The Birmingham age-herald., 1923-02-01
NEW YORK SEES LATE RALLIES IN
 MOST ALL STOCKS

NEW YORK, Jan. S1-(By Asso- ciated Press)-The reactionary ten- dency of prices in today's stock mar ket. which reflected speculative dis appointment over the quarterly re- port of the United States Steel cor poration, was halted abruptly by tho announcement of the British cabinets acceptance of the American debt re- funding co mmission's terms. This an nouncement generally, regarded re- garded as one of the most construc- tive developments in recent weeks, brought about rallies in the stock bond anu foreign exchange markets. In the stock market a number of is- sues rallied l to points, but trading slackened perceptibly when call money was marked up from 41a te 9 per cent. Prices, however, held steady until just before the close. when a further break in Fisher Body to 1561 F. off 13A points from last nights close, and heavy selling of Chandler Motors. which broke 3 points, caused further unsettlement in the general list. Fail ure Of the debt announcement to bring about a great response undoubtedly influenced the resumption 10 bear pressure and realizing sales.
 Selling Pressure
 Early selling pressure against the steel shares carried United States Steel common down to 104 the lowest ' price this year. It closed at 104h, where It was off 1 1s on the day. -~ Failure of the Steel corporation to make better showing in the last quarter was ascribed by observers as due to the large sum charged off for depreciation and the fact that num- Der of subsidiary companies had been at work on low-priced business con tracted for in the early spring and summer. Republic Steel dropped 1 Is points, and Crucible and S1oss-Shef- field 1 each, but the others showed only fractional changes. Equipments also were heavy.
 s California Petroleum was active on overnight announcement that the common had been placed on a $7 divi- dend basis. The stock touched 7S5s but reacted later to TIA where it was up s4 on the day. Pacific Oil and Standard oil of California closed fractionally lower. More foreign selling of Royal Dutch carried it down to 42la, but recovered on que tations of crude rubber at 34c pound, as compared with 37c last week. Selling of Chandler and some of the other motors was in sympathy with the weakness of Durant Motors on the curb, which broke fl points. Maintenance of the S10 dividend on Studebaker was what Wall street ex- pected, the stock closing at 114A, last nights final figures. Fisher Body rallied to 160.
 Most of the rails turned with the industrials, but losses were generally limited to fractions.
 Exchange Recovers
 Foreign exchanges recovered sharp ly on the debt news. Demand ster- ling opened at $4.64A, dropped to $4.63Ss and rallied to $4. 65 3-16 French francs sold as low as 5.77c or only points above their extreme low of November. 1920, and then jumped te. 5.97e. German marks sold as low as .0020c and then rallied to .O026c.
 The time money market was quiet, a few short-term loans being arr ranged at 4R and the longer maturi- ties at 4. Commercial paper held steady with the bulk of prime names commanding E per cent.
 Days total sales. 743,000 shares.
 Twenty industrials averaged 743; net loss, 32. High 1922, 1O3. 43; low, 7S59.
 Twenty railroads averaged S6 26; net loss, .32. High 1922, 93 .99; low, 7S.43.