The Birmingham age-herald., 1923-01-04
SHORTS UNABLE TO HOLD MARKET WITH LOWER RATE.
By Asaociated P@ss

moved to higher ground in today's market despite a Dear atrack' which followed publication of cable dis patches announcing that the French cabinet had rejected the British repa- rations plan. This speculative selling caused temporary unsettlement, but resistance offered to bear pressure finally induced sfstrts to abandon their attempts to depress the market, and prices turned upward under the stimulating influence of lower call money and aggressive pool opera tions.
 The steady advance in prices dur ing December had led bear Interest to believe that the technical structure had been weakened and the unfaVor- able foreign news was used as an ex- cuse to test it's strength. While pub lie participation recently has been negligible, today's sharp rebound in prices was construed as an indication .that operators for the advance con tinued in strong position. Baldwin n Lender
 Baldwin Locomotive became the. leader in the late dealings, advancing nearly points to 13e15. American Locomotive gained 1 F points and American Car and the other equip lnent shares showed gains up to point.
 Steel shares prominent in yester- days advance made further progress today on publication of statistics showing that pig iron production in December set new high record since october, 1920, and that production of finished products was continuing at a high rate. United States Steel com mon crossed Tor for q fractional gain, Gulf States Steel advanced 2 points, Bethlehem A and Replogle each and Bethlehem E 1a.
 Heavy trading took place again in the automotive group. Chandler Mo tors was pushed up A points, Willys- overland preferred 22s, Stewart War ner 5A Pierce Arrow preferred Pa, Fisher Rody Fl and General Motors, Stromberg Carburetor and Bosch Marneto fractionally, while Stude baker, after touching 11S. dropped back half point for a slight frac- tional loss Nash Motors fluctuated between 90 and 110 closing at 100 for q net gain of 1S34 over it's 10-point advance of yesterday. Hudson, Hupp and Packard Motors registered small declines. Activity in motor shares is in anticipation of the annual winter shows.
 Active Speciality
 American Can was one of the most active specialties, gaining more than 2 points on a turnover of 10000 shares. Copper shares again were moderately active at rising prices on the theory that the market had be- come established on Q 14& per cent basis, and that the current year would witness the calling for payment Of the last of the secured notes of the Copper Export association. American Smelling rose ss and Anaconda 1, while Utah, Kennecott Butte Su- perior and Ray showed fractional i'm provemcnt.
 Railroad shares generally showed mixed changes. New Orleans, Texas and Mexico and Pere Marquette prior preferred each advanced ? points.
 Call money opened at per cent but eased off to 1 F, then 4 and finally 31k. Time money business was done on IA per cent basis. with the demand exceeding the supply. The commer- cial paper rate was unchanged.
 Demand sterling moved up 1 12c to s4.65k, despite the separations crisis. buth French francs dropped Is points ! to ' .25c, and Belgian francs II points to 667j2c. An advance of 24 points to 19 J4 in the Norwegian rate was the only other important changes.
 Days total sales SS2.500 shares Twenty industrials averaged 99 F {; net gath, .65 High 1922, l03.4s; low, TS. 59.
 Twenty railroads averaged s6, or; net gain, .0f., High 1922, e3.9s; low