The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-01-27
FEW INDUSTRIALSI
STAND UP AGAINST
FOREIGN OUTLOOK

BY Associated Press
NEW YORK, Jan. 26.-UnfaVoraole
news developments abroad continued
to curtail trading in today's stock
market in which number of indus
trials were pushed up on reports or
large current earnings, while others
yielded to week END profit taking,
giving the market a somewhat spotty
appearance. Movements are still dom
mated by domestic business condi-
lions, activity centering largely in
shares of companies likely to resume
or increase dividends.
The European financial COM
munity's reaction to the latest de-
vclopments in the Ruhr was re-
Elected in lower foreign exchange
rates, demand sterling dropping from
s4.65ss to s4.641a, French francs from
6.4S1a cents to 6.3S and Belgian francs
from 5.961z to 5.76ie. German marks
were quoted at only a very small
fraction above their extreme low
record, which was .0042.
Consolidated Gas Active
Consolidated Gas was again the
most active stock on the big board"
touching $685.. or nearly point above
Yesterdays best price, and then re-
acting at 67 ~, for a net loss of y :.
Studebaker. which was the next most
active stock, was unchanged. while
Baldwin closed half higher at 1874
Independent Steels showed early
strength but early gains were can
celled or materially reduced later.
Bethlehem and Republic closed at
fractional losses and Crucfble and
Gulf States moved to slightly higher
ground, while United States Steel
common was unchanged.
Kresge established q new high
record at 2.0SA, a net gain of 9h
points. This advance discounted the
1922 earnings report, made public
after the market closed, which
showed net earnings of S6,6l6,417.
equivalent to $35.52 a share on S18,-
22S,2oo common stock outstanding. as
against net earnings of $3,4o2,033 in
1921, equivalent to $2O.25 a share on
S16,101,200 shares of common stock
outstanding.
Fisher Body Jumps
Fisher Body jumped IL points to
1856 on publication of an offer of
W. c.. Durant, automobile manufao-
turer, to buy the entire outstanding
stock at 5000 share, despite the
financial communities belief that the
offer would not be accepted. The
stock closed at 1874. At the close, Mr..
Durant, who has been selling Fisher
Body stock on a partial payment
plan. announced that he was ready to
cancel the contracts of frightened in
vestors, paying them $43 unit or the
equivalent of $215 a share, as against
the purchasing price of $40 a unit.
Western Union was pushed up AZ
points on reports of highly improved
earnings, while gains of Q points or
more also were recorded by Conley
Tinfoil, Beechnut, Stewart Warner
Speedometer. White Motor. Postum
Cereal, Brooklyn Edison, Van Raalte
Silk. Bethlehem Steel A, American
Cotton Oil and Chicago Pneumatic
Tool. Pierce Arrow issues slumped
or the new financing. common
dropping 13s points and the preferred
3. Realizing sales caused recessions
of 31a in Woolworth and Ia in United
Fruit.
Rail Shares Easy
Rail shares were inclined to ease,
Baltimore and Ohio was in good de-
mand, closing nearly a point higher
on speculative expectation of a good
December earnings report. Southern
Railway also was active, closing at
80, net decline of rs. Gains of /
TO points were registered by Frisco
preferred. Lackawanna, Delaware and
Hudson and Reading first preferred
Jersey Central dropped An points.
Call money held at Az per cent
There was lessening of activity in
the time money market, brokers bid
ding Az per cent for all dates but
paying Ak for the longer maturities.
Commercial paper Is moving in fair
volume, the bulk of prime names
commanding IA per cent for four and
six months maturities.
Days total sales. $4,000. Twenty
industrials averaged ISIS. net gain
.36. High 1922, 103.43; low, 1859.
Twenty railroads averaged S6.43;
net loss, .03. High 1922, 1898; low
7D.43.