The Birmingham age-herald., 1924-05-15
STOCKS ADVANCE,
 THEN TURN WEAK
31 Issues Establish New Lows While ' Mount
 To New Highs

NEW YORK, May 14.-Stocks prices moved irregularly higher in to- days early trading and thu turned re- actionary when bear traders renewed their pressure against the steel, sugar, motor accessories and oil shares. Thirty one stocks established new low prices for the year while seven mounted to new levels.
 Weakness of Baldwin, which dropped 21a points below 106 to new 1924 low, was one of the days features. New minimum prices also were estab- lished by DuPont, General Motors, Studebaker, Willys-Overland preferred, Stromberg Carburetor, Punta Alegre Sugar, Anaconda, Standard Oil of New York, Montgomery Ward, Sears Roe buck and Gulf States Steel.
 Unfavorable steel trade reports which included the statement that the industry was working at only 65 per cent of capacity probably inspired the selling of the steel shares. Republic and Gulf States Steel closed, at net losses of 1 and 115 points, respectively, while most of the others declined frac- tonally. United States Steel closing practically unchanged at 96. ..
 Heaviness of the sugar shares was in reflection of the weak tone of the raw and refined markets. Declaration of the regular American Sugar Refin ing preferred dividend, which was be- lieved in some quarters to be in dan ger, imparted firmer tone to the later trading in that group.
 Copper shares turned heavy in re- sponse of the easing metal market, losses of a point or more in the early dealings being generally reduced to frac- tions before the close. Bad weather, which has resulted in reduced gasoline consumption, has been an important factor in the recent selling of the oil shares, brokers reported.
 Several stocks stood out against the current trend. Philadelphia and Read ing Coal and Iron jumped points to ASIA on buying undoubtedly based on the possibilities of early dividend ac- tion. The recent increase in the Glen Alden rate has drawn attention to the coal stocks, Reading rights climb ing three points and Lehigh Valley rights" IFS. New York dock issues also developed marked strength on speculative expectation of increased earnings likely to result from the port development program.
 Atlantic Coast Line and Louisville and NaShv1lle, which moved up three points each to 126 and 94h, respectively, their best prices of the year, were the outstanding strong spots in the rail group. Buying of these issues was as sociated with expectations of special dividend developments at tomorrow's meeting of the board of directors.
 Chesapeake and Ohio, which had been bought in some quarters on the dividend rate would be increased, fell back more than point when only the regular dividend was declared but soon made up most of it's loss. Norfolk and western closed 15s lower at 1193s.
 Call money ruled unchanged at 31h per cent. Business in the time money market was quiet with loans up to 90 days available at per cent while A was asked for longer maturities. The bulk of the commercial paper business is still done at IA per cent, although prime names are available below that figure.
 Brisk recovery of the French and Belgian francs featured the quiet for eign exchange market.
 Sterling held fairly steady around 4.36%.