The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-01-16
BULLS AND BEARS
HAVE 1T OUT IN.
BIG DAYS TRADING
By Associated Press

cupation of additional German ter
ritory with reports of more
threatening attitude on the part of
the inhabitants provided bear in
terests with an excuse for an assault
on today's stock market losses of
l to 3 points being common.
Bulls made two unsuccessful at
tempts to rally the list, first by bid
ding up steel stocks and then by a
brisk buying movement in railroad
shares. Convinced that the technical
condition warranted a reaction, the
bears began offering stock freely
during the first hour and prices be-
gan to sag. Industrials and spe-
cialties were the hardest hit, the re-
action in these shares being accel
Grated by profit taking by recent
buyers.
Baldwin fluctuated with range of
IA points, closing at 1891, for a net
loss of IA. Studehaker dropped be-
low la for net loss of 212 points.
Other prominent industrials and spe-
cialties to record net losses of 2 to
points were American locomotive,
Pan American A and B, California
Petroleum, American Can. American
Tobacco A and B, Associated Dry
Goods, Famous Players, General Elec-
trio, Texas Gulf sulphur, Information
al Paper, MacKay & Co., Postum
Cereal United States Alcohol and
United Drug.
Southern a Feature
Southern Railway was a feature of
the short rally in the railroad group,
getting as high as 2S1s, but reacted
in the close to 27s4 where it was
up rs Buying was based on re-
ports that the road would show
earnings of nearly 81 a share on its
common stock for 1922. Atlantic
Coast Line closed points higher and
st. Paul preferred closed l point up,
but most of the other early gains
were reduced to fractions or con-
verted INTO small net losses
Steel shares also forfeited their
early gains Gulf States Steel
dropped from s3ss to S0a, for a net
loss of a. United States Steel got
as high as 1O7 % but yielded to 1851,
or u below Saturdays close. Crucible
ard Replogle each registered net
losses of more than a point
There were few exceptions to the
downward trend, Anaconda closed at
497s. or 1ss points above Saturdays
close. The Anaconda Chile merger
was announced after the market
closed. Chile improved *, closing at
291s. Central Leather common and
preferred y and 21s points respec-
lively American Hide and Leather
IL and Brown Shoe e. Marine pro-
ferred dropped to 1913, its lowest
point since 1921.
Call Money Easy
Call money opened and renewed at
4 per cent but closed at IA.
Foreign exchanges were weak. De-
mand sterling dropped to s466ss, or
more than &c below last weeks high.
French francs dropped more than 5
points, below $500, and German
marks made another extreme low
record being quoted at T21s -100ths
of a cent or about 1900 to the
DOLLAR.
Days total sales. 100000 shares.
Twenty industrials averaged $500;
ret loss. 105. High 1922, 10343;
low 1859.
Twenty railroads averaged $685.;
net gain .O6. High 1922, 9s.99; low
7S.43.
FOREIGN EXCHANGES
NEW YORK, Jan. 15.-Foreign ex-
changes easy quotations: Great Britain.
demand, s4.66ss cables. s4.669s 60-day
bills banks. $4,64ls. France. demand.
4.s9i4c cables. 4,90c. Belgium, demand,
She: cables. 6.19iac. Germany, demand.
.0O72hc; cables. .0O73e. Holland demand.
1850; cables. S9-ele Norway demand,
1s.6fc. Sweden. demand 26.9Se. Den
mark demand, 1919. Switzerland de-
mand. 1880. Spain, demand, 157oc.
Greece demand, 1.2Se. Poland, demand,
.o040Isc. Czechosovakia, demand, 2S4c.
Argentine, demand, 3762c. Brazil, de
mand. 1i.5oc. Montreal, demand 90 l-lsc.
NEW YORK MONEY
NEW YORK. Jan. 15.-Call money easy;
high. per cent; low 8 u per cent; ruling
rate, per cent; closing bid, II per cent
offered at 4 per cent; last loan. a pei
cent; call loans against acceptances. u
per cent Time loans steady; mixed coll 4
lateral, 5000 days. Az @4s4 per cent;
four-six months, AZ 64A per cent; prime
commercial paper, "A @41s per cent.
FOREIGN BAR silver
NOW YORK. Jan. 15.-Foreign bar sill
Yer, 67isc; Mexican dollars, 81 NC.