The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-10
SHORT COVERINGS
PROVIDE IMPETUS
TO UPWARD MOVE

NEW YORK, May Stock prices.
which had been hammered incessant-
~ by bear traders during the last 10
days, made quick and impressive
recovery in today's market. confirm
ing the general impression that the
market had been oversoTd. While
the rebound was undoubtedly due to
technical conditions within the mar
ket. Secretary Hoover's speech, pre-
dieting continued prosperity, and an
other new high record of car loadinss
for this season of the year had a
cheerful effect on sentiment
Short covering operations, incurred
by the relatively small floating sup
ply of stock available for loanins
purposes. provided the impetus for
the advance. but there We're further
indications of buying by strong in
terests and an increasing public de-
mand for the standard issues. al
though this outside participation is
not yet heavy enough to materially
influence the price movement.
Marked weakness Of demand ster-
. ling, which fell below $3.50 for the
first time this year, brought about
sympathetic declines in the other
principal foreign exchange rates and
in the prices of foreign bonds but it
was without effect in the other Sc
curities and commodity markets.
Equipments again led the rally,
American locomotive touching 1889.
or within point of the years high.
and closing at 13SA, up ~ on the
, day, and 121a points above Mondays
slow. Baldwin crossed $50 for net
gain of S1s American Car advanced
81: New York Aid Brake "a, and
Lima Locomotive 21a points.
h., Punta Allegro Sugar advanced IA
points and the others fractionally on
higher prices for the raw and refined
products, which were based on pub
!; LEGATION of reports of eight mEre Gu
ban Centrals showing actual produc
! ton less than earlier estimates. De-
NAL of the governments application
/ for temporary restraining order
AGAINST the New York Coffee and Su
gar exchange was not made known
until after the market had closed.
Some of the outstanding strong
spots in the industrial list We're
prior prefe/ed, Railway Steel Spring.
Chicago Pneumatic Tool. Kelsey
Wheel. Stewart-Warner Speedome-
ter and Stromburg Carburetor. all up
to points.
Rail shares were heavily bought,
Pittsburg and West Virginia climb
Ing Q points to Az, a new high for
the year, on buying attributed to soft
coal mining interests. Canadian Pa
cific, Baltimore and Ohio, Reading.
New Orleans. Texas and Mexico, and
Union Pacific all advanced IA to
nearly points.
Heavy offerings of bills here We're
responsible for the cent drop in the
stetlng rate. French francs dropped
4 points to below $50 cents. and sim
liar declines took place in the Italian
and Belgian rates. Norwegian ex-
change dropped 90 points to 1858, an
other new low, in further reelection
of financial troubles in that country.
South American rates were noticeably
heavy.
Call money opened at AZ per cent,
but eased off to AZ per cent during
the noon hour. closing at that figure.
Trading in the time money market
was quiet, with loans arranged at 81
per cent for the shorter maturities.
The commercial paper rates were un-
changed, prime names still command
ing 3 and "a per cent.
Days total sales, 969,500 shares
Twenty industrials averaged 9S.19
net gain, Los. High, 1923, 106.3S: low,
95.41.
Twenty railroads averaged S2.31;
net gain, .76. High, 1923, 1858; low,
S0.37.