The Birmingham age-herald., 1923-01-20
PREVIOUS GAINS IN.
 WALL STREET DID. NOT HOLD FRIDAY
By Assnciated Press

NEW YORK, Jan. l9.-Pool opera tions in special stocks furnished the impetus for the early advance in to- days stock market, gains being sub stantially reduced or wiped out towards the close on prof taking sales. The close was irregular, largely within fractional limits.
 Abundance of money available for credit aided bear operators in boost- ing prnces. Professional short inter- ests again tested the market by sell ing certain stocks freely during the first hour, but they abandoned their efforts when their offerings failed to halt the advance in other quarters.
 Wall street received thrill late to- day when 1t was discovered that circular letter received by several stock exchange houses bearing the alleged signature of Samuel Vauclafn, president of the Baldwin Locomotive company, and denying certain favor able reports concerning the com pany's business which have been cur rent, was a forgery. The letter, ob- vfously sent out for stock market purposes, caused some selling by those who first believed in it's authen- ticity. It got down as low as l32#. but rallied later to 5s, where 1t was off only B on the day. Stock ex- change authorities are investigating.
 Wide Fluctuations
 The widest fluctuations occurred in special stocks. Beechnut Packing, Kelsey Wheel Eastman Kodak, Loril- lard and United States Tobaccos showed gains running from 2 to points. Famous Players was de- pressed 2A points and Stewart War ner speedometer A.
 Sloss- Sheffield shares were strong in reflection of the improvement in .1 xNF a possible purchase of some of its properties by Henry Ford. The com mon gained 3 points and the pre- ferred 3%. Other steel yielded to profit takfngs. United States Steel common. Republic and Bethlehem closing at slight fractional losses, while the early gain in Gulf States was reduced to small fraction.
 sudden burst of activity in the railroad group was the feature Of the late dealings, gains of 1 to points being registered by Baltimore and Ohio, Chicago and Northwestern preferred, Great Northern preferred, Illinois Central, New Orleans, Texas and Mexico and Katy" common and preferred It was under this exhibi- tion of strength that most of the profit taking in other quarters was conducted. The oils were hard hit in the Ilnal SelllnS U1ONSHlei1lI IoSSeS oL d point or more being sustained by Standard Oils of California and New Jersey and Houston, while the Pan American issues declined fractionally.
 Call Money at Per Cent
 Call money held at per cent. The time money market was moderately active with some 30 day loans ar ranged at Az per cent and some 60 and 90 day loans at 41s. Plenty of money is offered by bankers at X for the longer maturities but brokers continue to bid 41s. The commercial paper rates remain the same. the bulk of the business being done at Az per cent.
 Foreign exchanges were firmer. Demand sterling crossed s4.66h for a net gain of 11sc, while the French. Belgian and Italian rates showed moderate improvement. German marks were quoted at .0056 cents as against yesterdays low of .0o42 cents.
 Days total sales 1000 shares.
 Twenty industrials averaged 97.S5; net loss. PA. High 1922, 10S.4s; low. 73.43.
 Twenty railroads averaged S5.33; net gain, .43. High 1922, 9s9s; low, 73.4S.