The Birmingham age-herald., 1923-04-04
BUYING SUPPORT PREVENTS A NEW DROP IN MARKET

prices, having forfeited approximate ly twothirds of the years extreme gains in the last 10 days, resumed their upward course in todays late dealings after the attempt of pro- fessional short interest to further unsettle the general list during the morning had been frustrated by the strong buying support forthcoming at the lower levels. Secretary Hoover.s assertion that the present business boom was on solid foundaion and his prediction of further prosperity, combined with the relaxing tendency of call money rates, announcement of record price breaking March customs receipts ard and publication of several favorable earnings statements, particularly by the motor car companies.
 All attributed to the more cheer ful sentiment.
 Official reports that the Stude- baker company earned between $7 and sS a share on common stock in the first quarter after payment or all charged and preferred dividends. induced good buying of that issue which closed 2A points higher at 123ss. Mack Truck showed a net gain of BE points while Maxwell Motors, B., White Motors, Willys- Overland preferred. Chandler and Stewart-Warner Speedometer all closed 1 to 3 points higher.
 United States Steel broke through 106 but rallied to 107, where it was up F on the day. Republic Steel snapped back more than point but the other active issues of that group made only eoderate improvement.
 Total earnings of the United States Steel corporation for the first quar- ter are estimated at s3S,o00,000. or an increase of slightly more than S10.0O0,000 over the last quarter of 1922. Baldwin Locomotive made quick response to President Vau- claims optimistic prediction of con ditions in that industry, closing K higher at 137b.
 Attacks of Bears.
 Pan-American issues were sharply depressed in a bear" attack accom- panied by a revival of reports that another slump in the Mexican light oil fields but they made good re- covery and closed only fractionally below last nights final figures.
 Sinclair. She'll Union and Produc- CTS and Refiners were strong. u.
 Short covering operations flrst made their appearance in the rails with Union Pacific, Southern Pacific, New York Central and Baltimore ana Ohio showing net gains of 4 10 point. Lackawanna dropped to 1lsh, new low record for the year, ana Call money opened at 5k per cent, eased off to 5 around noon and thence to A. Time money business was exceedingly quiet with bankers asking 5s4 and brokers offered os for all maturities. Interior lnsu- tutions are the pest takers oi ,ng oTn merciaI paper. prime names being nha,,t ayen7v divided between and 5H per cent. ... European markets was accompanieo by lower. foreign exchange rates Demand sterling. dropped dn heary 9rancs . dropped points to 6.55 cents. ltahan lire held steady around cents on reports of official intervention. south American rates also were lower, Brazil dropping to new low recoro of 1o.eo cents per milreis'
 Dav,s~total sales. 1.25s,ooo shares. Twenty industrials averaged -ol.oo'
 Hieh. 1923. 1o5ss; low se.9e.
 Twenty railroads averaged eo.lf heI High sal'' 1923. ss.2s; low. s4.5s.
 MONEY MARKET
 NEW fG,,N' ia,r ruling rate 5ls. clos h1gh ng bi 9'a a offered ct is. last loans . gall loans siHed ssahso eolatera eoeo days b 5s., is months 5ls 95%, prime co''iihei cial paper. 595A.
 FOREIGN EXCHANGES
 NEW YORK, April S-Foreign etcar,rsi pr,fsin dsnSand. easy a.ss ii-1s. cables 4es 1b-ls. so- day bills on banks, .64 l ID. trahcs' aud man, s55a, eaSies Ssa and .s4. Germany. 'oo474 snd .oo47is. Holland, ss27 an and ss 30. Norway, 1s oa swsden Is zs 00' spain pen magf lsSS n.sss swi'1eT7anff 17 folasd' s'' ooss cseeho oh 2 ssslovakis ssh. Argentine ss's7. Brazil. JO.75. Montreal, 9SA'
 RAW SILK
 NEW YORK, April smRaw dousle slin S'esr extTs ss9oms. o5; Kansa No; od diiler, H,on ;Soes e. spss shinshu ,t1s S9 ss SSasss Shanghai China steam filler gold double deer ss.oe~ 90. & NEW YORK, April ,s.-oopperE s'eaTy, ,rir ssser s,satroy,s ,po, spa sna a9a fatures us steady; prices unchanged. Lea asaa st s1sas To,,is spot and nearby delivery. 7.65@7.75. An timony spot 9c.
 NAVAL STORES
 SAVANNAH, April S.-Tnrpentine tirm' St 53. Sales 54; receipts, tfs, shipHien.s. 3l4: stock. 563. Rosin firm; sales. 44o' receipts. 1.175: shipments. 2,1S5; stock 6..- s46 Quote: R to NJ. S5.05; x. s5 30; WG' s5 60. wv s6. snM6.65.
 JACKSONVILLE Fla. April 3.-Turpen- tine firm. sl 54i.: sales, 1s7 receipts. Ser; shipments, 3o3; stock. s,2s2: Rosin firm; sales. 947 receipts 2.3S5; shipments. 200 ', stock, 126, roo. Quote: B to l, s557is K to NJ, s5.10. N, $o.3o; WG' $565: wv. s6 65.
 FOREIGN SILVER
 LIty5,la k March as 5call&U2 etaon tshrd NEW YORK. April 3.-Foreign bar sil- yer 6slsc. Mexican dollars 52c.
 CITIES SERVICE QUOTATIONS Cities Service deb. D ......... 92 94 Cities Service 6s pref. 6S% 70N Cities Service Uref. R ...I. 6h 6ss Cities Service Bankers 1SS 1St Cities Service common ........ls3 1sb Cities service pref. BIB ........ 64at 65A
 SugarSuit Decided
 HOUSTON, Tex. April 3.-A finding in favor of the defendant of the suit for accounting by the Old Colony Trust com many of Boston against the Sugar Land indnstries, is recommended in the report hv the master in chancery filed today in t n