The Birmingham age-herald., 1923-01-10
Speculative Selling te French Troops Luade the Ru Section
STOCK TRADING IS. STILL DULL ON THE. FOREIGN OUTLOOK
By Associated Press

By Associated Press
 NEW YORK, Jan. 9.@Trading in today's stock market continued dull under the restraining influence of the unsettled foreign situation, news of the actual invasion of the Ruhr by French troops causing heavy specuIa- tive selling in the late dealings, which depressed most of the active issues.
 BuIlish operations in special stocks had a stimulating effect on the list in the early dealings and some eX- cellent gains were recorded, partlcu- 1ar1y in the independent steels, oils, gas and motors, but they were ma terially reduced or wiped out in the fanal reaction. Large traders still are disposed to await further develop ments abroad before extending their commitments.
 Baldwin was one of the early lead- CTS. touching 1854, dropping points and rallying feebly to 132, where 1t was off nearly 2 points on the day. Studebaker, which got up as high as 1165s closed at IA for net loss of Is. United States Steel closed at 106 for a fractional loss.
 Chile Copper Up
 Chile Copper made a new high on the movement at 291a on speculative expectation of an early announcement of it's merger with the Anaconda eom- pany. Cosden also touched a new top, strength of this issue being at- tributed to rumors that the preferred stock is about to be retired. Steel and Tube preferred continued it's rise on announcemsnt that its stockhold- CTS soon would be called on to ratiify it's sale to the Youngstown Sheet and Tube company to today's closing price of 102 representing a net gain of more than 2 points.
 One of the most spectacular fea- lures was the movement of Atlantic Refining. which registered an ex- treme fain of 21 points at 160 and a net gain of 10 at 149, it's closing price. { Special weakness in Allied Chemical ! was predicted in belief that the re- cent disappointing turn in the com pany's earnings would interfere with ' the increase in dividends on which | the recent advance has been built. The stock closed today at a loss of 2ss points. Reports of new financing which would retire bank loans of the Pierce Arrow company were reflected in an advance of nearly a point in the common and 22l in the preferred.
 Active Shares
 Other active shares to register net losses of a point or more were Amer ican Can, American Locomotive, American Tobacco, Chesapeake and Ohio, Eastman Kodak, Fisher Body, Pan American A and E, North Amer ican, Bethlehem Steel B and others.
 Call money opened at 4% per cent, but eased off to 41s Time money is quoted at 41s to A per cent for all maturities. Most commercial paper is moving at 41z per cent.
 Foreign exchanges opened firm, eased off and then strengthened again. Demand sterling was quoted around $4.65 5A, or nearly a cent above last nights close, and French francs were virtually unchanged at 6.7315 c. German marks dropped to 92-100th of cent hundred. another new low record.
 Days total sales, 7o6,00O shares.
 Twenty industrials averaged 9723, net loss .S3. High 1922, 1oS .43; low, 1859.
 Twenty railroads averaged S4 96, net loss .45. High 1922, ss.99; low, 73. 43.
 LIVE STOCK
 1s,oOo: aetive all classes closing strong to 25c higher; beef steers and desirable beef heifers Is to 25c up; tops more. Top matured steers. -..Sl1.50 Few loads .......t..........s 1o.I6 e ll'oo Bulk beef steers ............. S.26 26Q10.0o Bulk desirable bologna buils.. 4.75 Bulk canners ......-..,...... 800 Bulk beef hefers ........... $500 7.5o Bulk desirable stockers and
 feeders .-.........-........ 6.259 700 Hogs: Receipts. ss.OoO; butechers were steady; light hogs Dc lower.
 Bulk 230 to 300-lb. butchers. < S.45@ S.55 Bulk 150 to 200-Ib. average... S.65@ s.75 Top ................... S.7b Bulk heavy packing sows.. 1900 500 Desirable pigs ............... S.Sb
 Sheep: Receipts, 10000; few sales choice lambs steady; most fat lambs 10 to 25c Top to packers. rs..............s15.0o Bulk wooded lambs. .......... 14.50@14.T5 Desirable clipped fed lambs. 12.75 Choice 96-lb. yearlings. 12.50 Heavier less desirable kind. 11.5O@11.75 Sheep weak heavy fat ewes.. $500 TOO Lighter weights up to........ s.25 Some 115-lb wethers. ........ 800 Two loads 95-lb. feeding ewes GAO Top feeding lambs. 14.75
 EAST ST. LOUIS. Jan. s.-sheep: Re ceipts, 1.300 steady to 15c lower on lambs; fat ewes and wethers unchanged Top lambs -.-..'.........s14.50 Bulk ............-......... 14.25@14.5o Culls .............. 1000 % HOO rat iignt ewes ...'.....'..'. 1.26@ 7.50 saslss Two decks so.ib aged wether. sSS sSS
 Cattle: Receipts s500 beef steers steady; tops strong; bologna bulls strong. Good light vealers. ..,.........Sl1.50 Later steady at ,:............ 11,oo ll.25
 
 Light yearlings ...,.......... $500 7.50 COWS .....-.,--........=- 4.25GD 5.15 Gamers ..................... 250D 2.65 Bologna bulls ................ 400@ AIS Stockers and feeders ......... 450GD CPS Hogs: Receipts. 2s,oO0; light hogs were steady; medium weights and heavies weak to 5c lower.
 Top .................. ssO Bulk 14o to 190-lb. averages. $500 ss1 190 to 220-pounders ...... s.70@ s.so 230 pounds and up .......... $500 s.7o Pipa little h11IIr
 to 130 pounds ............. 5000 $50 Packer sows ................ 1.254 T.b0
 CHICAGO STOCKS
 CHICAGO, Jan. 9,-Armour of Dela- ware. 99; Armour preferred, 96h; com- monthwealth Edison, 1So Diamond 7%; Swift Co.,, 10S1a; Swift Interna J tional, '20h; Union Carbide, 64 United Light and Railway. 71A; wahl. 561s Western Knitting. 1Oh; Yellow Manufac- turing D, 240: Yellow Taxi, 72k.
 SUGAR NEW YORK, Jan. 9.-Raw sugar was quiet and in the absence of business Cubas equal to 5.40c for centrifugal. Porto Ricos however, were lower, declining to 52sc for centrifugal with sales of 5 900 bags for January shipment to local refiner ot that level.
 Raw sugar futures were generally easier under scattered commission house selling. Operators were inclined to hold off and await developments in the spot market points and closed 1 point higher to net lower. March, 3.44c; May, 3.54c; July, S.65c: September, 3.73c.
 Refined sugar trading continued light with all refiners accepting orders at .9Oc for fine granulated. Refined futures were nominal.