The Birmingham age-herald., 1923-02-20
DAYS OPERATIONS
 CAUSE LISTS TO- SEEM IRREGULAR

NEW YORK, Feb. 19.-Heavy prof it-taking, particularly among the usual leaders. failed to prevent bulls from continuing their operations in other sections of today's stock mar ket. giving the list a decidedly ir- regular appearance. The weakness was most pronounced in shares which have enjoyed the most spirited ad vance, the reaction being generally regarded as natural correction of a weakened technical position.
 Further increases in the price of copper, zinc and Montana and Wy oming crude oils again drew atten- ton to those groups. The improve ment in sterling exchange, demand bills sell ing at $4.15 15-16, new high record since the begged rate" of s4.75 was abandoned in March, 1919. also had cheerful effect on sentiment.
 New high records for the year were made by a number of stocks. including Anaconda Copper at 511s, kennecott at 43A, Inspiration at 413s, Utah at I'll, Chile at SooA, Chino at 2s1s, American Smelling at 65ss, Stromberg Carburetor at IT, American Bosch Megneto at 4sis. General Motors at 15ia, Western Union at 1199s. Louisville and Nash vile at 146is, and Illinois Central at 116A, but a number of these prices were shaded later.
 O O O
 North American in Demand.
 North American was sold heavily on publication of the recapitalization plan providing for a reduction from S5 to S10 in the par value of the stock and containing a proposal to double both the preferred and com mon in order to provide for stock dividends and the acquisition of new properties The stock dropped to 112 and closed at 114, off points from Saturdays close at points from last weeks high.
 Failure of the American Locomo- tive company to earn all the pre- ferred dividend and none of the common resulted in some selling of was forthcoming n the strength of the unusually large volume of un- filled orders on hand. American To- comotive closed 1 point lower at 1243s and Baldwin dropped "a to 139.
 The brisk rise in Louisville and Nashville reflected the marked in- crease in traffic and earnings and speculative expectations of an early and favorable decision by the inter- state commerce commission on the roads application to increase it's capital stock and declare stock dividend.
 New Haven Rallies.
 The United States supreme courts decision upholding the interstate commerce commission ruling permit ting New England roads to secure for themselves a larger division of Joint rates on freight moving be- tween the section and the rest of the United States resulted in rally in New Haven toward the close which carried that stock up 1 point to 2OlS. Other rails closed firm.
 The new high record for sterling. which reflected q scarcity of com inereial bills and general satisfaction over the terms of the British debt settlement was the feature of the foreign exchange market. French checkss4again sold above Sc and zlnoderate Improvement was noted in the other allied rates.
 astsrssali 4oneX-zopened at , per cent and then eased off to 4Is. Time honey was in fair demand at 5 per cent for maturities of three months and longer. The commercial paper slnarket was slightly firmer, prime names Tor six months maturity com manding 4s4.
 Days total sales. 100000 shares.
 W enty industrials averaged l02.966: net loss .25.
 High, 1923, 103.23; low, 96.96.
 twenty railroads averaged S9.S0: net gain .51.
 High 1923. s9.SO; low. s45s.
 NEW YORK MONEY
 NEW YORK, Feb. 19-Cau money wa. tlrh; high, per cent; low. Az per cent; ,oi ,naing rate. ..5 per cent: closing bid. 4H loan. A per cent; call loans against ac eeptahces, IA per cent. Time loans were rismer; rna,. ; mixed collateral, soso days. per commercial paper. F GAS. per cent.
 NAVAL STORES
 SAVANNAH. Ga, Feb. Is.-Turpentine tifm; sl.H Y sales. 45; receipts, 23; ship cents zen 2; stock, s.1ss. Rosin firm; sales. SS'ls Quote: B. D. E. P. G. H, l. s5; K; sS,se: NJ s5.55; N s5.7o; we. ss.fo;
 HORSE AND MULE MARKET
 FAST ST. LOUIS, H.. Feb. is.-Horsex arox ana 'a,ei, mules; 7Receipts about 1000; ap-
 
 Horses Good to choice drafts s15o@ l15; medium to good drafts, ss5@i5S; to good chunks. s5O@ sSo; choice south 5000; common to fsir faHa so9thefns, oosssfTn, Mules: Drafts, 1e to IT hands. s17o@ Ssg sugar, i6 to i6.2 hands, s17o@ 200; cotton. l5.s to l6 hands s50mso; cotton 10 l5'2 hands sl15@150; cotton, small
 BUTTER MARKET @ @SnlGAGo Feb; 1s,-supplies of butter 20 score brought a lalf cent premium, whereas 90 score centralized could be of centralized were in demand for e. liVery on February contracts on which the so-score sold up to 5sNc and ss score .ss closlns s1 & prices, fresh eut.y: SC score. seI. sse: go o score. soe; s1 score, 51c; s2 Centralized car lots: ss score 4sMc.
 COFFEE MARKET
 NEW YORK, Feb. 1s,-coffee futures onened 1,lie 10 points hisher to points lower. clcsing prices were the lowest of inc day. Showing net decline of to 10 points. Estimated sales. 1S,25o bags. Closing. Closing, september. io.isos December s.sSc.. .i'Vse' Spot coffee, quiet and more or less for santos 4s. Cost and freight offers included Santos 3s and 6s at 1b.1Oc 10 l55Oc for prompt shipment and at 1ssoc for August and September shipment Rio Is were quoted at 12,45c in the cost and freight market
 The early cables from Barzil showed decline of 10 reis. in the dollar buying rate, with Santos unchanged to 75 reis lower. and Rio unchanged to 100 reis higher. Later a special cable from Rio showed an advance of 50 reis in the dol a huYinP with thn Rin at