The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-03-23
MARKET
TREND Is VAGUE
Parts Of List Establish
New Lows While Others
Touch Peak Prices

NEW YORK, March 22.-Stock prices
failed to develop definite trend in
today's brief session Of the market, re-
newal of selling pressure against some
cf the steel, rubber and motor shares
being counteracted by the strength of
number of the representative rails
and oils.
There was a fair sized accumulation
of overnight buying orders when the
market opened, many of them undoubt-
edly Inspired by President, Coolidge's
Plea to Senate leaders for early action
On the tax reduction bill. When these
had been disposed of, operators on the
lsng side showed no disposition to fol-
low up their advantage and bear trad
Els renewed their efforts to unsettle
the Industrial list.
Curious cross-currents of prices con-
t1nued throughout the morning, estab-
lishment of new low records in some
parts OF the list being simultaneous
With sthe creation of new peak prices
h others. Easy money rates. which
carried over from Friday, apparently
had little effect on stock prices, but
they resulted in a further Strengthening
Of the bond market, to which surplus
funds are being diverted in large
amounts.
Studebaker was again the principal
target for bear pressure, being ham
naered down more than 3 points to SO,
q new low for the year. Recessions in
theieother motors were held to frac-
txons.sT Recent pressure against this
group has been baseu on the reported
falling off of sales, which the automo-
bile manufacturers attribute to the I'M
seasonable weather in various sections
Of the country.
Selling of the steel shares sent Cruel
BILE to a new 1924 low at 55B and car
rfcd u. s. Steel common down to 9Sh,
but both made moderate recovery from
their low prices of the day. Fear of
price cutting as result of the in
creasing competition Of mills for bust
ness and the lack of aggressive for
ward buying have had depressing eff
feet on the steel shares. U. s. Rubber
common and first preferred touched
new bottom prices on liquidation, in
eptred, by speculative fears for the
a1fety OF the preferred dividends.
Revival Of speculative interest in the
oil shares was based on runiors Of COM
pctitive buying of Mid-Continent
trudes and prediction of another I'm
crease in prices. Marland, Phillips,
fnoved up 1 to nearly 2 points. Wool
worth established a record high price
at 1884,.
Another brisk advance in Lacka-
wanna, which established a new 1924
Aigh at 12z and closed at 1231s for q
net gain Of 3%, featured the railroad
4reNp. Buying Of this issue was asso-
ciated with reports Of a possible dis
tribution of the roads Glen Alden Coal
ecmpany bonds, and vague rumors Of
IT'S acquisition of the Wabash Railroad
properties. Profit taking in Southern
Railway apparently having temporarily
subsidized, the stock moved UP 70 55k,
record high.
A further gain in French francs,
which carried them above 6.35 cents
to another new high price for the year,
featured the irregular foreign ex-
change market. Sterling was slightly
Feactionary. Strength of Brazilian ex-
change was due, in part, to the publ
eation of an optimistic statement by
the head OF the British mission which
Investigated financial conditions in
thAt country.
Total stock sales, 456, 400.
Tveenty industrials averaged 963s;
net loss, 30. r
Nigh, 1924, 1924; low, s4.ss.
Twenty railroads averaged s4.s7; net
WailA-.56.
High, 1924, $3.50; low, s274.