The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-01-03
STOCK MARKET Isl
AFFECTED BY HALF
DOZEN FEATURES

NEW YORK, Jan. Opening
prices in today's stock market were
higher, but thereafter profit taking
and short selling caused some irreSu-
larity with gains outnumbering losses.
Higher quotations for foreign remit
tances, easier time money rates ana
a slight reaction IN wheat and grain
prices, after an early display OF
strength, were the other features of
the days financial and commodity
markets.
Special buying operations were evil
dent by the brisk. manner in which
certain issues were pushed up, the
market displaying more activity in
rallies than it did on the declines.
studebaker was one of the early lead
ers, being pushed UP ? points to 2l9'
hut forfeiting all but q of it's gain
on realizing sales. Baldwin touched
13934, but dropped back points for
n small fractional loss. United States
Steel also closed. fractionally lower
after having risen nearly point
above Saturdays final quotations.
Increase in Oils
Another increase in crude oil prices
over the holiday resulted in some good
buying in the oil group, Associated OIL
jumping 4 IL points. Standard OIL OF
California u and Pacific OIL 13s.Cal-
irornia Petroleum dropped more than
a point and Cosden, after breaking
through last years high to 54a&,
dropped Back to 53K, where 1t was
off Il on the day.
Speculative expectations Of another
big year in the automobile industry
was reflected in the activity Of motor
and accessory shares. Chandler, Pack
ard. Pierce Arrow. Wylis-Overland
and General Motors moving to slightly
higher ground with Warner.
Kelsey Wheel and Stromberg. Fisher
body broke nearly points to 202, and
Bosch Magnetic yielded a point. Tire
and rubber stocks Were Inclined tG
heaviness. Kelly Springfield dropping
nearly points, and Goodrich, United
states Rubber and Ajax yielding frac-
tionallv Fisk rubber showed slight
Improvement
Some of the outstanding individual
strong spots were American Car
American Radiator, Jewel Textile
preferred Mathieson Alkali, Republic
Steel, Timken Roller Bearing, Rey-
u6lds Strings. Tobacco Products pre-
ferred and United States Realty COM
mon and preferred, all up 2la to near
@lys4 points: Mexican Petroleum up
and Nash Motors up 104a.
Some Large Losses
Among the few issues to register
large net losses were Nickel Plate
second preferred, off points, and
Lakewater Oil, eff AZ.
Shifting of funds incidental to year
end dividend and interest require
ments resulted in an opening and re-
newal rate of - per cent for call
money. which eased off to s. Lowering
of time money rates from to "A
per cent for the longer maturities was
in expectation If an early and heavy
return Of funds withdrawn for Janu-
ary interest and dividend payments,
Improvement in the principal allied
exchanges WAS construed as an fndi-
cation of the European financial ccn-
munity's optimism on the outcome OF
the reparations conference. Demand
sterling advanced lie to 81. GA IS !;
French francs climbed points to
TAI, and Italian Ira 5 points to 5.1f.
German marks We're quoted at 1.39 nc
a hundred Canadian exchange. was
still at per cent discount.
Days total sales, $4,000 shares.
Twenty industrta's averaged, sS.TTs:
net gain, .O4. High 1922, 10S.4S; low,
s,59.
Twenty railroads averaged Sc. os;
net loss. .O5. High 1922, $500; low;
7343
SIX dividend, 20.