The Birmingham age-herald., 1924-03-27
LOWER
 IN DULL SESSION
Special Weakness Devel- ops In American Can
 Company And Tobacco

Sf3 NEW YORK, March 26.--Stock prices moved irregularly lower in today's rela. tixely dull session. Special weakness cropped out in American Can. which was hammered down more than five points and in the tobacco issues.
 News developments during the day were varied in character. The fall oi the Poincsre ministry passed virtually unnoticed in the foreign exchange mar ket. French francs holding firm around yesterdsy's closing prices. Stiffer call money rates. which reached 5I9 per cent contributed somewhat to the days. sell ing. Steel shares held relatively firm on reports of the weekly trade reviews that production continued at a high rate. Some concern was expressed over \ tho decline in automobile output and the Inclination of some of the inde- pqHdeht companies to shade prices U9iltd States Steel Common closed un. chHnged at 98kc.
 Speculative interest in the market wSA practically monopolized by Ameri- can Can, transactions in which cN- ceHdtd 125,o00 shares, or about 70 per cent of the days total business. Can touched $i.04s, only l. above the years low, on selling attributed large 2 it+A0. prOICSSlCnaI 1raQcTS.
 Stability of rails was in marked con- trsst to the unsettlement ip the indus. trial list. Strong buying support for the rails was based, in part on the Nausually favorable nature of most of the February earnings statements now making their appearance. The first 16 reads to report show net of S14,52S, ,0o0 aud SIG, ,s9o;ooo in February 1925. Nor. forS, and Western, which recently re- ported February gross earnings of ST. 7S00d0, an Increase of $1,024, 900 over the same month last year was again fn good demand, touching $1.291a and then slipping back $1.2s2s, up 74c on the day. Southern Pacific recovered only fractionally but a new 1924 low.
 Two score industrial issues created new minimum prices for the year in c4udtng Chandler Motors, Mack Truck, Boseh Magneto, American Agricultural Chemical, Cerro de Pasco, Lima Loco motive Tabocco Products R, Schulte, Philip Morris. Marine preferred. Ameri- can Sugar refining, United State Al cohol, Texas Company and Producers and Refiners.
 Stndebakcr, under pressure for the CffeoFy shares were in supply on re- ports of reduced sales. Speculative un- ceFfaInty over 1924 earnings was a fac tor tp the selling of the tobaccos.
 Call money opened at four per cent ana Successiyely advanced to 41sc, Sc and Shc, where it closed. Time money rates also were a shade firmer, offer. sngs by banks at 4h per cent having virtually been eliminated. The pre- railing rate on time loans is AZ per cent. .Conmercial Paper rates were unchanged, prime names commanding <sx per cent.
 Steadiness of the foreign exchange market in face of the resignation of the French cabinet was construed here as indicating that no change in French fiscal policy is expected in European financial centers. Demand sterling rul- ed around 4.29% and French francs around $40 cents.
 Total stocks, s46,5o0 shares.
 Twenty industrials averaged 94.79; new low, net loss, 80.
 High 1924: 101.24; previous low, 94.ss.
 Twenty railroads averaged s4.27; net gain. .o3.
 High 1924: s5so; low, s274.