The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-01-26
PRICE MOVEMENTS
ARE UPWARD; BUT
TRADING LIMITED

NEW YORK, Jan. 25.-Prtce move
ments in todays market were upward
in response to more favorable domes-
tic DEVELOPMENTS, but the volume of
trading indicated that the European
situation still was retardant of bust
ness and was causing virtual abb
Senee of public participation.
Approximately one-tenth OF the
days business was done in the new
stock of the Consolidated Gas com
pany, which advanced points to 6S u
on the announcement that it had been
placed on a So annual basis, which
amounted to an increase of from to
10 on the old stock which advanced
10 points to 1876. Other public utili-
ties hardened in sympathy.
Overnight reports that the state
public service commission was going
to order a cut in telephone rates
caused some selling of American Tel
ephone, which closed fractionally
lower.
steel Responds
Steel shares made fairly good re-
Spouse to announcements of higher
prices for some of the finished prod
ucts such as tubes and reports that
the mills were working so to SIS per
cent of capacity. United States Steel
advanced fractionally to LOT Il,
while gains of l to nearly points
were recorded by Gulf States, CRU
chile and Republic sreels. Youngs-
town Sheet and Tube traded in here
for the first time sold around 70 a
share. The eBthlehem steel corpora
ton declared it's preferred dividends
for the year, and its regular quar-
terly dividend of IA per cent
on both classes of the common.
President Grace indicated that opera
tions during the year would not get
much over IS per cent because of the
shortage of unskilled labor.
Good recovery was made by some of
the oils, which were under pressure
Yesterday, California Petroleum ad-
vancinS az points and the Pan-Amer-
lean issues, Cosden and General As
pkalt. l to nearly points. The
Standard Oil issues improved frac-
tional1y. Sfmms Petroleum, which
was traded in for the first time on
the big board" ranged from 12A to
13N, closing at 10.
Rails Laps Back
Except for active trading in South
ern Railway company in expectation
of an unusually favorable December
Earnings report. the rail shares
lapsed back into their usual dullness.
Delaware and Hudson advanced
nearly 2 points on a small turnover
and Atlantic Coast Line dropped 1 Il
points on sales of 200 shares, most
of the other issues showing only
fractional changes.
Fisher body, which recently
dropped from 203 to 165, advanced to
IT'S, net gain of 61a points. Some
of the other strong spots in the spe-
.oialty list included Hart Mann cor
poration up AS Mckay companies
up Z; Stewart-Warner Speedometer
615 and Atlantic Refining up Z.
Call money opened at u per cent,
advanced to in the middle of the
afternoon and then dropped back to
AZ. The time money market was
dull with brokers bidding Ar per
cent for all dates and bankers de-
manding An. Some short loans were
arranged at the lower rate. Both To-
cal and out-of-town bankers were in
the market for commercial, the bulk
of the prime names commanding 4A
: per cent.
Exchange Quiet
Foreign exchange business was
quiet, with no important changes in
rates among the principal European
currencies. The Indian rupee which
has been creating new high records
almost daily. reacted from 33.4S q
3325c The Canadian dollar was a.
discount of l per cent
Days total sales, $4,000 shares.
Twenty industrials averaged
97.7s; net gain. .6S. High, 1922
103.43: low, 1853.
Twenty railroads averaged S6.46
net gain, .35. High, 1922, 93.99; low
1913.