The Birmingham age-herald., 1923-11-14
L0NI PRICED RAILS
 LEAD IN ACTIv|TY'S
Industrial List Holds Own On Exchange In Face Of
 Profit Taking
By WALTER B. BROWN Leased Wire to The Age-Herald)


 NEW YORK, Nov.- 13.--Low priced rails were the feature of the stock market again Tuesday, with con tinued stfength in the Erie issues, which spread to New Haven, St. Paul and similar securities.
 The industrial list held up fairly well, although there was some profit taking at the close At no time was there any indication of reaction from the strong position the market has maintained for the past two weeks
 An offering of $2o,oo0,000 Southern railway general mortgage 6s was very promptly taken, and the books were closed early in the day. South ern railway was the feature .of the stock market few days ago, evil dently in preparation for this offer ing, just as the offering of the f100, 100000 American Telephone and Telegraph issue was timed to follow the declaration of the increase in the Steel dividend. While 1t may be true that these demonstrations were made for the purpose of helping along these bond issues, 1t does not detract from the soundness of the situation in the least. The mere fact that these of ferings were 50 readily taken Is suf- ficient in itself to reveal the healthy underlying situation.
 O o O
 Decline Overdone.
 The decline in stocks had been overdone and the confidence of in- vestors somewhat impaired, so some one had to take the initiative to re- store that confidence. The moves that have been made have not been false moves. There has been no mis- representation, merely recognition of the fact that if this new financing was to be put over, 1t was time something was done to get the mar ket out of it's rut.
 A few days ago pointed out that this country was no longer so com for It's prosperity as it was in pre- war days. called attention to the fact that our present labor supply had about all it could do to meet our enlarged domestic requirements resulting from our higher standard of living.
 Industry's Bright Outlook. S
 Tuesday MT. Hoover issued a state ment declaring that even if there were a reduction in merchandise ex- ports. 1t would have no appreciable effect upon domestic production, or consumption during the coming win ter. The deficiency in housing and the shortage of materials in other lines would keep industry operating at capacity despite high wage levels and notwithstanding the European situation.
 Industry at present is in strong position, as MT. Hoover is quite well aware. There has been some anxiety expressed because buyers of com modities arc not placing future or ders, the assumption being that they are uncertain as to the future. The uncertainty Is because consumers have not yet come to a full realiza- tion Of the fact that they must pay higher prices for great many prod ucts and distributors are afraid of taking chances with top-heavy in ventories. But the more important fact is that consumption Is on a very heavy scale and that industry has to proceed at It's present pace to meet current demands.
 The time will come before long when buyers will appreciate the wis- dom of protecting themselves by placing their orders ahead When this point Is reached we shall find ourselves experiencing a secondary boom instead of secondary depres- sion. The point is. there are no re- serves of manufactured products in consumers hands. which Is a some~ what precarious position for the con sumers.