The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-01-17
Bears Ronp Investors and Force Material Recessions in tt
STANDARD SHARES
FEEL EFFECT OF |
A NEW BEAR RAID

NEW YORK, Jan. 16.-Bear specu-
lators, taking advantage of the Ger
man PREPARATIONS situation and liqui-
dation on the part of frightened in
vestors, forced another material re-
cession in prices in today's stock
market. The declines ran up
to 2 and points in standard shares,
but resistance at the lower levels in
dicated substantial support by in
siders.
While the reaction spread over
most of the list and was particularly
effective in the motors, equipments,
oils and a few of the rails, there
were a number of stocks that man
aged to move against the prevailing
current. California Petroleum closed
: points above Mondays final figure,
Beechnut Packing up 2ss, Kresge up
6M and Montana Power upN y.
Low money rates and constructive
domestic developments such as the
7 announcement OF more price advances
J in the midwest and Pennsylvania oil
: fields, helped to keep the decline
within reasonable bounds.
Bottom Out of Marks
German marks fell to 60-100ths of
d cent a hundred. or 1896 to the
American dollar, as against yester-
ce- other rates opened firm, eased
off and then rallied again. Demand
sterling got as low as s4.65h, or
more than 8 points below last week
high, but advanced to 81. 66A. French
francs closed at 6.s4c, or points
above Mondays close.
Polish marks dropped to .oo4Ac, a
new low record, while the Calcutta
! rate continued at Its high mark.
81. soc.
Baldwin again fluctuated within a
range OF 4 points, closing at 1907 for
a net loss of 2as. Studebaker ended
the day at 1917 or u below last
nights final quotation. Bethlehem
B slumped as low as 60N and rallied
to 81 u, off III.
other active shares to yield were
American. Can, Allied Chemical, Coca
. Cola, Houston OIL Cosden, Mack
TRUCK. Republic Steel, Postum Cereal
and Stromberg Carburetor, off to
IN points United States Steel
touched 1o4%, but rallied to 1o5N
for a net loss of only 70 of a point.
Anaconda and Chiia coppers, de-
tails for the merger of which were
announced last night, each sold below
Mondays closing levels. the former
dropping 81 and the latter ". Sales
of Anaconda totaled approximately
$4,000 shares and of Chile slightly
less than $1,000 shares.
Rails Active
A number of active rail issues gave
ground during the afternoon. reaction
which was accelerated by the circula-
ton of wild ruriiofs of war between
France and Germany. Canadian Pa
cific dropped "a points and losses OF
point or more took place In Chesa-
peake and Ohio, Lackawanna, New
Orleans, Texas and Mexico and ST.
Louis Southwestern.
Call money opened at 4 per cent
and then eased to 3 u, despite govern
ment withdrawal of s47,o0o,o00 from
local depository banks The time
money market was inactive with a
few 30-day loans being made at ~
pe cent and brokers bidding Az for
the longer maturities. Bankers, how
ever continued to demand A per
cent. Commercial paper business was
light with the prime names COM
ssmanding Az per cent.
Days total sales, 100000 shares.
Twenty industries averaged eS.s6c;
net loss, 1.0S.
Twenty railroads averaged $50;
net loss, rs. High 1929. "a SO; low,
s73 .43