The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-20
WALL STREET BRIEFS

That brokers' loans had dwindled to
| very low proportions was long realize
aid 'aek OF En1lc n terest IN the -, III
| itY- market Some brokerage houses still
were said to be lenders of funds. AL
tnou9h details were missing as to the
extent OF this practice.
On the matter of untitled tonnage il
that the next statement of the steel cor
| poration would reveal another decrea se
from the month of April with early esti-
mated ma placing this figure as high as. a
that such estimates largely were guess
work although many of them were said
70. nave their basis in trade information
available from subsidiary compa mics
sources, - ~ f--..s.rS@
The. Colorado Fuel and Iron COMPANY
reports surplus Of $3.50. 0s4 for the first
quarter Of 1924, equal after preferred div
idends to s1.S7 a share on ss4. gas 500 com
mon mon stock against sss2,71s, or 81 a
snare in the corresponding period last
year Gross receipts for the Quarter
were Sl1,Is2116. and operating expenses
Foreign subsidiaries of the information
al Combustion Engineering company are
aolns largely Increased business. George
y. Learnar, president said on his return
from europe. He said the company did
SO per. cent more business in the first
quarter tia in the same parIJd last
| year.
| Pfe street had before Ii some estimates
| or first quarter earnings of the steel cor
poraticn, and the most popular figure
the June 80 period also would show up
in manner satisfactory to the manage
ment was subject for consideration.
street had taken a new altitude towards
the copper shares. and this seemed , to
pc based on the possibilities opened up
by the Dawes report Accumulation of
leading copper stocks has been under way
for the last week and brighter things were
foreshadowed today by bankers who keep
IN close touch with the Industry.
Despite the severe test to which prices
nave been put in the last few weeks,
wall street was by no means Unanimous
in its belief as to whether there existed
bear market Answering the question,
partner in one leading wire house stat
ca eti,, thst several customers on his books
sun had profits on stocks bought last
november and until new lows had been
esta oiished 1t could not technically be
considered a bear market.
British sterling and French francs to-
day rallied to new high levels for the
year as an accunlula ton of foreign ,hol-
market remained open until noon. SterlinF
advanced ga cents to $4.3S; with the
rate on scattered transactions exceeding
six points to 6.33 cents The active de-
maud for allied currencies reflected the
celerlty Of European governments in start
ing negotiations for separations settle
ments. as well as first indications of a
return return Of foreign capital to within its own
borders, Spanish pssetas which have
been steadily gaining since the heavy
oVer-subscription Of a treasury bond is
sue crossed IL cents ito a new top price
for 1924. .t-ss 81
Wall street today was inclined to look
forward with no little interest 10 the
statement which Chairman Gary is ex
peeted to make to, stockholders next Mon
DAY at the annual meeting of the United
states Steel. corporation. That his views
would be optimistic was foreEone con-
clusion, but the extent of his Optimism,
was matter of conjecture. as there. had
been no foreword of what he would have
to say.
Stockholders OF the Invincible
OH Corporation will be asked
at the annual meeting IN Richmond, va
on May 10 to authorize all or part of
an increase of 1000 shares in the
capital stock in. exchange for outstand-
ing shares Of the capital stock Of the
Louisiana Oil Refining Corporation, about
80 per. cent Of which is owned by In