The Birmingham age-herald., 1923-05-15
STEEL AND MOTOR GAINS ARE MOST EFFECTIVE OF DAY

NEW YORK, May 14-Failure of the bear operators at the opening to- day to bring about any extensive forced liquidation as a result of Sat urday's sharp decline in stock prices brought about rather heavy short covering, which was partly concealed for time by the weakness of few special issues, particularly among the chemical shares. The hesitaney of traders in extending their com mitments wore off around noon, however, and prices rallied sharply, with the closing quotations around the highest of the day.
 The recovery was most effective in the steels, motors and equipments, but some unusually good buying was noted in the old line rails in the last half hour. Gains of l to 24a points were recovered by New York Cen tral, Union Pacific, Canadian Pacific, Reading, Chesapeake and Ohio, Bal timore and Ohio, Atchison, St Paul. Great Northern preferred, Katy preferred and New Orleans, IeNaS and Mexico.
 Another cut of 25 cents barrel in the price of Pennsylvania crude, the third within the last six weeks, and reports of cuts in other fields were without effect on the oil snares, which rallied with the rest of the list. California Petroleum jumped nearly points and gains of l to points were recorded by Cosden, Standard Oil of California, General Asphalt, PanAmerican A and B, sin clair Houston. Producers and Re liners, Royal Dutch and Phillips Pe- troleum.
 Baldwin and Studebaker, in each of which a large short interest is reported to have been built up, rose AZ and 3Ss points, respectively as bears bid against each other for the stocks. American Can jumped 64 points on sales exceeding bO'O00 shares. Some of the other outstand- ing spots in the industrial group were Bethlehem. Gulf states ana Re- public steels, Springfield, Corn Products. Bosch Magneto, American Woolen. Stewart-W Warner Speedome- ter. Stromberg Carhuretor, Mack Truck. Beechnut Packing. Associated Dry Goods. Willys-OVerland pre- ferred, Columbia Gas and Marine preferred, all up to nearly 4 ts points Woolworth jumped points and Dupont "A.
 New low records for the year were ma de during the session by Amert- can Agricultural and Virginia -Caro, lima chemicals, Allied Chemical ana Dye and American NIltiiiS preferred Heaviness of the chemleai shares was attributed to reports or poor current earnings.
 Call money held steady throughout the session at Az per cent, The tone in the time money market was somewhat easier, with brokers nio- ding per cent for all maturites and banke asking 5l4. A few loans and renewals were arranged al the higher rate. The bulk of the prime com mercial paper commands per cent. ~ ..,
 Foreign exchanges were firm With good buying reported in this center. Demand sterling opened a cent hlgn- CT at s462s4, but reacted to sf;oEss before the close. French francs nov cred between 6.63 and 6.65 cents. German marks continued reaction ary, dropping 1 point to .oozz12 cents. the weekly increase in the Reichsbank, note circulation pelne 1l7,lIS. 900. 900 marks, bringing the total circulation to nearly SIX anu ree-uuarters trillion marks
 Days total sales, 9l2.0O0 shares;
 Twenty industrials averaged Se,Sd net gain, 1.51. High 1923, lVo.Ssi
 Twenty railroads averaeed S2.E; net gain, 103. High 1923, 90.6S' low, S0,3T