The Birmingham age-herald., 1924-02-26
COPPER SHARES
 FORGED LOWER
Steels Offer Good Resistance, But Leather Issues Yield
 To Pressure


 of the Washington oil investigation provided professional bear traders with another excuse for an attack on to- days stock market, operators on the long side showing little disposition to extend their commitments, apparently through fear of further unfavorable disclosures. Other sales were relative ly small. Heavy selling of the copper ing of the Calumet and Hecla dividend was one of the days features. Ana conda was the principal target of sell ing pressure, due to the fear in some quarters that the regular district, to be acted on tomorrow, was in danger. The stock closed 2 points low at 43h, after selling slightly below that figure, while net losses of a point or so were re- corded by Utah, Calumet and Arizona, St. Joseph Lead and Cerro de Pasco.
 Baldwin, Studebaker and American Can all registered net losses of a point or more, total transactions in each stock, however, being relatively light.
 Steel shares offered fairly good re- distance to selling pressure, Bethlehem closing unchanged and United States Steel common, Republic, Crucible and Gulf States holding their losses to a point or less. Sloss-Sheffield closed fractionally higher, buying of that
 
 pectation that it would be placed on a S6 annual dividend basis at tomorrow's meeting of the board of directors.
 selling pressure against the Central Leather issues, which dropped more than point each, was based on pub lication of the 1923 earnings report, showing net loss, after charges and taxes, of $7,272, ,243, as compared with a surplus of $1 ,52S, ,209 in 1922.
 Weakness of Virginia Carolina Chem ical preferred was followed by uncon- firmed reports of a reorganization of some kind, the stock dropping to 15% and then ralliyng to 161s, off 2%. Other chemical issues, with the exception of Davison, which moved up %, also were heavy. Kelly-Springfield dropped one point in response to poor 1923 earn ings report.
 Trading in the railroad shares was rather sluggish. Heavy profit taking down IF. Shippings improved on the settlement of the British dock workers strike.
 Extensive short selling again took place in the oil shares, but with the ex- ception of Houston, which closed 2% lower at n, most of the active issues made good recovery from their low prices, which ranged l to 2 points be- low Saturdays final figures.
 Call money opened at per cent, but advanced to AZ in the late afternoon, closing at that figure. The time money and commercial paper rates were un- changed, the bulk of the business in each being transacted at AZ per cent.
 Settlement of the dock workers strike and publication of favorable cables con- corning the work of the reparations ex- perts had a stimulating effect on the European exchanges. Demand sterling was run up to 4.31% and French francs to 4.45, but considerable profit taking took place when the high levels were reached, sterling falling back to 4.3O, off 1 cent. and francs to 4.361s, or 1As points above Saturdays final quota tion.
 Total stock sales, 712,30O shares.
 Twenty industrials averaged s7.69; net loss, IT.
 High, 1924, 101 PA; low, s4.ss. loss, .35.
 High, 1924, s5.eO; low, S2.74.