The Birmingham age-herald., 1923-02-07
HIGHER PRICES GIVE BOOST TO STOCK M ARK E I

NEW YORK. Feb. 6.-Stock prices were pushed up to new high levels :, for the year in today's market, the most active of the year, in another aggressive buying movement, which was stimulated by more extensive public participation and feverish ac- tlvity of speculative pools. The mar ket again appeared to ignore the for- eign situation, which exerted a re- straining effect on business for the from the more favorable trend of do- mestie trade and business conditions.
 There were several constructive de- velopments to account for the strength and activity of individual groups and shares.
 These included announcements of higher prices for all grades of wire goods. crude rubber and Cuban raw sugar; publication of the 1922 re- port of F. W. Woolworth company, showing earnings of s27.11 on the common stock, as against S20.40 in 1921; the decision of the Packard Mo- tor Car company to call for payment April 15, all outstanding serial notes, amounting to about $s,000,000. at 1071a and accrued interest, and an increase of from 11s to Il % per cent in the quarterly dividend of the New Orleans, Texas and Mexico railroad.
 Much Profit Taking
 The upward movement was partic ularly effective in equipments, to- bacco, dividend paying rails, motors rN1x. =; I t,11 Ix ing made it's appearance in the early afternoon, particularly in the steel shares and some of the high priced specialties, but the offerings were we'll absorbed and gains of l to 3 points were quite common.
 Speculative railroad stocks for feited their leadership of that group to the higher priced dividend pay ing share, gains of A to 2A points being recorded by Canadian Pacific. Delaware and! Hudson, Louisville and Nashville, anot Southern Pacific, while Union Pacific, Northern Pacific, and Great Northern preferred were not far behind. New Orleans, Texas and Mexico advanced nearly points on announcement of the higher dividend, but reacted ia point at the close.
 Chandler and Studebaker led to the advance in motors, the former closing at 70la for net gain of 3% and the latter touching 121 for net gain of 33s. Baldwin broke through 137 and them fell back to 1.36% where it was up to IA on the day. Some of the other individual strong spots included Pressed Steel Car, woolworth, Worthington Pump. Fa- nous Players, Royal Dutch, American Eap A,naricup Suelfipo ri Q ', Woolen, Brooklyn Union Gas, Elec- tric Storage Battery and Royal Dutch, all up to nearly 41a points.
 Foreign Exchange Firm
 Call money opened at IA per cent and then eased off to Az per cent. Brokers continued to bid 4 per cent for all but the shorter maturities for time money and a few loans and re- newals were arranged at that figure. Out-of of-town banks continue to be the principal takers of commercial paper, the bulk of the prime names commanding Az per cent.
 Foreign exchanges hefd firm with the volume of business transacted eompara lively small. Demand ster- ling sold around s4.6S, the years high, and only 1 cent below the high for the last three years. established last month. French francs were quoted around 6.41. German marks sold at .00251a cents, the Reichsbank reporting another unprecedented weekly increase in circulation, ,ring- ing the total to close to the two tril- lion marks.
 Days total sales. 1,346,000 shares.
 Twenty industrials averaged 101.01 nlet gain .9S. High, 1923, 101.01; low, 9696.
 Twenty railroads averaged 8S.93 net gain .S5 High, 1923, SS.93; low. S4.53.