The Birmingham age-herald., 1923-03-07
END OF RISE NOT YET DECIDED BY MARKET EXPERTS

fit-taking and short selling in a dustrial issues imparted a decidedly irregular trend to prices in todays stock market.
 The violent fluctuations in a num- Der of individual shares were gen. erally construed as suggestive of the last phase of a "bull' market but opinions of expert observers still are widely divided as to when the rising tendency of prices which has gone on with occasional interruptions for the last two years. will end. Sew eral leaders were sluggish, United States Steel closing Is lower at 107 h. Reports that the steel corporation was contemplating an early increase of II per cent in the wages of day la borers were officially denied. Other steels also were inclined to be reac tionary, but the losses were held to fractions.
 Equipments showed the most con- sistent strength. Baldwin touched 141la and closed 1397s, up 1ss, buy ing being based on speculative ex- pectation that $1o,O00,oO0 new busi- ness would be taken on monthly for some tint to come. Pressed Steel car touched 73. a new top. and closing at n F. up five on the day. American locomotive approached within very small fraction of 131 and closed K higher at 130.
 Rails ReactfOnary.
 The pyrotechnics again were furn- ished by the motor accessory issues StewartWarner Speedometer, the in- dividual star. falling from 121 to 113
 
 Stromberg carburetor converted an of 315. Bosch Magneto offered better resistence. touching SO. new top. and closing at IF, up A..
 Rails were again reactionary with trading comparatively dull despite unusually good January earnings and the optimistic prediction of Chairman Krutschnitt of the Southern Pacific who expressed the opinion that net earnings of his road each month this year would exceed those of every cor responding month last year. Cils again were heavily traded in, general asphalt common snd prefer red leading with net gains of 5N and 3Ia points, respectively, each at new high levels. California Petro leum again crossed par, closing half higher at 991s.
 Central leather touched 40. a new top and c1s points above last nights close. Some Of the ot',cr individual strong spots were Atlantic Refin- ing, Porto Rican to acco, Nash Motors. Iron products and Endicott- Johnson, up 31s to 6 points. Tresge jumped 22 points on small turn over.
 Call m eney again held at per cent Time money continues active with brokers paying 5H per cent for all dates. Commercial paper Is mod erately active with the prime names commanding per cent.
 Foreign exchanges eased slightly with little business being transacted Demand sterling. sold under 4.70 and French francs under 6.10 cents. South American exchanges were IT, regular, Chile showing a strong tone. Financial.
 Days total sales 1,269.000 shares. ~ Twenty industrials averaged 104.79; net gain 20.
 ss High 1923. 1o47s; low ssses. 4+.-4 < Twenty railroads averaged so.25: net loss .26.
 High. 1923. 9os3; low s4.53.
 COFFEE MARKET
 NEW YORK, March 6.-A somewhat ir- in coffee future future. today. First prices were 1 point higher to points lower. The of ferings were light, however; and prices soon firmed up the market closing to M IS points higher. Estimated sales, 37,000 bags Closing: March Il ssc, May Il. 54c. July 10 s4c. September s.s5c, December Spot coffee quiet and nominal; Rio 7s. @ Be- Santos 4s. l514 @16c. Cost and freight offers were in comparatively light supply. They included santos ss and 6s. part bour bon. at IA 95 115 10c and Rio Is at F 25c, American credits.
 The early cable from Rio reported de- cline of 10 reis in the dollar buying rate with ar advance Of l;s2d M in the ,e R,o res es unchanged to 12 reis higher. and santos unchanged to 20 higher. later Rio cable was 75 reis higher. Rio cleared s5., States. Brazilian port receipts 36,ooo; Jundtahy receipts 22,OO0
 SUGAR MARKET
 NEW YORK, March, 6.-The raw sugar A market firm and unchanged at b1c < for Cubas. cost and freight. equal to 7:1bc for centrifugal There were sales late 5 last night to operators of 10000 bags of Cubas. March shipment and today 10000 bags of Porto Rioos sold to operators for March shipment, both at 7.15c for centrifu- Raw sugar futures we're firmer. prices at time showing advances of 13 to l! points, but they eased off partially and Closing: May 5.57c. July 5.66c. September b.7sc. December 5 4sc.
 Refined unchanged with fine granulated ranging from S.7bc to 9 1bc.
 Refined futures closed unchanged and there were sales for May and, June deliv- cry at s.s0c or points above the pre- vious close.
 FOREIGN SILVER
 NEW YORK. March 6.--ForeiEn bar silver. s7Ac. Mexican dollars, 51hc.