The Birmingham age-herald., 1924-09-10
ELECTION HELPS
 TOBOOST STOCKS
Wall Street Appears We'll Satisfied With Re-
 suits In Maine

NEW YORK, Sept. s.-Stock prices bounded upward today In what was generally construed as a reflection Of Wall streets satisfaction with the Maine election results. Opening gains In the popular industrial and railroad issues ranged from 1 to 4h points and these were fairly well maintained, despite oc- casional flurries of selling throughout the rest of the session.
 With a large short interest built up in the perpendicular decline of the last two weeks, technical conditions also were ripe for a rally, which was one of the sharpest since the unexpected declaration of an extra dividend on United States Steel common last fall. Sales in the first half hour approxi- mated one quarter of a million shares, but the market turned dull after the first batch of buying orders had been absorbed, the days sales aggregating about S5o,000 shares.
 While the removal of political uncer- tainty was undoubtedly the principal factorin the advance, other contributing , influences were the increased demand for steel products, lower time money rates, the proposed segregation of tho coal properties of the Pittsburg and Meved to prepare the way for that roads admission into the Van Sweringen family, and indications that the govern ment's $350 ,000, 900 issue of treasury cer-
 
 Reduction of the quarterly dividend on Chandler shares from $1.50 to 75c was one of the principal financial de- velopments of the day. That stock opened 8 points higher at 3s, cancelled its gain in the wave of profit taking and short selling that followed the in itial outburst of buying, and moved up again to 3615 and then fell to 345z, the years low, following the Announcement of the dividend. It closed at 35.
 t1at tton faH in he railroad group, particularly among the high grade shares. Lackawanna con- tinued to be the feature, this stock es- tablfshing . new record for the year at 14e% on buying based on the belief that the road will cut a huge melon, preparatory to being taken into the new Nickel Plate system. Pittsburg and West Virginia preferred, which is to be retired at 105, touched a new high for the year at the reemption price, up 2 points.
 Rutland preferred broke points to z7 following the failure of the directors to resume dividends on this issue.
 A recent rise in the stock had been predicated in reports that a payment would be authorized at today's meet ing.
 St. Paul issues also were weak at the close on rumors that the. road might find it necessary to readjust its capital structure in order to complete its re- funding operations next year. The com mon stock declined a point and the pre- ferred 2Es points to 22. An advance of 6A points in Delaware and Hudson was based on the belief that this road would follow the action of Pittsburg and West Virginia in segregating its coal proper ties. Dividend influences were reflected in the movements of several industrial issues. Omission of the quarterly divi- dend by the Daniel Boone Woolen Mills was not announced until after the close of the market. Prior to the directors action, the stock touched a record low price at 10h, later closing at 11M, a net loss of $. Fresh selling of Ameri- can Woolen, which cancelled an early recovery, cropped out in anticipation of this development, which redirected attention to the depression in the tex tile industry. a 4a
 Foreign exchanges staged a vigorous upturn under the leadership of sterling, which rallied about Sc to around $4.45, before selling back to $444A. French francs also recovered about points to about 5.30c on cable dispatches from Paris reporting that J. P. Morgan was ready to renew the $100, ,000 900 credit to the Bank of France, if required.
 Call money ruled at per cent throughout the day. Tine funds were in plentiful supply at rates ranging from '2% to 3h per cent. Commercial paper was quiet at SK to 3h per cent.
 2n TudIIa 20 Rails