The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-10-01
Big PURCHASES
IN NDUSTRIALS
FIRM UP STOCKS
Chief Interest Centers In
Southwestern Rail
Issues

NEW YORK, Sept. 30.-Active buy
ing of the standard industrials impaired
firm tone to closing prices in today's
stock market after an early period of
considerable irregularity. Net gains as
a rule were small. Chief Speculative in
terest centered in the southwestern rails,
several Of which attained new peak
prices for the year on buying influ-
enced by high current earnings and
merger developments.
Higher call money rates brought
about some selling by professional trad
ers in the early dealings but it failed
TO bring out much long stock and was
eventually abandoned except in issues
in which unfavorable developments are
reported to be pending. Extensive gaso-
line price cuts along the Atlantic Sea-
board had a temporarily depressing in
fluence on the oil shares. Cosden sank
to a new low at 22ss but later rallied
to 23A for a small fractional gain on
the. day. Atlantic refining closed a
point lower, the other active issues in
the oil group showing only fractional
changes.
United States Steel common closed Is
point higher at 1881 on a small turn
over. Chairman Gary, in a statement
issued after the directors meeting at
the close of the market, said that the
operation OF the finishing mills were be-
tween So and 65 per cent of capacity and
that September bookings and shipments
were better than those of the preceding
month with further improvement ex-
pected in October.
Declaration of only the regular quar-
terly dividend Of IA per cent on Amerl-
can Can was followed by heavy selling
by bear traders, apparently on the the
ory that the failure of the directors to
authorize an extra payment would re-
suit in liquidation by tired holders OF
long stock. They succeeded in hammer
ing the stock down to 127h but 1t was
taken up as quick as it was offered
and the price soon rallied to 1874, cas-
ing slightly below that figure at the
close.
There were several points of strength
in the railroad group, new highs for the
year being established by the Missouri
Pacific and st. Louis, San Francisco
issues, as well as by the less active
stocks of some of the other carriers OPP
Grating in the southwest territory.
Heavy accumulation of Lehigh Valley,
which was credited to New York Cen
trail interests, carried that stock up
more than points to 6212, the highest
price since the segregation OF the coal
properties.
Large blocks OF North American
again changed hands around 30. Re-
vival of speculative interests in the mo
tors and motor accessories resulted IN
stewart Warner being lifted up nearly
points to 60h and net gain OF 1
point in Thinker Roller Bearing.
Copper stocks improved slightly on
reports of a better demand for the red
metal. Several strong spots again de-
veloped in the public utility group,
Consolidated Gas of Baltimore con-
tinuing its rapid climb to a new top
at ISL.
Call money renewed at 2la per cent
and held at that figure all day. Time
money and commercial paper rates held
firm with business quiet.
Foreign exchanges responded faVor-
able TO reports of progress in connec-
ton with the flotation of the German
loan. Demand sterling ruled about l4c
higher around $4.45A and French francs
were moderately active above BAG
Stock market averages: