The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-12-12
WEAKNESS NOTED
In OTHER RAILS

NEW YORK, Dec. 11.-Sharp breaks
or more than 10 points each in Chi
cago and North Western and Omaha,
following the announcement of re-
auction of from to 3 per cent in the
uiNloend rate on the former and the
passing of the dividend on the latter,
we're the outstanding features of to-
Jay irregular stock market Other
northwestern rails yielded in sym
= pathy and their weakness caused
some unsettlement among industrials,
put strong buying support was forth
coming and recessions as a rule were
small.
opening prices were irregular, re-
sumption of pool operations among
industrial specialties being counter
acted by renewal of bear selling and
profit taking in some. Announcement
or the formation of new tobacco
by the Schultz interest brought about
heavy selling of tobacco issues,
points to 107 and Tobacco Products
cracking nearly 31s points to p.
, Both made partial recovery later
Meanwhile, heavy buying of Amer
lean Can which crossed 105 in spe-
culative expectation of an extra divid-
end disbursement early next year and
ccumulation of the sugar and motor
shares steadied the list and turned
the course of prices upward again
sbefore noon. Chandler jumped nearly
" VI pOiHlS, 6SntIdl NIOlOIS III
proved fractionally on a turnover of
more than $4,000 shares and DUPONT
got as high as 1913 7s, falling back
s1aster to 132A, where it was up two
points on the day.
80 Some good buying also took place
in the motor accessory group, Fisher
Body Gaining two points. Fractional
Improvement was registered by
american Bosch Magnetic, Spicer
Manufacturing and Hayes Wheel, re-
e -.A., Il. ,O1 1,O
ing based on reports that the year S
~earnings will approximate $40 share
and that the dividend rate will
shortly be increased from SO to 81.
A brisk demand was again noted
Tor General Electric which touched
!. 2o2 and then fell back to 1895
where it was up > e on the day; corn
products up Is at 13y IS after hav-
.sing sold at 14l$t; National Enamel
ing up 2ss at AYE and for Sloss- Shelf
S1feld, California, Petroleum, the Com
mercial Solvents issues, Loose-Wiles
Biscuit Otis elevator and Allis Cham
fers all up a point or more
Mixed fractional changes took place
IN the socalled pivoted shares United
Estates Steel Common, Baldwin. Amer
lean Can and Studebaker.
y Chicago and Northwestern dropped
5.om 60h to 4S% closing at 4914.
Omaha dropped to So as against last
.sligilt's close of as. Losses of more
by northern Pacific, Union Pacific
and Great Northern Preferred with
sinaller recessions in the st. Paul and
Rock Island issues
Call money held at per cent all
day. The bulk of the time money and
commercial paper business was done
on a per cent basis also.
Strength of Sterling was the fea-
lure of the foreign exchange market,
buyers who had been expecting weak :
ness as result of the defeat of
Premier Baldwins protectionist po-
Icy, finding it difficult to obtain bills
expect at higher rates. Demand bills
advanced about ~ cents to $4.3S%
Mos. of the other principal European
rates improved moderately, French
Frances being quoted around 5.9Sc.
Total stock sales, 1,092,400 shares.
Twenty industrials averaged $3.50
net loss ii.
High, 1928. 1888, low S5.76.
Twenty railroads averaged S3.62 net
loss Sc.
High, 1928: sO.51, low 1858.