The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-23
new Lows HIT
BY & STOCKS
Reactionary Movements
As Bears Uncover
Weak Spots

airy price movements again predimO-
mated in today's stock market as bear
4. traders uncovered weak spots in vari-
Gus sections of the list. Fifty-two
stocks established new low prices for
the year, including Studebaker at 81 ~,
Baldwin at 10S and American Wooden
at 62ss, but many of them maintaining
recoveries for their low prices of the
day.
Short covering operations which were
under way just before the close. par
ticularly in the steel shares, apparently
were inspired by the constructive in
terpretation placed by many traders ON
President Coolidge's address before the
members of the Associated Press and
the failure of short interests to bring
about heavy forced liquidation.
Marked strength of British and
French currencies. which touched new
high levels for the year. attracted con-
siderable interest in the financial COM
munity. Reopening of the European
markets after the prolonged Easter holt
days witnessed sharp rise in exchange
rates abroad, which was Immediately
reflected here. Demand sterling moved
up two cents to above $4.39, and
French francs scared more than 40
points to around GAc, japanese yen
broke below 40c to a new low and
Dutch suilders dropped about Is points,
other changes being of little import
ance.
Copper shares held relatively firm
throughout the session in further reflec-
ton of speculative belief that an in
creased foreign demand for the red metal
will materialize in the near future as
result of rapid progfes being made
toward settlement of the reparations
problem. Steel shares showed good
recuperative powers after an early pc
riod of heayiness.
Weakness of number of the oil
shares which resulted in Marland and
Standard Oil of California touching new
1924 lows was. attributed in some quar-
tiers to reports that efforts were being
made to bring about a downward re-
adjustment of crude prices in an effort
to discourage extensive drilling opera
lions now in progress.
Textile shares were freely sold on
reports of further curtailment of pro-
luction in some of the New England
mills. American Wooden was hammer
cred down to 62as, but it rallied later
to 63H, where it was off 2 points on
the day.
Some of the stocks which made good
recovery from recent heavines were Coca
Cola, Colorado Fuel and Iron, Cuban
American Sugar, Wilson and company
and Van Raalte preferred.
With the exception of Baltimore and
Ohio, which recorded another new low
for the year at 521S. most of the active
rails displayed firm tone. Gains of
a point or more were recorded by ca
madam Pacific, Nickle Plate and 500
preferred. -
Call moneG held at per cent all
day. time money rates were unchanged
with loans up to 30 days commanding
Az per cent, and lenders asking Az
for the longer maturities. The CONNER
eial paper market was fairly active
with prime names available at AZ per
cent, but the bulk of the business be-
ing transacted at Az.
Total stock sales. $4,000.
Twenty industrials averaged OOPS !:
previous day, 9o.45.
High. 1924. 101.21; low, 90.2S.
Twenty railroads averaged S1.56;
previous day, S1.41.
High, 1924, S6.32; low, S1.00.
80 LIVESTOCK
CHICAGO, April 22.-CattIe. 10 coo:
ing at $1,000 upward showing most de-
cline; strictly choice fed steers here !:
Top at at noon. $llso; best long warnings
ss425 q 1915; few yearlings above. $1,000;
Esyeral loads hay fed Montanas. $3.50
400 mostly 10 feeder dealers; tleshy we'll
bred about 1850 pound steers. 5000 on
fountry account; she stock and bulls
steady 10 weak: spots lower on latter
pound calves to killers. $500 700; light
er kind. $750@S.00 mostly! few choice
offerings to small killers at $1,000; stock
ers and feeders scarce about in line with
Mondays advance: bulk. s6.5O@S.OO.
Hogs, $4,000; uneven to loo lower
sql Desirable deS weighy butchers ;dasS
pound weight. $7.2oS7.45: good and
thoice $40 to $50 pound average largely.
ss,7OSs:so: killing pigs slow. Is to 25c
lower; bulk good and choice 100 to 1870
pound weight 1915 gees; estimated hold
Sheep. $1,000; fat lambs steady to CSC
lower; wooded kind showing most decline F.;
fat sheep mostly soc lower; spots more;
si5.75 @ 1926. top. S16.25; good weights
clipped lambs. $1975; choice handy weight
s11.0o; bulk desirable offerings 10000
1915; clipped ewes mostly. $4,000
KANSAS CITY. April 22.-cattle- s.
600; calves 1900; beef steers generally
steady to 10c higher; bulk fed steers,
higher; beef cows and heifers. S45O@s;
bulls. steady; bolognas mostly 34.25 %
and heavy s. @7.5O; stockers and feeders
bulk ss.5O@75o.' ~ So
Hogs-Receipts II. 900; very slow; most
ly 10c lower; bulk s6.SO@715: packing
sowH $500 7.6O stock pigs, mostly
steady; bulk. s5.5O96.
Sheep-ReceiptS 5000: lambs slow; 1G
TO use lower; fed vlippe dlam5s, 1875;
sheep mostly soc lower; Texas clipped
wethers. $3.50.
EAST ST. LOUIS. April 22.-Hogs: Re.
ceipts, 10000; butcher hog market most
" 15c lower; closed sales zoe lower; TOP
$3.50; bulk good and choice offerings 16C
pounds and up; $500 AS; last sales
dss!raS1s $50 I,, to $50 pounds ::7lSg55 40
packer sows. $3.50 $50.
Cattle: Receipts, 4, 500. beef steers and
light yearling steers and heifers steady
TO shade lower bulls slow; top steers
slo.ssO: bulk, :7.5OG9.S IS; light vealers
ysariings and heifer. ss.75Gs25, large.
~ mp S, CONS SGio SSs'% %S eannsrs s2s5@
Sheep: Receipts. 1000; lamb market
steady to Csc lower; offerings mostly small
lots medium TO good slipped lambs
$4,000 1925; fat sheep, soc to 800
lower; bulk fat wool ewes. $1O.0001O.5O
clipped, SS,oO,
HORSES AND MULES
EAST ST LOUIS Ill, April 22.-
Horses and mules steady; quotations un-
changed.
FOREIGN MONEY
LONDON. April 22.-Bar silver 80 u
pence per ounce. Money 2& per cent
Discount rates short bills. "a or Isle
per cent; three months bills. 3q3 LII
per cent