The Birmingham age-herald., 1923-11-15
LOW PRICED RAILS, SHOWS STRENGTH


 NEW YORK, Nov. 44-Stock prices closed slightly lower after an all day struggle between opposing spec ulative forces in today's stock mar ket. Special strength again devel- oped, however, in some of the low priced rails, particularly the Erie issues, and in number of industrial specialties,
 Extensive profit taking and short selling was in evidence in the in- dustrial list on the theory that the rapidity and extent of the recent ad- vance warranted a further reaction solely on technical grounds, but of- ferings were well absorbed, the reces sions in most of the standard indus trials being limited to fractions. Fresh buying power was compara- lively light despite special dividend payments by Eastman Kodak, Inger- soll-Rand, Vacuum Oil, Bucyrus com pany, Essex company, and United States Gypsum corporation.
 Heavy buying of the Erie Issues, which comprised more than one eighth of the days total transac- tions, gave rise to reports of com- petitive bidding for the stock in the open market, the New York Central, Lackawanna, and Van Sweringen in- terests being mentioned In this con nection, but these lacked verifica- tion. Some observers declared that the earnings alone justified an ap- preciation in the market value of the stocks. All three classes touched new highs, the common at 19ss, the first preferred at 29ss. and the sec ond preferred at 22s4, but the closing figures were % Q11s points below these figures.
 The weekly iron and steel trade re- views feature the growing activity in raw materials. Iron Age reported hof yNfcr oYlx af h furnished the real news, stating that inquiries are the largest in months, while actual buying by discerning consumers at $1 ton or more below last weeks prices is especially sig nificant after a s10 decline in seven months"
 United States Steel closed slightly higher at 94, but the independent steels showed slight recessions. Stu debaker also registered a slight gain, while Baldwin and American Can lost ground.
 One of the features of the indus trial list was the sharp rise in the Maxwell Motor issues, the A stock jumping points to 55, and the B climbing Az to 171s, each closing slightly below the top figures of the , day. Buying of these issues was based on reports of negotiations for the merger of the Maxwell and Stu debaker companies, but these were later denied by a Maxwell director. Congoleun., which has risen AS points in the few months it has been traded in on the "big board" broke points today, but recovered all but 2 before the close. American Woolen was sold freely on the announcement of the company's intention to float a s5,000,000 bond issue to pay for i'm provements, closing 1S4 lower on the day.
 Call money opened at "A per cent but advanced to in the late after noon. The time money market was quiet. with no change in rates. Out of-town banks are the principal takers of commercial paper, prime names moving at and 5A per cent.
 Foreign exchanges again lost ground. Demand sterling was ex- tremely weak, falling nearly 4 cents. to $4.33 7-16, a new low record for the year.
 French francs dropped 161k points to 5.391a cents, which approximates the low record for all time.
 Sharp recessions also took place in the Dutch and Norwegian currencies.
 Total stock sales, 4,200 shares.
 Twenty industrials averaged 90.41; net loss, .S1. High, 1923, 105.3S; low, S5.76.
 Twenty railroads averaged S3.67; net loss, .24. High, 1923, 90.51 low, 79.5S.