The Birmingham age-herald., 1923-03-23
FEAR OF INCREASE
 INV RESERVE RATE CAUSE OF ALARM

NEW YORK. March 22.-specula- tive apprehension over the possibility Sf an early increase in the federal reserve rediScount rate brought a large volume of selling orders for 3both a<Acounts into today's stock market but fair bslying support was forthcomiiag. and the reactions in most of i.hs popular industrial is sues were held to fractions. Opera tions on th,t ,short side of the market ened technit.a, position of a number of stocks rest tllting from the rapid ity of their recent advance.
 Sitting of th e time money rate to a virtual 51s pa cent basis and the 4 marking up of the call money rate of ,, called atteni ion to the jncreas ing stringelcy of the money situa- ton. which also WAS reflected in the {. further depreciation of bond values. Although brokers had been bidding 5L and bankers asking F per cent for time money for some time, few large loans at the 1,iafher rate had -been made prior to to-day, when sev- eral such transactions were reported. Oils Show Strength.
 Independent strength was shown by several issues in thG oil, rubber and sugar and motor accessories grops. Martand oil WIS heavily fought on the announcement that the company had closed a contract with the Standard Oil conpany of New Jersey whereby one of the lat ters subsidiaries will purchase be- tween S30,000,00o and s35,000,0 900 of it's surplus crude oil and gasoline The stock jumped SA. new peak price. California petroleum touched 1025s, also a new top. but later fell back nearly points, closing at small fractional gain. Phillips petrp- Ieum also. and the Barnsdall issues were strong but the other oils were < heavy.
 Kelly Springfield, United States Rubber and Lee Tire all scared to new high records but were unable etc maintain all their gains. e Some of the industrial strong spots were Cluett-Peabody, Granby Mining, Cresege. Case Threshing machine, South Porto R5can Sugar and Union Bag and Paper, up 1M to 5 points. American Cotton Oil common and preferred were among the outstand- ing heavy spots.
 Lack of good buying support caused moderate recessions in a num- Der of the rails. particularly Can dian Pacific and Delaware and Hud- son, but Western Marland, second preferred, moved up over a point.
 Indications that the recent rise in : the French franc had been too rapid were seen in today's 16 point drop to 6.66 cents. Other continental ex- changes also weakened slightly. while demand sterling was virtually unchanged selling just above 469.
 Financial.
 l* Days total sales 1.137. 500 shares.
 Twenty industrials averaged 105.o9; / net loss IA.
 High 1923. 1o5.ss; low ss.s6. .rs Twenty railroads averaged 89.40; 2 net loss .27. s., High 1923, so.sg; low s4.5s. -'--
 FOREIGN EXCHANGES NEW YORK; YORK; Maich 22.mForeisn ,;oa. s. s.. , Great Britain. demand 4.69 1-16. cables 4 .ss 5-1s: se-day bills on banks, 4;ee 5s 4.s2 and 4 s2ia Belgium, 5.so and 5. .soH and sS4s ap! orwsg d7 Hollsaa sma den. :. 2s q si Denmark, K 1s T5 sstzeriand 51. Spain. 15; 45. Greece. .oe. Poland. 7 OOPS. Czecho-Slovad d, 2.97 Argentine, 37.13. Brazil. .15 Montreal, 97 15-16 SUGAR M.ARGET
 NEW YORK, March .22.-Raw sugar was with With cubas auoted a, 5he cost and There were sales of 50 ooo bags of Cubas to operators for Marclt and April ship ment.
 A better feeling in tn spot and reports that the Cuban secreti try of agriculture would issue d crop est innate placing the yield in Cuba at either $500. 900 or 3,600,- 900 tons led to active bt ying in raw sugar futures, with prices at one time showing advances of 21 to 24 pol nts Final prices were off few points fri )m the best under realizing but still IS to 21 point net high Closing May 5.64c. July 5.SSc, Sep tember .04c, December t,.S4c.
 Refined unchanged to 16 points lower with fine granulaaed list ed at 8.7599c.
 In refined sugar future,3 there were sales of two lots of June at 925o or points above the previous close.
 OIL CITY REPORT OIL CITY, Pa. March :.2.-Credit bal ances, s3 runs, 63.596: verage, 56,039. < Shipments. 62,646; averagest 55, 986 FOREIGN SILVER
 NEW YORK, March 2e.-Foreign bar |. alYer fl B. Mexican dol Lars 61 as