The Birmingham age-herald., 1924-02-06
WIRE SERVICE IS
 BADLY CRIPPLED
Sales Run Over Million Mark Despite Roundabout Com
 munication Necessary

NEW YORK, Feb. 5.-Strong fi- nancial interests were again at work on the constructive side in today's stock market, staging bullish demon- strations in the steel, sugar, oil and motor shares in the face of heavy profit taking in other sections of the list, particularly among the tobaccos, high priced industrial specialties, and a few recently strong rails.
 Sales ran over the million mark de- spite the fact that the wire service of all the commission houses was seri ously crippled by the storm. Direct service between Chicago and New York was entirely cut off, although .orders from the western city were re- gceived on round about routes.
 {. Reports of further expansion of mill activities brought fresh buying into the steel shares, United States Steel common touching the highest price since last March.
 The preliminary 1923 report of Mack Trucks, Inc. showing earnings of more than S20 share on the common stock. or more than double those of 1922, drew attention to the motors, in which some good buying was reported. Mack Truck climbed as high as 9012, but later fell back a point on profit taking. Studebaker hit 1O65s, but also yielded a point at the close. White Motor crossed 5s and closed a4 higher at STA, and Stromberg carburetor showed a net gain of more thna 1 point.
 Among the factors which influenced the buying of oil shares were the steady decrease in domestic production of crude oil, with still further de- crease probable, if the naval oil re- serve leases are cancelled, the rising trend of gasoline and crude prices with the resultant increase in inventories on oil in storage, and the increased con sumption of gasoline due to the open winter.
 General Asphalt preferred advanced nearly 4 points, Phillips and Houston about point each, and most of the others showing fractional gains Pacific touching another new to pat 5S1. Pan American issues were subjected to bear attack, the A dropping 1% and the B 4. Sugars were heavily bought on another advance in Cuban raw prices.
 Rails were Sluggish, although Wa bash preferred A was pushed above A othe highest price in years, closing Mc higher, at 431s. Atlantic Coast Line and Canadian Pacific each dropped 2 points.
 In the public utility group, Consoli- dated Gas, Brooklyn-Ed Brooklyn Union Gas and the American Water works issues showed gains of 1 to 21a points.
 Lorillard was the weak spot in the tobacco group, dropping 6A points to 156. Other tobaccos yielded fraction ally.
 Call money opened at Az, but dropped to f again before the close. Time money and commercial paper markets were rather quiet, with the bulk of the business done at A per cent.
 Foreign exchanges were agani reac- tionary. Demand sterling dropped hack more than ? cents to just below S4.31, and French francs dropped about 4 points to 461% cents. Japa- nese yen improved in anticipation of an early announcement of the Japa- nese reconstruction loan.
 E. Total stock sales, 1 1,1S6, 900 shares.
 Twenty industrials averaged 1O095; net gain. .03; high, 1924, 1OO96; low, 04.SS.' |. Twenty railroads averaged S5.33: net loss, .16. High, 1924, S59O; low, G2.74.