The Birmingham age-herald., 1923-02-14
DEVELOPMENTS IN
 FOREIGN AFFAIRS. AGAIN UNHEEDED|

NEW YORK, Feb. 1S.-Bull specu lators brought about another sharp upturn in prices in today's stock market, the strongest and most ac- tive of the year. Foreign news de- velopments again were ignored, aver age prices of industrial issues nov ing to new high levels for the year on another series of constructive trade developments, which included an advance of more than a cent pound in Cuban raw sugar and the publication of several favorable 1922 earnings reports.
 Marking up of the call money rate to per cent in the last hour, as against q renewal rate of 4A per cent apparently reflected heavy govern ment withdrawals, but it was con- strued in some quarters as a eau tionary warning by bankers against the rapidity of the recent rise in prices. The higher rate caused a moderate reduction in business. which was at the rate of more than s00.000 shares an hour early in the session and also induced some profit taking sales which resulted in reces- sions of a point or more in some of the leaders.
 Baldwin Most Active
 Baldwin was the most active ofsthe market leaders, touching 40 and closing at 1S93S where 1t was up 2A on the day. The heavy buying was based on advance information that the 1922 annual report issued after the market closed would show profits of more than $19 a share on common stock. Net profits totalled S5s506,519, as against s5,044,096 the year before United States Steel closed half higher at 107%, but Studebaker, after cross ing 120, dropped back to 119A, where it was off $ on the day.
 Sugar again led the list of stand ard shares, the sharp rise in sugar prices and estimates of shortage in the 1923 crop drawing attention to those issues. Punta AIegre touched 591s and then dropped back to 5SA for a net gain of about 4 points Mantl closed points higher and Cu- ban-American crossed 57 and closed at 86ss for net gain of 17s points.
 Strong spots were found in virtu- ally every group. Amerioan- -Sumatra Tobacco preferred climbed 3A points; Republic Steel jumped 2tss points; North American moved up 3% points to 117 on rumors of the early an- nouncement of a big cash dividend and gains of 8 to II points were re- corded by United Fruit, Associated oil, Porto Rican Tobacco, Tobacco Products preferred, second, South Porto Rican Sugar and others.
 Rails Inclined to Ease
 Rails were inclined to ease, but St. Paul preferred crossed A and closed at net gain of nearly points on reports of excellent January earn ings. New Haven dropped below 1s on rumors that a reorganization was contempated, but this was denied of ficfally and the stock snapped back to 2oA, off 2 points on the day.
 Business in the time money market was quiet, with brokers offering AZ per cent and bankers demanding for all maturities. The commercial paper market was moderately active. with the bulk of the prime names commanding 41s per cent.
 The chief feature of the foreign ex- change market was the rise in the Berlin rate from .0035 to .00s9 cents. In further reflection of speculative covering. Demand sterling sold just above S4.68 and francs sold around ell cents, IS against 6.20 Saturday
 Days total sales. 1.426, 900 shares.
 Twenty industrials average 1021s: net gain, .46. High, 1923, 102.16; low. 96.96.
 Twenty railroads averaged ss.4s: net loss. or. High, 1923. S9.56; low. s4.53. VI