to refuse certain requests
for borrowed stock. This indicated to some
observers that the snorta interests. al
ready heavy. might have difficulty later
ing something they did not own. On the
other hand. Ii was suggested that some
OF these refusalB at least might be traced
to desire to eliminate further clerical
necessity for watching an already heavy
list out on loan.
new low price was reached by Con-
exerted against this low priced issue
The state Of cotton mill industry Seem
ingly was taken as a basis for selling |
the shares as the compAny's own position
in the New England field was not re-
garded with particular favor.
Several dollars per bale were added to
against the shorts was
staged. The street still heard OF big in
terest in the commodity on the part Of
specuiAtefs who ordinarily 4confIne their |
operations to the security markets.
INEQUALITY
FiAncee--And did your husband use |
to bring home his wages to you every
nav daVS 10y |