The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-10
DAWES REPORT
Is MARKET DUD'
Fails To Prove To BE
Bombshell Observers
Had Predicted

market factor today the much heralded
Dawes report proved to be "dud''
instead of the bombshell that many OBJ
servers had predicted, prices slipping
throughout the entire list in one of the
dullest full day sessions this year.
Chief speculative interest centered
!. in Woolworth, which broke 3S1a points
to 301A, following the publication of
q disqualification plan which involves
the splitting up of the present stock
on 4 to / basis by reducing the par
value from 800 to $25 and the declara-
tion of a dividend of So on the new
. stock. This is equivalent to $12 on
the old as against the present dividend
of So. With net earnings running over
$31 a share last year many holders of
the stock evidently counted on larger
dividend distribution and disposed of
their holdings when the directors ac-
ton became known.
Led by American Can, which was
hammered down more than 2 points, to
1904, another flock of new 1924 lows
was created during the day. They in
cluded American Sugars Refining at
47H Gulf States Steel at 695s, Stude-
at 1914 and Crucible Steel, Willis-Over-
Lead and Jordan Motors. Baldwin
duplicated its previous low at 114%.
United States Steel common sank
none than a point to 79h, or within
half a point of the years low. Selling
of this and other steel shares was con-
Quoted despite the assertion of Chair
man Topping at the annual Republic
Iron and Steel stockholders' meeting
that a recession in activity was nat
ural after the heavy buying of the first
quarter but that current earnings were
.ssatisfactory." The quarterly report
Of the Sloss- Sheffield company, which
showed net earnings of 1898 on the
common also was regarded as favor
able in view Of the supposed depression
In the pig iron industry during that
period.
Indications that the bearish action
II still In temporary control of the
market was evidenced by the success
full manner in which standard indus
trials were depressed In the last hour.
While commission houses again re-
ported that public interest was at low
ebb the number of so-called amateur
shorts" was said to be increasing.
Rails and oils held relatively steady
until late in the season when they
showed a tendency to decline with the
rest Of the list. AS a rule, however,
recessions In the active issues were
held to a point or less. Among the
relatively few issues to show independ-
emit strength were the Burns Brothers
coal shares and American Water
works common.
Call money opened at ~ per cent
and then eased to Az where 1t closed
There was little activity in the time
money and commercial paper markets,
the ruling rates being AZ per cent.
The reaction Of the foreign exchanges
TO the Dawes report was favorable.
French francs jumped nearly 20 points,
b 604 cents, or within few points
e& the years high, and similar gains
were recorded by Belgian and Swiss
francs. Demand sterling moved up
about half a cent, to around ABA.
Total stocks sales $4,000.
Twenty industrials averaged $3.50 !;
net loss, SO.
High 1924, 1924; low, $3.50.
Twenty railroads averaged. S4.65 !:
net loss, SO.
High 1924, 1852; low, 1914.
FOREIGN EXCHANGES
NEW YORK. April s.-Foreign ex-
changes firm. Quotations in cents: Great
Britain demand. $4.33%; cables. $43SSs
sS-day bills on banks, sI.s1H! France dc;
6per trillion). 81. Holland. s7.s5. Nor
y Tag 1s s,1;;., swsned 2s.45 Denmark
Greece. LIS. Poland. .oOoo12: Czechoslo-
ss5O. . Brazil. 11.1o. Toxic, q. Mon.
.gt&5 CALL MONEY
easier. naw h ToRT e. 4 i1T Tnl,nE Ta:s
az: closing bid. Az; offered at ~; last
loan. Az; call loans against acceptances
sc.so 9sva loHas L steaSy m,Ted eolafsra
prime commercial paper. Al OAK.
@% LONDON MONEY
LONDON. April s;Esar silver. 50 lis
discount rates. short bills 2N@ per
cent; three months bills sM @Ss-1s per
cent.
FOREIGN MONEY
NEW YORK, April 9.-Bar silver, 6SMo:
Mexican dollars. 4SAc.
steel. MARKET
NEW YORK, April Steel prices f. O.
b., Pittsburg, per 100 pounds: Blue anneai-
ed Sheets $2.S5@S.00; galvanized Sheets
1925; black sheets, $s.76Q3.s5; steel bars.
NAVAL STORES
SAVANNAH. Ga, April s.-Turpentine
firm. e3& @94Ac: sales. 26s: receipts, 1872;
shipments, 10S; stock. 4,s27 Rosin firm
receipts, 449; sales. Is: stock. 53.415.
Quote: B. $4.40@4.6o; d, $3.50; q. $3.50:
F. g, $<.6o@4.65; H. $4.6O@47O: I. $3.50
CATS: M. $3.50; VIC, $3.50: WWX, $685..
RAW SILK
NEW YORK. April 9.-Raw silk steady.
Prices, per pound: Kansai double extra
cracks, S6.bo@6.56; Kansai best No /,
ee.z6 @6.S0i Shinshu No. 1, $6.15Q620;
Canton extras. 14-16, $40 @5.50; ShanK-
hat-China steam fill, gold double deer,
$e.s6@Z16.
METAL MARKET
NEW YORK. April Cooper easy;
eleotrolytic. spot and futures, 13M @13hc.
Tin easy spot. $1,000; futures. $50. So Iron
easy. No. northern, $22.00923.0O No. 2
northern. $21.00922.0O; No. 2 southern.
S22bo @23.o0. Lead easy; spot $3.50. Zine
easy; East st. Louis, spot and futures
$500 6.2b. Anthony, spot. $1,000.
Money