The Birmingham age-herald., 1924-02-15
OIL SECURITIES
 IN BEAR RAIDS
Copper Shares Strength One Of Features Of Days Trading
 In Wall Street

NEW YORK, Feb. 14-stock prices dipped to lower ground in the early part of todays stock market as a re- suit of bear raids on the oil shares, but the widespread distribution of sup porting orders around noon started rally which continued through the late dealings and made closing quotations irregularly higher.
 Growing uneasiness over the Senate oil investigation was reported to have inspired much of the early selling, bear traders succeeding in uncovering a number of weakened marginal accounts and forcing Standard Oils of New Jer- sey and California, Sinclair and the Pan-American issues to new low levels for the year, the extreme losses rang ing from to 2h points.
 Strength of the copper shares was one of the features of the session, buy ing of these issues being predicated on the belief that Japan will be a big buyer of the red metal, which is now quoted at 13c a pound, up Ac, as re- suit of the recent increase in the for eign domestic demand. American smelt- CTS crossed 63 for a net gain of more than points, and Anaconda, Kenne- colt, Cerro De Pasco and Utah each closed a point or more above yester- days final quotations, the last named touching a new 1924 high at 67%.
 Report Brings Buying
 
 influenced by the weekly. report of the American Petroleum institute showing a reduction in both domestic crude oil production and imports for the week ending February g. Pacific Oil rallied from 51A to 52B, up 1A; Royal Dutch closed point higher at 561a and the early losses in the other issues were materially reduced.
 Steel shares held relatively steady, holders of these issues being encour- aged by the statement of E. H. Gary that Japan will be a heavy buyer of steel here this year. Further confirma- tion of the improvement in the indus try was furnished by the report of the Otis Steel company, one of the small producers. showing January production of 26,556 tons of finished products, the highest since May, 1920, and more than one-third above that of January, 1923.
 A run-in of the shorts in American Woolen sent that stock up to 74%, but slipped back to 7SN, up 2as on the day. New high records for the year were established by Fisher Boby, which touched 205; Otis Elevator, which cross- ed 159, and, Ccngoleum, which sold at 61A.
 Purchase Advances Stock
 Purchase of the International Great Northern stock by the New Orleans, Texas and Mexico road sent the price Of ,the former up points. Southern Railway made a quick response to the publication of the 1923 earnings report, showing $1O.11 a share earned on the common stock, but it was unable to maintain it's gain. dropping from 46as to 45B Seaboard Air Line issues were very active at substantial gains.
 Trading in the foreign exchanges was rather quiet. All rates sagged at the opening, but made irregular recovery later. Demand sterling held fairly steady around $4.30A and French francs just below 4.5O cents Belgian francs touched a new record low at 3.79is cents, but rallied about points later.
 Call money opened at AZ and then dropped to AZ. Time money and com mercial paper markets were quiet, with rates unchanged.
 Total stock sales, 9s2, 100 shares.
 Twenty industrials averaged 100. .45; net gain, .35.
 High. 1924. 1O1.24; low, s4ss.
 twenty railroads averaged s4.41; net gain, 10.
 High, 1924. s5.90; low, s2.74.