The Birmingham age-herald., 1923-10-30
l. RALLY FOLLOWS
 DEMAND IN RAILS

NEW YORK, Oct. 29.--Stock prices
 started for higher ground late to-
 day after an early period of heavi-
 ness, which was generally attrib- {, uted to selling based on speculative disappointment over Frances refusal
 to consider a reduction in her repa1 .5 5sfsation claims against Germany. Short [ scoSering operations inspired by a ssbullish demonstration in Dupont and { good investment demand for some ] of the rails were largely responsible
 for the rally.
 F When the market opened there
 was a fair sized accumulation of Z Week-end selling orders, the execu- s.tion of which gave the market a 1. and American Can were rather sharply depressed but the other
 pivotal stocks held relatively firm. gfTrading was quiet on the decline but gfNround the noon hour covering movement set in and was accelerated E by the receipt of cables indicating sa more cheerful interpretation 2 abroad of the latest developments in gAthe reparation situation. Prices iamade a good response to this buy , ing with special strength displayed sshy the shipping shares, chain store sr and merchandising issues and few sAselected rails.
 'hls Brokers loans on stock collateral E, were estimated today at $1,325, ,000,- |. poo a drop of $50, 100000 in the last E month and 5000, 900 below the high mark reached last February.
 The first 35 railroads to report 5 5stneir September earnings show a z tcombined net operating income of 51.295.000 as against S55,9S6,0O0 in &4August and $27,426,000 in September saof last year. The figures of some sfbf the eastern carriers, which were <. &ffected By the two weeks shut sEdown in the hard coal fields last sAmonth, are included in this total. Northwestern carriers made further yFYecovery from recent heaviness to- Etday on publication of the Great North iegand Northern Pacific statements, which showed a substantial increase
 month before and the corresponding
 month a year ago.
 s Strength of the merchandising and ssmail order issues was predicated on streports of large current earnings, < Woolworth touching another new shl923 top at 2S4 but slipping to st2S2h later on profit-taking. Buying ssof Dupont, which advanced SH points, apparently was based on s.speculative expectation of an early sincrease in the dividend rate and s-the benefits likely to be derived by : the sale of a large block of its Gen Z eral Motors stocks to the newly or s ganized Managers Securities corpo-
 
 Marine preferred was again heavi- 2 ly bought on the belief that the
 hippilg industry had turned the corner" the stock closing 3as points higher. Acquisition of Producers < and Refiners by Prairie Oil and Gas resulted in a 7-point jump in Pro { ducers and Refiners preferred but the common stock lost ground. z Foreign exchange turned heavy on s the announcement of the French at t .titude on reparations. Demand r sterling dropped more than a cent .sto s4.4S3s, French francs were off
 about ' points at 5.S5 cents and Bel ' giaa francs were down 71z points ', to 5.04 cents.
 s, Call money opened at 41z per cent , and then advanced to 5. The time 2 money market was dull, few loans K on mixed collateral being made at 5 s per cent for maturities up to four ' months. The ruling rate for prime
 commercial paper continues at 5A per cent.
 .as Total stock sales, 6t2,1O0 shares. .ss Twenty industrials averaged S6.20, High, 1923. 1o5.3S; low, S5.76. .s, twenty railroads averaged. SO.52, 'ssneus sain.-.2i.t
 eE High, 1923, 90.51; low. 79.53.