The Birmingham age-herald., 1923-01-30
RAILROAD SHARES ARE WELL PLAYED IN A STIFF RALLY
By Associated Press


 NEW YORK, Jan. 29.--Sharp de- preciation of the foreign exchanges and further liquidation of French bonds, several of which established new low records, apparently had no effect on today's stock market, the feature of which was a remarkable buying demonstration in railroad shares, gains of 1 to nearly BE points being recorded by more than a score of active issues. Industrials were irregular early but rallied when the demand for rails embraced number of investment issues.
 The abrupt decline in foreign ex- changes was generally construed as a reflection of the Eocal and Euro mean financial committees pessimism concerning the success of the French invasion of the Ruhr, French francs dropped 16 points to 6.13 cents, the lowest price in two years, and the German marks continued It's course toward the vanishing point being quoted at .0C25 cents or 10000 to the American dolvar. This represented weekend depreciation of approx imately 2S per cent, Saturdays clos ing price being .00325 cents. Demand sterling sold around S4.6S, or cents below the high mark established few weeks ago.
 Some Switching Switching of speculative interests from the industrials to the rails fol- 1 lowed the publication of additional December earnings statements, which disclosed several substantial increases in net income. Baltimore and Ohio ]. was the most active, nearly 10000 r,rinA hn- tween 46A and 49h, the closing price of 49 representing a net gain of 2ss points. Gains of points or more also were scored by Chesapeake and Ohio. Norfolk and Western. Nickel Plate" common and second preferred Frisco preferred, Jersey Central. "Soo," Rock Island, St. Paul ih preferred and Chicago and North 1 western. The rise in rail shares was used to cover selling of a number of in- dustrials Pacific Oil was depressed to 42A on reports of new financing, but rallied later to 43B, Saturdays closing price. Other oils were ir- regular. Producers and Refiners was pushed up points. Royal Dutch con tinued under pressure. dropping F points.
 Fisher Breaks
 Fisher Body broke IA points to ITO on announcement of new note offering. Steel and Tube preferred dropped to s4 and then rallied to 997s for a net loss of 4ss. selling being attributed to speculative fears that the federal trade commission will op- pose it's merger with Youngstown Sheet and Tube. Other weak spots included Bayuk Tobacco common and preferred, off 5s4 and II points, re- spectively, and Kelsey, IF.
 American Smelting advanced 3 points on another favorable report. Woolworth, United Retail Stores and Virginia Carolina Chemical preferred also were strong.
 Call money held at 41a per cent until towards the close. when it ad- vanced to 5 per cent. Brokers bid 41s and bankers demanded A for time funds for all maturities, with the volume of business small. Com mercial paper was somewhat firmer with the bulk of the prime names at to months maturity commanding Az per cent.
 Days total, s42,o0 shares Twenty industrials averaged 9S.26, net gain .26 High 1922, 103.43; low 1859.
 Twenty railroads averaged S7.20 net gain. .7S High 1922, 9S.99; low T3.43
 NEW YORK MONEY
 NEW YORK. Jan. 29.-Cal money was firmer; high, per cent; low. F per cent; ruling rate 4i F per cent; closing bid, }s per cent; offered at per cent; last loan, per cent; call loans against acceptances. per cent. Time loans steady; mixed collateral 6o-90 days Az @4% per cent; four-six months. Az @4% per cent Prime commercial paper, 4h @4& per cent.
 METALS
 NEW YORK, Jan. 29.-Copper firm; electroiytic, spot and futures. 14H @15c. Tin firm: spot and nearby, 40.25 O 0.37c; futures, 4o@4012c. Iron steady; No. northern, s30031: No. 2 northern. s29@ 30: No. southern. s24126. Lead steady; spot. sds.37c. Zine firm; East St. Louis spot and nearby delivery, 7G7.10c. An timony, spot, 712c.
 NAVAL STORES
 SAVANNAH, Ga. Jan. 29.-Turpentine dull s1.44; sales receipts. 1o2; ship ments. 252; stock, 10b64
 Resin firm; sales, 2,479; receipts. 43o; shipn. ents. 5O; stock. 95.652. Quote: B. D E, F. c, II. l. s4.7O@4.75; K, s4.sO@4s6 M. s5.30@5.35; N, s5.7o @5.75; VIC. $5.9o @6; wv. ss.6596s5.
 Rail Mortgages and