The Birmingham age-herald., 1924-01-25
STEELS BUOYED
 BY NEW ORDERS Net Gains In Number Of Active
 Issues Range From To 4 Points

F NEW YORK, Jan. 24-Buying orders We're well distributed in today's. stock market, and the general list moved upward without much difficulty uatil Just before the close, when a partial reaction set in on the. latest disclosures In the Senate investigation of naval oil leases. Resumption of pool operations in various sections of the list, based on a series of favorable trade advices, brought about extensive short cover tnes, net gains in number of the ac- tive issues ranging. from one to near ly four and one-half points.
 Steel shares were buoyant on re- ports that orders were now extending shipments and that the trend of metal prices was again upward. United States Steel common touched 101k and {clOsed Slightly below that figure for net gain of more than a point. Re public moved up 1a4, and Bethlehem Crucible and Gulf States improved frac- tfonally.. Total net earnings of the Bethlehem corporation, made public after the market closed, were s37 ,373, z2S last year. as against S19,793,712 the year before.
 American Can was the leader of the so-called "big four" touching 6 record high at 110A. Baldwin touched 1254 on reports of the receipt of a large order, but it slipped back later to 124ss. where it was up IA on the day. Studebaker crossed 103 and then eased to 102%, up $.
 High priced specialties again at tracted considerable interest. Corn Products jumped five points to 1791a, another new record high; National Lead crossed 150, also a record price, and then slid back to 148, up 3A, and United Fruit advanced three points to 1S1 on publication of the 1923 annual report showing earnings of $23.09 share on the common, as against $1S.85 in 1922.
 Pan-American issues spurted upward in the early dealings on the announce ment of President Wylie of the Mexican Petroleum company that the company had resumed operations. Pan-Ameri- can A" touched 531s and the "B'' 61%, but upon publication of the testi- mony of President Doheny that he loaned former Secretary of the Interior 49k, respectively, closing slightly aboge those figures for small net gains etsAhe day. Maracaibo touched a rec Ord top at 36A.
 Special buying took place in Phillip Morris on reports that the company had closed negotiations for the handling of another well-known brand of cig- arctic. Prospects of higher sugar prices and increased earnings ac- counted for the strength of the sugar stocks, south Porto Rican closing 3E higher, Manati gaining and Cuba cane preferred 22s.
 Rails again Jagged behind the in dustrials. Buying of Frisco preferred was said to be based on speculative expectation of benefits likely to accrue from the discovery of oil on that roads land grants.
 Call money ruled unchanged at 4 per cent. Time money rates softened slightly, more funds being available at 4A per cent for the shorter maturities.
 Demand sterling rallied more than a cent to Sf.22, other foreign exchanges holding fairly steady. The Japanese rate, which has been heavy lately, showed moderate improvement.
 Total stoeI. sales, 1,062 ,0QO shares.
 Industrials averaged 99.04; ne. gain, .ss.
 High, Isc;. 1p.@2: lew, 5.76.
 Railroads ayees Sed. 63.51: net gain, IS.
 High. 1se33. so.5l; low. 79.5S.