The Birmingham age-herald., 1924-06-10
STRENGTH SHOWN BY STOCK PRICES
Professional Traders Un- .e.;, {. able To Settle Gen. 4s eral List

:. .3 NEW YORK, June 0.--With specu- iatiye uncertainty over legislation re- moved by the adjournment of Congress - and further easing in money rates, / stock prices developed moderate strength in today's market after an un- successful attempt had been made by professional traders to unsettle the general list by an attack of the steel shares.
 Though trading was relatively light ins volume, the days sales aggregating only about half million shares, pool operations were apparent in several low priced issues. These were yen- couraged by the cheapness of money, call funds being obtainable at two per cent, the lowest stock exchange rate since November B., 1919. Large l. amounts of surplus funds also found their way into the bond market, all the United States government issues sell . ing at new high levels for the year..
 Early selling of the steel shares was based on the expectation that the May untitled tonnage statement of the United States Steel Corporation to be made public tomorrow, would show a drop of half million or more. The United States Steel common duplicated, it's new 1924 low of 94A, but rallied later its closing price of last Saturday. Bethlehem and Canadian Steels touched new bottom prices at 45A and 1915. respectively, closing slightly above their low levels of the day. Pennsylvania Seaboard improved fractionally.
 The restricted nature of the trading was attributed in some quarters to the marked absence of public interest and the disposition of some of the large traders to await the adoption of the major party platforms and the selec- tion of a democratic presidential nomi- nee before extending their commit ments.%
 Oil stocks improved slightly on pub ication of statistics showing another decline in California production.
 { Public utilities continued to attract attention with brokers reporting a good investment demand for, some of the high grade issues. Virginia Railway and Power closed today two points higher at 55 while Consolidated Gas and Pacific Gas each moved up q point. Marked improvement was ap- parent in the sugar shares, American sugar refining and Punta Gorda each losing more than a point higher while South Porto Rican climbed 25S.
 Other strong spots in the industrial list including international paper, New York dock, Savage arms, Woolworth, Atlantic Refining and Houston Oil all of which sold two or more points above last weeks closing quotations.
 gA A jump of nearly 17 points in Gen. tral Railroad of New Jersey which touched new 1924 top at 234%, was the feature of the railroad list. Other strong spots in the carrier group were Norfolk and Western, Atlantic Coast Line, Chicago and Eastern Illinois, Nickel Plate" Lackawanna, Seaboard Ail Line preferred, St. Louis South western common and preferred, Peoria and Eastern and Western Pacific, all up point or more.
 !. Call money opened at 2h per cent eased to PA and then to 2. A slightly easier tone was apparent in the time money market, loans up to sixty days being available at 3A per cent. The bulk of prime commercial paper con tinued to move at A.
 Foreign exchange rates held steady in extremely quiet trading due to the gholiday abroad. Demand sterling ruled around 4.31 and French francs around 5.10 cents.
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