The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-12-14
DIVIDEND PLANS
INFLUENCE BUYING

NEW YORK. Dec 13.-st0sk prices
moved upward with increased vigor
in today's market, the demand COW
ering q large list bit being most eff
fective in the steels, sugars, motors,
motor accessories and tobaccos. Buy
ing was influenced by another series
of high dividend announcements ana
favorable trade advices, including an
other sharp drop in crude oil produc-
ton, high crude prices in central
Texas and the increased inquiry for
steel products.
Rails failed to keep pace with the
industrials. although the North
western issues, which were sharply
depressed following the cut in the
Chicago and Northwestern dividend
made further recovery in the decla-
ration of the regular payments ny
, Northern Pacific and Great North
ern, the ormer closing l. points
higher and the latter gaining about
a point.
Reintroduction of the soldier bonus
measure in the House brought about
some profit taking in the late deal
ings, the net gains in the active is
sues ranging from small fractions TO
! nearly points.
Pacific Gas and Electric jumped
more than points to a new 1923 top
. price on the announcement that the
4 annual dividend rate had been IN
creased from Sc to SIS. New high
records also were established by
WHY'S Overland common and pre-
ferred, Corn Products, Phillip Morris.
Associated Oil and United States
Cast Iron Pipe, the last named clos
i ing at a net gain of 5% Omaha
dropped 2 points to 80, new low
on sale of 100 shares.
Buying of the oil shares was help
4 ed by the report of the American Pc
\ troleum institute showing turther
reduction of more than 10000 par
rels daily in crude oil production for
the week ending December g. Hols
ton Oil jumped "a and Sinclair anu
Pacific Oil liz each. Cerro de Pasco
led the upward movement in the
! copper shares with a gain of "a
points. -.
i ancy in the afternoon trading. CUBAN
Cane preferred jumping 314 points
American Beet and American tenn
ing, Cuban American, South Porto
= Rtcan Punta Allegro and Manatl TO
Z PA points. Accumulation oil the steet
shares was predicated on reports OF
4 heavy buying by the automoolle
manufacturers, Republic gaining a
point and the others improving frae-
! tionally. United States Alcohol was
heavily bought on rumoE OF an
: early resumption of dividends on the
common stock. Dawson ChemleaI
advanced Ia but some of the other
z chemicals displayed a reactlonarS
tone. 10, ,.,,+
! hut softened to Az before the close
I The time money market was quiet,
with most of the business on
! per cent basis. The comm 80 &c
paper rate was somewhat eastel Il
BRINE names being available at A
lamentations in the foreign ex
changes we're narrow and irregular.
! Demand sterling eased slis nifty 10
s4.S7A and FRENCH franz neiu
Total stock sales, 1,236,4oO shares
. Twenty indlstrials averaged s4-to'
net a, 91," 1928 .SS 1888; low. s5.76.
Twenty railroads averaged SS''V'
ne High is28. so.51; low, 1853.
FOREIGN EXCHANGES
NEW YORK, Dec. 13.-Foreign ex-
changes Irregular. Quotations in cents
Great Britain. demand. 4.S7as cables,
T Ts.s. demand, SSH; cables. 5;s2 Italy.
ss4s ass; 5e5gigm 4 c;SSSsofocoOoos9
s s1eden. a ss51? Denmark ifsO syitzsg
I lsnd. loooos5 czechoslovakia, 2.s5; Jugo-
slavia. liza; Austria; ;Ool4' H Fo Ian,
;sihii a sT 7l1s. SEW DfAN'' Wv W
: IONDON mONb1
: rsnce per ounce. Money. 1S per cent
: discount rates short bills. s-1S per cent
: three months bills. 81 per cent.
CALL MONEY ...
= NEW YORK, Dec. 1S.-CsH money
Z easer high. Az per cent: low ~ per cent nt
< III per cent; offered at ~ per cent
: last foam. Az per cent; call loans against
Z ace tances AZ per cent. Time loans
: firm: mixed collateral 5000 days SO
4 81 per cent 4-e months. 595A per cent;
: prime commercial paper. 4s4 as per cent.
n BANK OF ENGLAND
= LONDON Dec. 13.-The weekly state |
Z ment of the Bank of England shows the |
s following changes in pounds Total re- |
x serve decreased $4,000: circulation in
4 creased $4,000; bullion increased 146,oS0;
q other securities decreased $4,000; other
= deposits decreased 19737,00O public de- |
2 posts Increased 5000; notes reserve de-
8 creased 1000; government securities de-
= creased 19,126.000.
The proportion of the banks reserve to
y liza bility this week ia 1913 per cent; last
n week It was 1895 per cent.
" Rate of discount, per cent.
y STEEL MARKET
4 NEW YORK, Dec. 13.-Steel unchanged. !
-