The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-01-18
PRICE CHANGES In
STOCK LIST ARE
VERY INDECISIVE
BY Associated Press

NEW YORK, Jan. 11-Prlce
changes in today's stock market were
generally small and indecistve, larger
operators adopting hesitant attitude
pending development in the European
situation and the public manifesting
little interest.
Inability or unwillingness to meet
margin calls caused a rather largo
volume of overnight selling orders,
which weakened the tone at the
closing, the declines running up to
2 points. Stubborn resistance Of
fcred by some of the leaders caused
a brief rally but the comparatively
large volume of stocks offered at the
higher levels discouraged buyers and
caused prices to sag.
The midday period was exceedingly
dull with bear interests seemingly
afraid to depress prices further for
fear that constructive Developments
abroad would find them caught short
and with bulls disinclined to bid up
prices on the possibility of further
trouble in the Ruhrs valley, which
would be likely to bring about a
large volume Of outside selling and
another sharp reaction.
Deadlock Broken
Intrepid traders who bought on the
theory that domestic conditions war
ranted an appreciation in values re-
gardless of foreign developments
finally broke the apparent deadlock,
extensive short-covering accelerating
the brisk advance that took place in
the last hour.
Baldwin, Studebaker and California
etroleum again were the most active
shares. Baldwin sold between 1919
and 129H, closing at 131 u. for net
gain of Is. Studebaker also fluctu-
ated within range of slightly more
than points and closed at 1879, or
q above last nights figure. Cali
fornia Petroleum touched S0%, but
fell back to 70, where it represented
a net loss of e.
Industrials were the first to rally
as they were the first to decline, the
average of 20 leaders showing n
slight increase over yesterday. Rails
We're largely neglected in the early
selling but they succumbed to the
second reaction and were slow in
coming back. Losses of a point or
more were recorded by Chicago and
Eastern Illinois perferred, Great
Northern perferred, Illinois Central,
Northern Pacific, Peoria and Eastern
and Wheeling and Lake Erie pre-
ferred. Atlantic Coast Line dropped
to 1104 for a net loss of q.
burst of activity, gaining rs points.
Buying by new interests was the only
reason that the speculative COM
munity could advance for the sudden
rise i'll this issue, which sells around
S14 a share. Beechnut Packing con-
tinued its rise, showing a net gain of
234. American Bosch magnetic. Du-
pont, Woolworth and Manati Sugar
were conspicuous weak spots. All OF
2 to la points. Two outstanding
strong spots were Nash Motors and
respectively.
Call Money Easy
Call money opened and renewed at
4 per cent and eased off to 335 dur
ing the fourth hour, maintaining that
rate. The government announced the
proposed withdrawal of s31.000,000
from depository banks here tomor-
row. The time money market was
slightly firmer. Some 60day loans
were arranged at "A per cent and
brokers bid this rate for all ma
turtles but bankers insisted on 4ss
for all dates.
Foreign exchanges were reaction
airy Demand sterling got as low as
s4.641z. but rallied to s4.64Si, where
it was off about | 4 cents on the day.
French francs dropped 10 points to
6.65c, and Italian Ira were down Is
points to 416%. German mark s.
dropped to another new low record,
being quoted at .005 cents. or 10000
marks to the American dollar.
Today's total sales, $4,000 shares,
Twenty industrials averaged 97.05,
net gain, 90. High 1922, 1o3.43; low
1853.
Twenty railroads averaged 1853;
net loss, .07 High 1922, $500; low,
7343