The Birmingham age-herald., 1924-01-04
LOSSES RANGE UP
 TO OVER 5 POINTS.

NEW YORK, Jan. 3.-Professional s 0psculators for the decline. taking # advantage of the i.eavy realizing ]. sales by traders who deferred con ss vsfting their paper profits into cash until after the turn of the year. suc- ,t cseded in bringing about a sharp re- .i action in today's stock n-arket, net losses in active issues ranging from fractions to 5N points. Oils. "quip- ', nnents and steels were the hardest ,,ss hit among the standard industrials, with sharp breaks also taking place lt in such specialtfes as Davison Chemi- ca! and DuPont. off 5A and 3A ,,as points. respectively. se face of several favorable trade de- velopments. including another re- auction of 16,500 barrels daily in the crude oil output. an increase in gaso- :. prices at Chicago. reports of incrsas- Y de copped consumption and lower rates for call money. r--f Weakness of the foreign exchanges which Is reported in some quarters to have influenced the local selling or securities, is regarded in some quarters as a bullish factor on the theory that it would tend to send European funds to this center for investment. French francs sank to . new record low of 4.sS cents at q the opening response to heavy sell sing of franc bills abroad. but made partial recovery before the close. De- mand sterling rallied iron. a low of $426A at the opening to above *4,2Sh. Most of the other principal exchanges showed small recessions on the day.
 concentrated for a time on Unitel States Steel common, which had been pushed up above par on the last day of 1923. The stock was forced down nearly point today to 9sh. Sethlehem slipped back Z to 53 cling of these issues brought about 1uidation in the money list, reces- ms of point or so being quite nmon before noon. Improved
 ing tbe came sebers lnto the list market .boxs later
 ncy to firmness when heavy
 2 broke out just before the
 the Pan American issues on
 sharp reduction in earn
 Ulting from the steady de-
 Mexican light oil production.
 erican A and B dropped
 tc. 10 A and SC, respectively.
 eeble recovery in the
 -oe 1 to nearly points were
 by Baldwin, American , e American Smelling and Corn Products, Pacific Oil,
 and Refiners, Phillips Pe-
 
 Sf .Ste Stores, Phillip Morris an, Ii ntal Can. Good buying '1evA d,rlowever, in Consolidated Gas. t on Pipe, Stewart Warner 'ferred, Cuyan.el Fruit and Interna- tonal Harvester, the gains ranging from to points.
 Trading in rails was sluggish at times, although marked progress was made by some of the southern and no. hWeStern carriers, Southern R., way, seaboard Air Line prefer red Louisville and Nashville. Chi -eaab and Northwestern. the Rock Is- 1ar ' preferred issues and Texas and Pa fife, all closing a point or 50 his Ter. Express shares also were stI ig.
 II money opened at 5A per cent ca up to and thence to 4%, re- file ng the return flow of funds vii lrawn from this center by in- te institutions to meet year-end pay lents. Tho time money and -~-.coi! mercial paper markets were quiet with no change in rates.
 Total stock sales 1.00S,30 shares. Twenty industrials averaged s4.ss; net loss 15.
 High 1923. 1O5ss; low s5.76.
 Twenty railroads averaged S3.62; net gain 03
 High 1923, oo.51 low 795s.
 BANK OF ENGLAND
 LONDON. Jan. 3.-The weekly state ment of the Bank of England shows the following changes in pounds:
 Total reserve increased 661 900.
 Circulation decreased se2.ooo.
 Bullion increased 3S.62O.
 Other securities increased 27S93.0oo. Other deposits increased Ss.41sooo.
 Public debts decreased a,247.ooo.
 Notes reserve increased 656.000. Government securities increased 2.s5s,- The proportion of tAe banks reserve to liability this week is 12.4o per cent; last it was 14S2 per cent.
 Rate of discount. per cent.
 BANK OF TRANCE of the Bank of France shows the follow Silver in hand increased. 13s,oo Notes in circulation increased 1,2oS, Treasury deposits decreased s.e5s,ooo. Si'1s Gsnsrai dep9sts increased 9S6o95Sco Advances increased 15.6SO000.
 The state repaid 200, 900 francs to the bank
 LONDON MONEY
 n.Lcc LoNpoN Jan snBar ;7oI silver a41-1s fass per Gn:y pss per cent cent three month bills. 3ls @Sia.
 CALL MONEY
 Sisx NEW ,,YS Y1Rk nn. Jan; s.7Call Gal money closing RsF Sid ssnt low ofered Fa at 5; last loan, 4%:: call loans against ac- collateral 60 to 90 days, D. ' to months ,tHs 5@5H; prime commercial paper, A @5.
 FOREIGN EXCHANGE changes irregular; quotations in cents: Great Britain demand. 4.297s; cables 4;soi.; so-dsy bilIs on banks. 4.27ss.; Germany. .o0O0OooO002O and .0oooo0 DO oooo; Norway. 14.es; Sweden demand. 2S.4i: Denmark. 17.44; Switzerland, 17.21: Spain. oSG so5 fSeaS 5asosav: '0Gs Austria, .0o14: Rumania. 34H; Argentina 31.s7: Brazil, s75; Montreal ST 17-32.
 FOREIGN EXCHANGE
 NEW YORK. Jan. S.-The foreign sx- chanke market closed irregular. Sterling 4:2s%: up 1h; France. .o4ssh: lire, .o42sh Belgian. .o4Ss up, .ooo1. Marks, four trtilion to the dollar.
 OIL CITY REPORT
 OIL CITY, Pa, Jan. 3.-Credit balances, ss.oo. Runs. sss; average, 6o,s7s. ship
 FOREIGN MONEY
 .. NEW YORK. Jan. S.-Bar silver. s4&; Mexican dollars, 4s1i.
 ATLANTA RESERVE BANK Statement of resources and liabilities of the Federal Reserve Bank of Atlanta at the close of business January 2: 1s24: Resources-Gold coin and certificates in vault. $S;6s1,s15.5o; gold settlement fund. saS.SiS,Is7ss: gold with federal reserve agent, s94.636,s s7O.oo; gold redem pt :on fund. $5.0s4, ,643.24; total gold reserve. Aen-reserve cash. s4.97s27s.s1. Bills dis eeuHted Secured by government oblga-