The Birmingham age-herald., 1924-02-08
SELLING DUE TO
 COOLIDGE ORDER Steels Develop Temporary Strength Reflecting Pig Iron
 Production Increase


 - = '". a-' NEW YORK, Feb. ;7.-Reactionary price tenderness prevailed in today's, irregular stock market which was called upon to absorb another, large volume of realizing sales in addition to the rather extensive offerings of bear operators. -
 Late selling was inspired by the am nouncement that. President Coolidge had ordered an investigation of gaso- line prices and the heavy calling of in preparation for the repayment of treasury funds to the federal reserve bank.
 Steel shares developed temporary strength in reflection of reports that January pig iron production had shown the first increase since last June ana that mill operations were expanding, but the gains were reduced or can celled before the close. United states Steel, common, touched 1O9. or within 5-8 of the high established in March of last year, but it sagged later to 1077s, off 2s on the day. Cuff states Steel crossed 80 and then slumped to s7%, where it was up IS; Bethlehem dropped from e to 6o7s and Cruicibie from 7OA to 70, off ss and one point, respectively.
 Selling of the oll shares was also influenced by the weekly report of the American Petroleum Institute showing increases in both crude oil production and imports Pacific oil dropped 2B 10 55. Standard oil of California drop ped two and loss of a point or more were recorded by Cosden, Houston, the Mexican Seaboard issues, Phillips Pro- ducers and Refiners Royal Dutch and Atlantic Refining.
 Temporary strength was shown by the motors and motor accessories Of publication of a report that January production totalled 341 900 cars. an in- crease of forty per cent over January of last year. A run-in of the shorts in Davison Chemicals sent that stock up to 5oss, a net gain of 4ts on the day, and nearly 10 points above the recent low. Bald win was lifted to a new top at 131 and then hammered down to 12Sk, off about two points on the day. Brooklyn Edison broke three points on the an- nouncement of an additional issue of common stock. National Enameling broke three to forty on unconfirmed reports that the dividend was in danger, but it rallied later to 41. American Can was attacked by short interests. but it offered good resistance to pressure and closed less than a point lower at 11S1s.
 Good recovery from recent heaviness was registered by the American Tobac- co and Commercial Solvents issue, Fisher Body, Nash Motors and Loril- lard Tobacco, the last named climbing more than four points.
 Call money opened at A. and ad- vanced, excessively, to Az, and 5ts, where 1t closed. The time money mar ket was dull with the rates Az to A, depending upon maturity. The bulk Of prime commercial papers continued to move to A.
 The foreign exchanges rallied at the opening, following London's lead. but reacted In the later trading. Demand sterling fell from $4.S3 to $4.3tM. where it was up about half a cent. Other rates showed only nominal net changes, French francs selling around 4.es cents.
 FOREIGN EXCHANGES
 NEW YORK, Feb. 7.-Foreign ex changes irregular; quotations in cents: Great Britain demand. 4s1k; cables, 4S1E; 6o-day bills on bands. 4.2oh; Italy demand, 4Ssls; cables, 4.S3; Bel giumS demand, 40; cables. All; Ger many demand. 000000000023; cables, .O0000oo00023; Holland demand, 37.49; Norway, 1344; Sweden, 26.2S; Denmark, 1881; Switzerland, 17.4S; Spain. 12.s1;
 
 slovakia, 2.s1h; Jugoslavia demand. 1.1s1s; Austria demand. s0o14; Rumania, 51L; Argentine, 33.60; Brazil. 12.00; To- kio, 465s; Montreal. 97 3-32.
 CALL MONEY NEW, YORK, Feb. 7.-Call money strongers high. 5h; low, Az; ruling rate, Az; closing bid. 51a; offered at 5A; last loan. 5h; call loans against acceptanees, 4; time loans steady; mixed .G he A; primo commercial paper, A.
 LONDON MONEY
 LONDON, Feb. 7.-Bar silver. Sa s-16 pence per ounce: Money, 2s per cent. Discount rates: Short and three month bills. 9-16 pence.
 BANK OF ENGLAND
 LONDON, Feb. 7-The weekly state ment of the Bank of England shows the following changes in pounds; To- tal reserve increased 655,000; ctrcula- ton decreased 653,o00; bullion increased c1s1. Other securities decreased 5O4,- 900: other deposits decreased 1,O92'ooo; public deposits decreased 447,Ooo; notes reserve increased 655,OOQ; government securities decreased 1,625. 900.
 The proportion of the banks reserve to liability this week is 1929 per cent: last week it was 17.52 per cent. Kate or discount. per cent.
 
 BANK OF FRANCE
 PARIS, Feb. 1.-The weekly state n,ent of the Bank of France shows the following changes in francs: Gold in hand increased 77,000; silver in hand m creased sSO00; notes in circulation in creased $40 061 ,000; treasury deposits de- creased 14O O,518. .0o0; bills discounted de, creased 5s3,412.o .ooo; advances increased 89 552 900: fresh advances to the state amounted to 300 100000 francs.
 FOREIGN MONEY
 NEW YORK, Feb. 7.-Bar silver, 64M; Mexican dollars, 4SIS.
 STEEL MARKET
 NEW YORK, Feb. 7.-steel un- changed.
 POTATO MARKET
 CHICAGO, Feb. 7.-Potatoes strong; receipts, 35 cars; Wisconsin and Min nesota sacked round whites, $1.409 1.6O; few low as $1.35; Idaho sacked rurals, $1.70; Colorado sacked Peoples russets, $1.S0.
 NAVAL STORES
 SAVANNAH, Ga, Feb. f.-Turpen- tine steady, 95c; sales, 97; receipts, 1855; shipments, 1S8; stock, 12,200. Rosin firm; sales, 1,O13; receipts, 1,750; shipments, 2,sS4; stock. 107 436. Quote: B, D. P. S4. 4.5OQ4.5 .55; F, G, H, $4.50@4.60; I. $4.55 Ca A.6U, A, t.oO, Vh' pH'oV1to'SO' ANi $5. .2595. 40; VIC, $6.35; WINK, $6,55.
 SUGAR MARKET
 NEW YORK, Feb. 7.-The market for raw sugar declined hc today, be- cause of more liberal offerings, with spot prices now quoted at 716c. duty paid. There were sales early of 40,0O0 bags of Cubas at 7.2Sc and 5000 bags at 7:22c, and later about 35,OOO bags sold at 7.16c for prompt and February shipment.