The Birmingham age-herald., 1923-03-02
SUGARCOPPERAND M o I o R GROUPS SENT TO RECORDS

SENT TO RECORDS
 NEW YORK, March 1.-Heavy profit taking failed to halt oper- ations in today's stock market, bulls finding little difficulty in selecting new leaders when the industrial fa- vorites began to falter. Several new high records were made in the sugar. copper and moNr accessory groups and by American Woolen at 1o7a, American Can at 1o4h, U. S. RealA at 103 and California Petroleum at 96h, the last mentioned up 7ls points.
 Several commission houses sound ed a note of warning during the day. It was pointed out by one large house that approximately 75 per cent of brokers loans now estimated in excess of S2,000,000,00o, reported funds Of interior banks, which were beginning to withdraw In order to meet the increased demands for com mercial credit at home. This was construed as an indication of higher call money rates, which would likely
 
 O O o Trading still Professional.
 While tNere were reports of ex- banded pubic buying, the large bulk of the trading still was professional, Wall Street pools being particularly active. The chief items of trade news were the establishment of new high price of 17 cents a pound for copper; the doubling of the Utah Copper dividend, placing it on a s4 annual basis; and sales of Cuban raw est price since 1920. After the mar ket closed. the American Smelting and Refining company raised lead from S.10 to S.15 cents.
 The usual market leaders moved within comparatively narrow range. U. s. Steel closing ss lower at lo7. Baldwin 1s higher at 1884 and studebaker B higher at 12o%.
 American Smelling jumped 3A points to 68k. Utah yielded frac- tionally In response to the tradition al selling on the good news" Ana conda. Chino and U. S. Smelting closed at least point higher and the others fractionally.
 Gains of 114 to Sh points were scored by Bosch Magneto, Stewart Warner Speedometer and StromberR Carbrretor. Other individual strong spotY were American Express, Loril- lard Tobacco and Tidewater oil, all up to 5 l1 points.
 Rails Reactionary.
 Railroad shares were slightly re- actionary, despite the publication of more favorable January earnings statements. Southern Pacific dropped more than a point, but most of the other active issues showed only frac- tional changes.
 Call money opened at 5 per cent, dropped to A within an hour and then advanced again to 5. Time money continued firm, with loans made at 5ls per cent. for the longer maturities. The ruling rate on prime commercial paper is per cent with a few exceptions names commanding IA. Only a limited amount of new paper is coming in.
 Trading in the foreign exchange market was quiet and irregularv de- mand sterling selling around $4.70h and French francs just below 6.1o cents.
 Days total sales 1.2s6,oo shares.
 Twenty industrials averaged i04.23; net gain. .33. High 1923, l04.23; low, 96.96.
 Twenty railroads averaged S9.37: net loss, .19. High 1923, 90.43; low, S4.53.
 BANK OF ENGLAND
 LONDON. March 1.-The weekly state- inent of the Bank of England shows the shsnses soo TG,sl re'.5vs de- tl.S99.000. Bullion, increased f5,097 other securities increased f4.e73, 900. Other pcsits. decreased fl .lss. .ooo Notes gss reserve deereased f1,s93.0o0. Government securi- lies. decreased fs4.ooo; The proportion of i'. 73 per cent: last week 1t was 19 66 per cent. Rate of discount. per cent.
 BANK OF FRANCE
 PARIS. March 1.-The weekly state nent m of the Bank of France shows the creased 1s.ooo francs. Silver in hand hand, m in- creased Is4,oOo. Notes in circulation, in creased s7s.7l1.ooo. Treasury deposits. de- creased 1ss.ss7.ooo. Bills discounted. in- creased 4s2.sas.ooo. Advances, decreased l.sss,o , ooo The state borrowed from the
 FLAX SEED rl.a :..a: Msrsh F; ss Atd Sid. May S'sf ,s'as. bid. July s2.ssh bid.
 METAL MARKET
 NEW YORK, March l.--Copper strong spot and futures, l67sQ17c. 1pss snd nearby ts.5c quiet; spot. s.10@s. a6c. Zinc firm; East St. Louis spot and nearby delivery. 7.75c. Anthony spot 7.S7 or .6Oc.
 FOREIGN EXCHANGES NEw IoRK; 1s. March imrorelsn s. Great Britain. demand sasM. ;" esbis; esbiss sabies l.7oX. so-day bills on banks 4es .si and t.sih. Belgium. 5.ssiA and s.s4. Germany. .oo44 and :oo44A. Hol- land. ss; and ss.6s; Norway. 1899. and. lS.76. Spain, Is .61. Greece. 1.07. {. s7.s7. Brazil ll.s5. Montreal
 CHICAGO STOCKS ware. ss%; Armour preferred. s7; Com menwealth Edison, 1soH; Libby. McNeil, United Iron Works. Iln; wahl. 64; West, :1S k:i'ns Y.iow sH f.. fssw sss
 NAVAL STORES .hipmsnt: % sss; stock. 5.a17. Rosin firm; .%.is;: % PEI TsosiP,.; sosi shipments s,iss; ss X ss9s ss9ss wo W T. ,s M wM. M $ ssa ae' M ''' p.s,G: sAS.iDSSIt.Ess 1m nla nsiss .sss rss Rosin firm; sales, 7sO; receipts as2; ship msnts. i.l2s; stock, lssc 7s5. 2qote 5 to q. o@6: K. a6: M. 35.s0; x. s5.e6; WIG. l6.s0; wv, 36.76.
 RAW SILK
 NEW YORK. March 1.-Raw silk firm: prices per pound: Kansai double extra craks s.l0@9.25 Kansai best No. 1. tS. .S60s: Kansai. No. 1 filler. &s.so@s .96: Shinshu. No. l. Ss.75@s.9o Canton ex- tra A 14-16. $s. .20@s. 30; Shanghai China. steam filler. gold double deer. $s.101 g .46.
 NEW YORK, March 1.-Steel prices un- changed.
 FOREIGN SILVER
 NEW YORK, March 1.-Foreign bar