The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-15
BEARS HAMMER
STOCKS DOWN
UnfavOrable Trade Re-
ports Cause Selling
Rush

NEW YORK, April 14.-Stock
prices continued to melt away today
under the incessant hammering of pro-
fessiOnal bear traders. Net losses in
the active issues ranged from frac-
tions to y points, both the rail and
industrial averages touching new low
records for the year.
Unfavorable trade reports, which the
speculative community interpreted as
forecasting a further slackening in bust
ness activity, continued to furnish the
basis for the selling, which reached
sufficient proportions to bring out
heavy liquidation on the part of timid
investors. A late drive against the
general list was predicted on the de-
cision of the Senate finance commit
zee in giving the bonus measure pre-
,edence over the tax bill.
One of the features of the days trad
ing was the sharp reaction in num-
Der Of the oil shares. which previously
had been offering stubborn resistance
to selling pressure. Liquidation of this
group was inspired by the fear of over
production likely to result from the
large increase in the number of new
wells. Tidewater Oil broke s points,
Houston OK and California Petroleum,
phillips, General Asphalt, Houston and
few others dropped point or more.
Sixty-seven stocks created new low
points for the year during the session,
including 16 motors, 10 sugar and food,
Z equipment, 6 textile, 5 oil, steel and
10 miscellaneous shares. These includ-
ed Baldwin, Studebaker, (old and new
stock, American Can, Bethlehem Steel,
Chandler, Steward-Warner, StrOmberg,
WiIlys-Overland preferred, American
Wooden, Dawson Chemical and Balti-
more and Ohio.
The stock market continued to ignore
foreign news developments, although
French governmental and municipal
bonds and French francs moved up to
new highs for the year, apparently i'm
speculative expectation of Germanys
prompt acceptance of the Dawes re-
port. -
United States Steel common, regard
ed by many as a bell-wether of price
movement, duplicated its previous low
Of 951a, closing at 95% for a net loss
Of q. Studebaker fell to a new low
at 81 despite President Erskine's de-
NAL of rumors that the dividend was
20 be reduced. Baldwin, which had
sold as high as 131 this year, broke
more than points below 40.
Only a few stocks were able to move
against the current trend, Woolworth
being pushed up 81 points to 318 and
then dropping back to 305. Marine pre-
ferred crossed 81 and then slipped back
20 30B. up rs, and the Burns Broth
!rs issues moved up briskly on what ap-
peared to be pool operations based on
Ugh current earnings.
Call money opened at Az per cent
~ then advanced to Az. Time money
Fas somewhat firmer, but business con-
inued in small volume. Lenders
bowed disposition to hold out for Az
CT cent but borrowers declined to pay
YER ~. loans up to 80 days being ar
anged at the smaller figure. The COM
nercial paper market was steady with
- per cent the ruling rate for prime
tames.
Establishment of a new high record
~ French francs at GA cents was the
'eature of the foreign exchange market
Demand sterling ruled above $4.3A and
most of the other European rates show
I'd marked improvement. Creation of
| new 1924 low by japanese yen was
attributed to the passage of the John
Representatives.
Total stock sales 932, 400.
Twenty industrials averaged 90.S3;
act loss SO.
High 1924, 1924; low 90.S3.
20 railroads averaged 500
Twenty railroads averaged 500; net
loss IS.
High 1924, S632; low S1.O0.