The Birmingham age-herald., 1923-03-27
MARKET ANXIOUS OVER MEETING OF
 BANK GOVERNORS

NEW 9ORk, March 2b, - Heavy selling for both accounts brought about another sharp reaction in to- days stock market. Higher call money rates and speculative appre- hension over the outcome of the meeting of the governors of the fed era1 reserve board in Washington this week were outwardly attributed as the reasons for selling pressure, but the numerous sales of large blocks of recent speculative favorites indicated liquidation by pools which had become discouraged by their fall ure to attract an outside following.
 Opening prices were heavy in re- sponse to the selling pressure ema- hating from traders unwilling or un- able to meet the week. end margin calls. The supsequent rally was at tributed to short covering by the pro fessionals but when this was not followed up. offerings increased and the market again turned heavy. The longs seemed disposed to await the conclusion of the reserve board con ference before extensively extending their commitments.
 At the close of business. the aver ages showed that approximately half of the years extreme gains had been
  industrials being quoted to 10 points below their high figures Of the year.
 California petroleum was one Of the few outstanding exceptions to the reactionary trend. Sales of this stock totalled approximately 5o,O00 shares the price touching 1041s. new high record for all time, but easing to 1O3H, up IA on the day.
 Net losses of 1 to points were recorded by Baldwin Locomotive; Re public. Crucible and Gulf States Steel; Kelly Springfield and United States Rubber; Pan American A. Sin clair. Cosdon and Pacific oil. Amer jean Can, American Woolen. Pullman, Stromberg Carburetor, and many oth- the showing made in the first Feb ruary railroad earnings reports caused heavy liquidation in that group.
 Beechnut also moved against the current trend, establishing new peak at S4A and then slipping pack to so, where It was up 1ss on the day. Call money opened at 3s per cent, inc highest renewal rate in some time, and advanced to within the noon hour. The time money market was quiet, with a few short maturl- ties being arranged at 51a per cent the bankers' asking price. Although the ruling rate for prime commercial naper is still 5 per cent. there Is an increasing volume of 51s per cent paper
 Wide fluctuations in French francs were the feature of the foreign ex- change market. Opening quotations were s to 10 points lower but the early loss was recorded and the price run up to 6.62l2 cents, week -eIlo increase of Is points. Demand ster ling improved slightly to Just "''Ue s469. ,oooo u,.
 Davs total sales 1,233.000 shares;
 Twenty industrials averaged loZ.os; net loss .92. ..oc
 Twenty railroads averaged s7'os' net loss 1.09.
 ne uigh 1923 9o.63. low s453.
 LONDON MONEY - .ox 1o>rDoN March 26-Bar silver. 32 Y penee noNpe:>' per ounce Money, sN per cent Discount rates: Short and three inoh'hs bills. 2Is c 3-16 per cent.
 FOREIGN EXCHANGE
 NEW YORK, March 26.-Foreign ex. change irregular; an66taltiSSaSs1 tSS 15-is cables 4.s9 s-l6; 6O-day bills on banks. 4;Ss 1t.i1. France, demand: 6.62 E cables. G:es 1s i'ary; d 5.7ait. 7ait Gefmany,, ,oo4sA ,an,. and .o9ssn: 9s oa Holland. s94l and ss.44: is17 MoTway switzsr eer iand 1S 4S: spairrg 36: Greece, 1.os; Po- land 00asIa; Czecho -Slova1sia, 296; AT genuine, 37.i2; Brazil, 11.12; Montreal 9S 17.32.
 STEEL PRICES
 NEW YoRK, March psn 1oo pounds: ptfnl Blus annealed sheets. s2;65 s.25; .gaiNyan.iz,esd sheets. S5 O 5.35: black sheets' sS'oVY' ''''' steel bars, s2.25 @2.5o.
 FLAX SEED
 DULUTH March 26.-Closing: rIax seed March, $3.0s bid May. *2.so9s asked; July, s2s2 asked.
 NUxxr VnDE RVTTER
 NEW YORK. March 26.-Butter firm; receipts, 1t.13l; creamery: nisner xtr,s 'haa aa sx,rss 5oe 95 Eggs steady receipts 992: fresh gathered extra firsts, 27@ ashc do firsts 24a@2slAs. ounds Gheess stats ifs whole milk flats. fresh specials. 25@25hc; do average run, 24@ 2f1sc.
 METAL MARKET
 NEW YORK, March 2s.-Copper. easier spot and futures: 17%c. Tin. weak spot No. 2 southern, s27@2s. Lead: easier. spot ss9S zbS aeiTery at1fay Sos Ant mony, spot, sS.75.
 HORSE AND MULE MARKET
 EAST ST. LOUIS, March 26.-Horse and mule market fairly active. Horses: Good to choice drafts 1ai medium rno,ts to 5paks sSoide soutnern aa .oGss far to good southern. S40@7O; common 10 iaH s0stnel'l Mules: draft, 1s to IT hands. s1s5@26o; sugar. 1s to 1s.2 hands. s176 e 225; mine. IS to 15.2 hands. s125@d76; top cotton, 15.2 hands. s1I5915 cotton. small, S4@75.
 Higher Money Rates Ts Enocfor 0Dpr Bonds
 NEW YORK, March 26.-The spectre of higher money rates continued to hang over the bond market today. with the uneasness rendered more acute by spec ulative fear that the federal reserve board governors meeting in Washington might lead to another increase in the re- discount rate. Prices sagged through out the list with the establishment or new low records for the year by tho eec- a,d third and fnnrth I.ihertY 4L s and a