The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-09
GENERAL LEVEL OF
PRICES HIGHER AT
CLOSE OF SESSION

NEW YORK, Nay Solicitations
that the stock market mad been over
sold by professional spectators for
the decline were seen today in the
quick recovery from recent weak
ness of several popular industrial
stocks. Buying of these issues by
so-called inside interests in the
early dealings resulted in extensive
short covering which carried num-
Der of the leaders l to points above
yesterdays closing. Bear traders
made another last hour attempt to
unsettle the list by throwing over
board a large volume of domestic oil
shares, using the cut in Louisiana
crude oil and the relatively poor
1922 income statement of the Pacific
Oil company as excuses for selling
pressure. Early gains were reduced
in many instances but the general
level of prices was higher than the
previous close.
Equipments led the initial rally.
American Locomotive was pushed up
nearly points to 1872, slipping back
2as higher at 127 is after having
touched 12S. Pullman was up at
121 and General Electric up at lI6.
The short interest in these shares
was reported to be unusually large.
Rubber and tire shares also moved
upW dl u III TIE ldCt VI dipiIcA SAl III
crude rubber which carried it TO the
lowest price of the year, United
States Rubber, Kelly-Springfiel and
Goodr. 1 each closing about point
higher.
Strength of rail shares was ac-
companied by reports of several vol
untary consultations being an,
nounced in the next few months and
increased foreign demand for these
securities. Gains of l to points
were recorded by New York Central
Atlantic Coast Line, Canadian Pacific.
Great Northern preferred, Delaware
and Hudson, Frisco, st. Louis and
Southwestern preferred, Reading,
New Haven and Louisville and Nash
willie.
Among the active industrials which
closed to points above yesterday
Wooden, DUPONT, Eastman Kodak,
Beechnut Packing, Associated Dry
goods, Bosch Magnetic, Kelsey Wheel,
Nash Motors, United Drug, Crucible
steel and Cuba cane Sugar preferred.
Stewart Warner opened more than
a point higher than broke points
to 1914, or within y point of the
years low, and As points below the
years high, and finally snapped back
to S41 up 3 to On the day. The re-
cent action of this issue was de-
cribed as a bear raid in an official
statement of the company. Union
Bag also was conspiCiously weak,
dropping 6 points. Virginia Caro-
lima Chemical issues were heavy in
the final dealings. one block of
10000 shares OF Cosden changed
hands at 46Sa.
Call money opened at 424 per cent
and dripped to 4l2c in the early
afternoon, closing at that figure.
Trading in the time money market
with occasional loans arranged for
the shorter NATURES. There was
good demand for commercial paper,
prime names being used at ) and X
per cent.
for the year at 4.6l, off q cent.
French francs improved slightly to
66S cents. NNorweign exchanges
fell - points to 16.7sc, also new
low. in further reflection of the
financial troubles of that country.
Changes in other cIrriencies were
narrow and irregular,
Financial:
bays total sales $4,000 shares.
Twenty industrials averaged 96.o4,
net gain lis. High 1929, 1888;
low 95,il. Twenty railroads averaged
Si.55; net gain liz. High 1928,
$3.50; low S0.31.
MONEY MARKET
NEW YORK, May s.-csll money firm:
ins bid a. offered at ~ last loan,
AZ. Call loans against acceptances ~ =
days. 5i4. 40 months, ga n n. Prime
commercial paper, 5q5A.
LONDON MONEY
LONDON, May Bar silver S21sd per
rates. short bills. !. a :, per cent Three
months bills. / 15-16G2 per cent.
METAL MARKET
NEW YORK, May Stopper steady
electrolytc, spot and futures; 16l 1861.
Tin easier spot and nearby, 43. SO d43. 7bc:
futures; 43.75a43 81. Iron steady; prices
unchanged. Lead steady: spot. Z SOC. Zine
easy; East St Louis, spot and nearby de
livery. 7.o5Q7. loe. Anthony spot. 7.75c.
CHICAGO STOCKS.
CHICAGO. May s.-Armour of Delaware.
90; Armour preferred ssh; Cqmmon-
Middlewest Utilities, As; Standard Gas II;
Swift g. Co, lo3% Swift International l..
Works 0saa w sEGos ~ Western n Knltns
~; Yellow Manufacturing b, 269; Yellow
Taxi. 9ola.
FOREIGN SILVER
NEW YORK, May s.-Foreign bar silver,
e7Sc. Mexican dollars, 5lSc.
FOREIGN EXCHANGES
NEW YORK. May s-Foreign exchanges
demand 4sli., cables 81 a, sO-day bills
on banks 4.5ais. France demand s.63 Y
cables SIS. Italy, 4.s4 and 4.S4t2. Bel
GUM 5.72 and 5.72la. Germany. .Oo27 Il
and .oos7%,- Holland. los and 80. II.
Norway. 1912. Sweden, $3.50. Denmark
IS Go. Switzerland, IS. Spain, 10 20. Po-
land .002o. Greece, / As. Czecho -Sovakia,
2.s5. Argentine. S6.4o. Brazil, 10. 65.
Montreal 9S lis.
RAW SILK
NEW YORK. May s.-Raw silk un-
changed.
COFFEE MARKET
NEW YORK, May S.-After opening 4
points lower to points higher, the mar
ket for coffee futures sold up few points
fairly steady early cables from Brazil.
and was prompted by the better tone of
stocks, July sold at 945c and December
at s Ole, but there realizing at these
figures. and prices weakened owing to
easier later cables from Rio. July reacted
TO 9.92c and December to 7.N The
close was little up from the lowest but
showed net decline of to % points Sa q
were estimated at about $4,000 bags Clos
ing quotations: May q 65c. July 3 35c Sep
TENDER S.35c, December 1850. March
7.91c.
Spot coffee reported in fair de-
mand with Rio Is quoted at 117sc and