The Birmingham age-herald., 1923-02-15
HIGHER RATESFORN CALL MONEYCAUS OF LIQUIDATION

NEW YORK, Feb. 14.-Profit talk Ing and short selling by professional interests imparted reaetionary trend to the general list of prices in today's active stock market. although a few special issues were bid up to new high prices for the year.
 Liquidation was influenced by higher call money rates, Premier Bonar Laws pessimistic remarks concerning the French invasion of the Ruhr, a bad break in Cuban raw sugar futures, after a strong open ing, unconfirmed reports of the sink ing of a French torpedo boat at smyrna and speculative belief that the recent rise in number of is- sues had been overdone.
 Constructive factors, however, were not lacking. One of the most i'm portant of these was. the rise sin copper to 15Hc a. pound, the highest since October, 1920. This resulted in an active demand for copper shares. Anaconda and Inspiration rising a point each and Utah 1 F. The Amer ican Zinc institute also reported an other decrease of stocks on hand bringing the surplus January Sl to 16,574 tons as against 65i67S the year before.
 Sugar Breaks Bad
 The DaQ DfGdk III tut dGNANO SN5e e1a issues was a natural sequel in the wild speculation during the last few days, South Porto Rican sugar dropped points. Cuba Cane Sugar preferred fIuctuated between 5S9s and 53M and closed at 5515 for a net loss of 3& points Cuba--American Manati, Punta Alegre, American and Amer ican Beet sugars all dropped to 5 points.
 Heavy selling of Baldwin, which got as low as 135as and closed at 1864, for net loss of points, was attributed to speculative disappoint- ment that the annual report showed net income from operations of only S7s7 a share on the common stock, although this amount was brought ID to over $19 q share by other ln- come. Studebaker touched 11712 and tken snapped back to 11SA, off l Il on the day. United States Steel closed at 107, off %.
 Independent strength was shown by American Can, which jumped points to 941s, new high record Tor the year. closing slightly below that fig ure. New highs also were established by Columbia Gas at s114, North Amer ican at 11S9s and Cosden at 57 7s, these prices being shaded slightly at the close.
 Brief Period of Strength
 New York Central enjoyed brief period of strength on reports of record January carEoadings, touch ing 9Sas, but falling back later to 97, a fractional loss on the day. Losses of a point or more were rec orded by St. Paul preferred, Lack awanna and Great Northern prefer red. Money rates Were call flrmer. Call money opened at and advanced to 5Ih per cent. A few time loans were arranged at "A for the shorter maturities but most bankers de- handed 5 per cent. Commercial pa per was unchanged and moderately active.
 Fore exchange rates were easier Demand sterling held fairly steady around $46S but French francs dropped nearly 12 points to cents and Belgian francs to 5.26. German marks continued their move to higher ground, being quoted at .o045 E cents as against the recent extreme low 0020 cents.
 Days total sales, 1,3s2.o0o shares.
 Twenty industrials averaged 101.S5; net loss, .31. High 1923, 102.16; low, 96.96.
 Twenty railroads averaged S9.05, net loss, "A. High 1923, S9.66; low,