The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-27
RAISE OF PRICES.
RUBBER AND ZINC
ARE DISREGARDED


money rates brought a large volume
of selling orders into today's stock
market, which closed irregularIy
lower. Further study of the cause
and effect of the raising of the fed
eral reserve rediscount rate here en-
couraged operations on the short
side and these were particularly eff
fective in the industrial shares which
had been bid up sharply in the last
three weeks.
Bidding up of the steel shares to
cover distribution elsewhere was
again resorted to. Considerable sig
nificance was attached to the fact
that such constructive trade news as
higher prices for crude rubber, zinc
were disregarded, these shares max
ing little or no Roadway.
Steel shares have been tagging be-
hind the rest of the Industrial list,
SO that forward movement in them
was not unexpected. U. S. Steel COM
mon was heavily traded in, duplicat-
ing its previous high of 10S%, but
falling back a point at the close,
where it was up u for the day. Re-
publican Steel closed . points higher
at 5S1s, the early gains in Gulf
States and Vanadium were reduced
to fractions and Crucible, after
touching so%, dropped back to 1871
for net loss of r.
o o o
Yield TO Selling.
Baldwin and American Can yield
ed readily to selling pressure, the
former getting as low as 1861 and
the latter as low as 95%, but both
Ia orfio al oh
zeal. public utility and oil shares also
were conspicuously heavy, losses of
to 21a points being registered in
many issues. There were a few ex-
ceptions to the downward movement
in these groups, California Petroleum
advancing ! Is points and Pan Amer
lean "B, Simms Petroleum and Pun
ia Alega Sugar fractionally.
Louisville and Nashville estab-
lished new peak price at 155 and
then broke to 1851, closing at 149
for net loss of nearly 6 points.
Atlantic Coast Line pursued SINH
lar course, creating a new high price
at 127 and then dropping to 121 q, off
az. Some of the other dividend
paying rails also enjoyed a brief pc
riod of strength.
Call money opened at n per cent.
the highest renewal rate this year,
but eased off to 5 and thence to AZ
Time money was firmer, brokers' bid
ding and bankers demanding So
per cent for all maturities, with lit
tie business being transacted. The
commercial paper ratelalso stiffened,
little new paper coming in and the
bulk of the prime names command
ing per cent.
Foreign exchanges were irregular,
but the fluctuations were within a
narrow range. Demand sterling sold
around S4.69 11-16, a weekend loss
of nearly half a cent, but French
francs improved 5 points to Clio
cents.
Days total sales 1,11s,o0o shares.
Twenty industrials averaged
10240; net loss Az.
High 1928. 1889; low, 1896.
Twenty railroads averaged 1915;
net loss "A.
High 1923. 9o.4S; low. s4.55.
VISIBLE GRAIN
NEW YORK, Feb. 26.--The visible SUD
ply of American grain shows the follow
ing changes:
increased 100000 bushels; oats de-
creased 1.022,000 bushels: rye increased
919,ooo bushels; barley decreased IS 900
kishelsi
NEW YoRH FEB. sS.HRaw sugar was
easier and prices declined I4c to the
basis of 5 lsc for cubas, cost. and freight,
equal to lose for centrifugal. There
5&c cost and freight, and $4,000 bags
at nc for March shipment, and there
were further offerings at the latter quo
tation
Raw sugar futures broke sharply under
active general liquidation prompted by
Final prices were % to IS points net
lower for active positions. or at tbs. low
HI 81 4 aZcs
Der, Sale.
Refined was unsettled and prices were
graduated now listed at S.65c to Sc. The
demand was less active.
to several lots for May delivery at S.soc.
or 20 points below the previous close.
NEW YORK BUTTER
NEW YORK, Feb. 26.-Butter steady;
receipts sS0l: creamery. higher than ex-
tras SSSSsG creamery extras extras, 81 score
fresh gathered extra firsts Ssg 4oc; do
firsts. $6is @3sc; seconds s2A @33Ac.
whole milk twins held specials. IS @ IS &c;
do average run, 37lsc.
NAVAL STORES
- SAVANNAH. Ca, Feb. 26.-Turpentine
nothing doing; last sales, February 2l. at
sl.47A. Receipts. none; shipments 1872
stock. 59s7. Rosin firm: sales. $50; re-
ceipts. 232 shipments, 80; stock, 1915
sSgs NJ = ss b 4 s. sSs5, II va s sss M
$50 ISL
METAL MARKET +,
NEW YORK, Feb. 26.-copper firm;
eleetrolytc spot and futures Rl6ss p1S&,
Tin steady: spot and nearby, ss4.gs. fu-
southern. s25@26. Zinc quiet; East St
Louis spot and nearby delivery. $500
d.6v Anthony spot, $725.
MONEY
Nr.,N yopf< irah of can ,nora,, fi,,,,
high Y per cent; low, ~ per cent: rul-
ing rate, "a per cent closing bid, "a per
sent gtferea r per cent last t9ss
collateral, $3.50 days, S@5h per cent;
Prime commereial PAPER Ys - @5 per cent
NEW ORLEANS SUGAR
NEW ORLEANS. Feb. 26.--Refined SUI
July. soc; September. S.ssc; pecsmber
s.42c; April May, s.5oc; June. s.55c; July
s.6oc; September. s.e5c.
NEW YORK. Feb. 26.--Rsw silk firm;
prices per pound: kansai double extra
ss.7o@s.9o; Kansai No: I'll, ss.s5 @S.s5
shinshu No. |. ss;so@s;so; Canton ex;
China steam fiji gold double deer, 1896 a
$40.
STEEL QUOTATIONS.
NEW YORK, Feb. 26-Steel prices. f.
o. b. Pittsburg, per 100 pounds: Blue an
nealed sheets. S2.6592.90: galvanized
sheets. $i.60Q4.75; black sheets, S3.50Q
5.60; steel bars. S2.20 Q2.so.
CHICAGO BUTTER
CHICAGO. Feb. 2s,-Butter. unchanged
creamery extras. 52lac; standards 53l ac;
extra firsts, 491a q sic; firsts. an @4shc
seconds. 451s % 46iac. Eggs lower: re-
ceipts, 1896 cases, frsts, 34@34hc; or
binary firsts, 81 @ SIC; miscellaneous. SO
VsShc.