The Birmingham age-herald., 1923-02-09
MELLON'S REPORT. DISCOUNTS NEWS FROM NEAR EAST

NEW YORK, Feb. s-Bull inter- ests continued to bid up stocks in to- days market, selecting new leaders, particularly in the food, sugar and tobacco group, to replace those whose advance had been halted by realizing sales and sort selling. In most cases, however. the reactionary tendency was held within fractional limits, indicating good buying sup port below current price levels.
 Secretary of the Treasury Mellon's optimistic forecast of business and trade conditions and further favor able trade news including higher prices for MeHned sugar, crude rub ber and Pennsylvania crude oil more than counteracted the effect Of the disouieting news dispatches from the Near East, which. however, had depressing affect on foreign ex- change.
 United States Steel common, Bald win. Studeba ker' and most of the oth- CT active shares all showed small net changes at the close. Rail shares also moved within marrow limits, the only outstanding exceptions being Louisville and Nashville, which closed 2a points higher at 1421s and Jersey Central and "Soo' common. each up two.
 Sugars moved into higher ground under the leadership of Cuba Cane preferred, up IFS, and Cuban American sl, buying of that group being based on recent advances in the prices of CItban raw sugar ana the refined product.
 Pacific oil dropped If points, other changes in that group peins irregular. Pan-.American A, selling ex-2O per cent stock dividend. touched s1 and closed at 79S as against 92k yesterday
 Kelly-Springffeld Tire was pushed LID 2s4 to 5S% a new high record for the year, but the other tire and rub her stocks failed to snow any ma terial response to the higher crude prices. American Tobacco advanced 2 points to 159. Some of the other individual strong spots were Lima Locomotive, Woolworth, Remington Typewriter, Pressed Steel Car, North American, Brooklyn Edison, Amer ican Ice, Air Reduction, California Packing, Continental Can, United Railway Investment Pre- er r e d. American Snuff and National Acme. all I'D to points.
 lust before the close a block Of 15.00O shares of Oklahoma Producing and Refining changed hands at s3 a share, or II above lasu hlsnt close. Mexican Petroleum, which was one of the spectacular features of the market ,ast year. made It's appearance for the first time weeks, 100 shares selling at 17s Or $20 be- low the previous sale.
 Call money opened at per cent and then advanced to 4h. Brokers hid AZ per cent for time money but bankers demanded five, some re- newals but little new business being arranged below the higher figure. Out-of-town bankers were the prin- cipal takers of commercial paper, the bulk of the prime names command ing AZ per cent.
 Foreign exchanges continued dull with most of the principal European rates closing at small recessions. De- mand sterling dropped about half cent to just over ACT and French francs sold around 6.20 cents as com- pared with 6.25 yesterday. German exchange was firmer marks being quoted at .oO30A as against OOPS yesterday.
 Days total sales 1.172.00O. shares Twenty industrials averaged l0l.e5; uncha ged., High 1923 101.O5; low ~ Ss.96. rwsaty railroads averaged ss.91; net gain III. High 1923, SS.93; low, S453.