The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-01-19
BEAR INTERESTS
WEAKEN AS BULLS
ADVANCE PRICES


by their inability to, bring out more
stocks in their recent drive, bear in
tereets virtually abandoned their OPP
crations on the short side in today's
stock market and bulls had little diff
ficulty in bidding up prices. Net adj
vances of 1 to 2 points were quite
common at the close, with number
of specialties recording substantially
higher gains.
Bullish interests were encouraged
by the less bellicose nature of the
foreign news dispatches and the con-
tinued Improvement in domestic con-
ditions as reflected in increased car
1oadings, particularly of general mer
chandise; higher crude oil prices; re-
sumption of dividends by Republic
Steel preferred and the high rate of
production and stiffening price ten
dency in the steel industry; the good
showing being made by Industrial
statements and the continuance of
low money rates.
Exchange Weak
Foreign exchanges were inclined to
weakness but largely for individual
reasons. Demand sterling closed
around last nights final quotation,
$4.65, early weakness being attributed
to the failure of the British debt mis-
sion to reach an agreement with
> United States government represent
tatives
The weakness in francs reflects the
doubt of the financial community as
to Frances ability to collect her
reparations payments by force, while
the further slump of German marks
to .0042 cents each mirrors the SEEM
Z ing hoplessness of stabiliZing the
German units of currency Closing ex-
change rates were at or near the
high levels of the day, marks rallying
to .0047 cents.
One of the features of the stock
market was the heavy trading in
Anaconda, which was depressed near
ly 8 points to 45h and then snapped
back to 48, recovering all it's loss.
Selling apparently was based on
the speculative belief that the heavily
fixed charges involved in the recent
s150,000,000 financing program for
the acquisition of the majority stock
of Chile, would materially defer its
return to dividend basis The days
sales aggregate approximately 10000
shares.
Republic Steel ak
Republic Steel ( issues made a
good response to the unexpected re-
sumption of dividends on preferred
stock, the common gaining l 70 points
and the preferred "a. Other steels
advanced in sympathy u. S. Steel
common rising nearly a point to
1.O67s, Bethlehem rising 1as, Cru
chile rs, Replogle IA, Shelf
field 21a and Gulf States Steel rs.
Heavy short covering accelerated
the advance in. Baldwin, which closed
2% higher at 1874, as against yester-
days low of 1874. Studebaker reg
istered a net gain of points, closing
at 115N. Some of the other well
known industrial issues to advance 2
points or more were United Retail
Stores, Continental Can, Fisher Body,
American Tobacco B, General Cigar,
Reynolds Spring, United Fruit, Corn
Products and Ohio Fuel, the last
named gaining 51a points.
Oil shares Respond
Most of the oil shares made fav-
orable response to another increase
in Pennsylvania crude prices, bat ex-
cept in the case of Cosden, which adj
vanced l H. and Oklahoma Producers
and Refiners up u, the volume of
business was comparatively light.
Motors were active at higher prices,
Hudson, Hupp and Chandler gaining
at least point. Rail shares again
Jagged behind but Canadian Pacific,
Lackawanna, Lehieh Valley, South
ern common and preferred, Pere Mar
quette common and preferred and St.
Louis Southwestern gained to 2
points.
Call money held at per cent
throughout the day. Time money was
only moderately active. with an easy
tone. some loans again being ar
ranged at "A and Az per cent for
60 and 90 days. Bankers offer plenty
of funds at Az per cent for the
longer maturities.
Days total sales. $4,000 shares.
Twenty industrials averaged $500;
net gain, 1.04. High 1929, 1o3.43;
low, 1859.
Twenty railroads averaged s4s0;
net gain. 81. High 1922, 1898; low,
73.43.