The Birmingham age-herald., 1923-02-08
SPECULATION ON
 RECENT ADVANCE CAUSES REACTION

NEW YORK, Feb. 7.AHeavy profit taking sales and some professional short selling, particularly in the spec ulative industrials, impeded the up ward movement of prices in todays stock market but bullish operations in selected shares, based on favor able individual influences, steadied the list and the average of closing prices showed comparatively little change.
 The rapidlty of the recent advance had left certain sections of the mar ket in a weakened technical posi- tion, which invited professional oper- ations on the short side. The re- action, however, was held within mar row limits.
 The bears wore again assisted by another series of constructive domes- tic developments. including lower call money rates, declaration of an extra dividend of 75 cents on East man Kodak common, publication of the 1922 report of the Republic Steel and Iron company, showing & net profit of s414.312, as against net loss of s5,665,242, 1921, declaration of an initial dividend of 62hc on Chile Copper and declaration of an initial dividend of 621zc on the new stock of Standard Oil of Indiana, which Is equivalent to s5 annually on the old stock or s1 more than the rate paid before the 100 per cent stock dividend was declared.
 Speculative Selling
 Publication of the modified segre- gatlon plan of the Lehigh Valley railroad caused some selling by spec ulative interests. The stock touched T and then reacted to 69H, where 1t was off k on the day. Southern Pa cific and Nickel Plate" each dropped 9 point, New Orleans, Texas and Mexico advanced IS in response to belated buying on the higher divi- dends, and Louisville and Nashville was pushed up points, but the other active issues showed only fractional changes.
 Sugar, machinery, chemical and farm implement shares were in fairly good demand all day Cuba Cane pre- ferred, Allis-Chalmers, Advance, Rumely. International Harvester, In ternational Agricultural Chemical preferred and Virginia Carolina Chemical preferred rising 1A points to points. Eastman Kodak jumped points to 104 on announcement of the extra dividend. Other individual strong spots were American Express, American Cotton Oil preferred, At lantic Refining. Mullin Body and Utah Copper, up to 7 points.
 Call Money Eases off
 Call mcaey opened at Az per cent but eased off to in the early after noon. The time money market con- tinued quiet with a few loans ar ranged at IA per cent for the longer maturities. Commercial paper was active with the bulk of the prime names still commanding Az per cent. Foreign exchange business was un- usually quiet except for moderate offering of francs at the opening which carried the rate down 15 cints to 6.25 cents. Other changes were nominal, demand sterling sell ing just above s4.671a.
 Days total sales, 1,2o6,Ooo shares, Twenty industrials averaged 101.05, net gain, .04. High 1923. 1o1.05; low, 96.96. .-,--..sas- Twenty railroads averaged ssSo; net loss, IS. High 1923, SS.93;- low, s4.53
 NEW YORK MONEY
 NEW YORK, Feb. 7.--Call money was easier: high, 41a per cent: low. per cent ruling rate, 41s per cent; closing bid. per cent; offered at A. per cent; last loan. per cent; call loans against accept ances. per cent. Time loans firm: mixed collateral 60-90 days, 4%@5 per cent: four-six months. G5 per cent; prime commercial paper, AZ Q4% per cent.
 NAVAL STORES
 SAVANNAH. Ga.. Feb. 7.-No naval stores market; holiday.
 CHICAGO STOCKS
 CHICAGO, Feb. 7.--Armour of Dela- ware. 99as; Armour preferred 93; Con- monwealth Edison, 129% National Leath- CT. TX; Swift & Co.,, -107h: Swift Inter- national, 1S1 Union Carbide, 65h; Wahl 5sH; Yellow Manufacturing B, 26S%; Yellow Taxi. 72la.
 NEW YORK, Feb. 7.-Copper steady; electrolytic, spot and futures, 15015hc. Tin firm; spot and nearby. 4o.s7c; flu ern, 2s@S1; No. northern, s27@2s; No. southern, s24@26. Lead steady: spot, s@s.25c. Zinc steady: East St. Louis, spot and nearby delivery, 7@710c. Anti mony spot. 7.12c. s. srf-
 RAW SILK
 NEW. YORK, Feb. 7.-Raw silk was un- changed.
 STEEL
 NEW YORK. Feb. 7.-Steel prices were unchanged,
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