The Birmingham age-herald., 1923-03-01
MDUSTRIALS ARE AT HIGHEST LEVEL SINCE SPRING, 1920


 todays stock market, bidding up prices in all sections of the list. Heavy pool operations were aided by an enlarged public demand in cer tain issues in which favorable divi- dend developments are reported pending. Industrial averages were at the highest levels since the spring of 1920.
 Sales of copper and zinc at 16s. and 7$4 cents a pound, respectively, the highest prices since 1920: an nouncement by the American Woolen company that it's entire mill capacity had been disposed of, and the en- coUraging nature of the weekly steel and iron trade reviews, all contrib uted to the more optimistic senti- ment of professional traders. The Higher local federal reserve redis- count rate which had had temporarily depressing effect on prices, appears to have been nullified by lower call money rates and the plethora of funds available for stock market and business purposes. Nearly all the copper shares sold at new high levels, Utah jumping 315 points toI
  with unconfirmed reports of a mer ser of the Utah and kennecott com panies, the stock of the latter creat- ing a new top at 44& net gain of 1i2 points. Anaconda moved be- tween 51 and 5112. but Butte and Superior was pushed up 1$4 points to 36l2, and Chile, selling ex-divi- Gend, sold slightly below 30. Carro DePasco, Ray and Magma Coppers fir
 Steel Mills Active.
 Reports that steel mills were oper- ating at nearly 90 per cent of ca pacty and that the average advance in prices this month has been s2.S5 ton brought in fresh buying pow CT. U. S. Steel company gaining 7s;1 Bethlehem B F and Republic 1A.
 American Can jumped to 104, net top, while American Woolen climbe ed to 106s4 on reports of greatly in- creased earnings. Can later dropped to 102I but Woolen closed only slightly below the days best price. Short coverings accelerated the rise in Baldwin, which touched 1SSss and then fell back to 13S1s. where 1t was up 2b points.
 The advance in the domestic oils was led by California Petroleum which sold as high as S993s asl against yesterdays low of S4, the days net being nearly four points. ,"he Pan American issues also made good recovery from yesterdays weak ness. Rail Shares Quiet. Railroad shares moved within com paratively narrow limits. St. Paul common which moved up Is points, on publicat tion of the January report showed net income of s1,S25,000 as against a deficit of nearly $500. 900 in Janudry. 1921, was one of the fea- lures. Call money held at per cent Time loans of two and four months maturities were mada at 5l4 per cent with renewals arranged at the same figure. The ruling rate on prime com mercial paper is per cent withi few exceptional names commanding 4aa. Trading in the foreign exchange market was quiet with the ruling rates slightly below those of yester- day. Demand sterling sold around s4.70as and French francs around 6.1l cents. Day total sales 1.o56.0o0 shares. Twenty industrials averaged 1o3.9o; net gain Ill. High. 1923, 1os.so; low ss.96. Twenty railroads averaged 3956; | net gain .o3. High, 1923. 9o.43; low s4.53
 RAW SILK
 NEW YORK, Feb. 2s.-Raw silk firm; cracks. 3. .O5 @s.i5; Kansai best No. I. ss:so Shinshu No. 1. ss 7o@s. Canton extra | 14-16. sS. 204S.30; Shanghai China | steam filler, gold double deer. $9 10 99. 45.
 METAL MARKET
 NEW YORK, Feb. 2S.--Copper firm; electrolytic spot and futures, 1894 @16Ac. | Tin strong; spot and nearby: 46 75 g47c; futures 4662 @47.12c Iron firmer; No 2 | northern, 2s@29 Lead steady; spot. s.1o | Qs.35. Zinc quiet: East St. Louis spot | and nearby delivery, 7.65@7.75c. Anti | mony spot. 7.S7 soc.
 COFFEE MARKET NEW YORK, Feb. 2s.-Coffee futures | were lower today under scattering liquida- | tion. After opening 10 to 24 points lower | , prices rallied few points. but eased off | again, and closing prices were the low. est of the day. showing net declines of 34 to 33 points. Estimated sales. 10000 | bags. Closing: March II s2c. May 10.s7c, | July 0.25c, September 9.4Sc, December 9.l5c. Spot coffee dull Rio Is. 12Hc: Santos 4s, | 1511 G 16c. Cost and freight offers includ- ed Santos 3s and 5s at 14 5o914. soc. Rio l 7s at 11.96@12.1oc. and Victoria Is and Ss at II .75@12c. The official cables reported no change in | the dollar buying rate, with decline of 13-S2c in the rate of Rio exchange on | reis higher and Santos was unchanged Brazilian port receipts. 42,ooo; Jundiahy receipts, 21.o00.