The Birmingham age-herald., 1923-01-24
WALL STREET HAS DAY OF EXTREME MARKET TRADING
By Associated Press

NEW YORK, JanA 23.--Prices in to- days stock market opened strong, reacted in the early afternoon and then strengthened again, making final quotations egu7ariy higher. The afternoon reaction accompanied marking up of the call money rate from to per cent, news of the Turkish rejection of the British pro- posal regarding the Mosul oil fields and a sensational break in Fisher Body stock, which dropped from 203 to 162, and then rallied to 1f2 for a net loss of 2SM points
 The reaction was halted by bull ish demon stration in the rubber shares, which accompanied announce ment of another increase in the price of crude rubber to 37c a pound, the highest since the middle of 1920, and more than double the price in the early weeks of last year. There was also. heavy accumulation of railroad shares just before the close, several investment issues gaining 1 to 11A points
 Trading continued to be largely professional. the volume of sales be- ing even lower than that of .yester- day, which was the smallest full day session since August. The extreme dullness made 1t difficult to sscribe any particular reason for the fluctua- tion of most prices.
 Most Active Stocks
 Baldwin and Studebaker were again the most active of the leading indus trials, the former closing at a slight fractional loss. United States Steel advanced a point and gains of a point or more were registered by American Tobacco, Crucible Steel, Maxwell Mo tors A and B, Tobacco Products A, Steel and Tube preferred. United Fruit. United States Rubber and Corn Products Hendee. Manufactur- ing. Manati Sugar and Mackay com panies gained 3 points or more.
 Woolworth was conspicuously weak, dropping to POI for 8 net loss of 11h points. Beechnut Packing, which has been bid up recently on speculative expectation of an increase in the dividend, dropped 2% points on official announcement that no inn mediate increase in dividends was contemplated.
 No special reason was assigned for the heavy buying of rail shares in the final dealings Jersey Central advanced points and gains of 1 to nearly points were scored by Balti- more and Ohio. Canadian Pacific, St. Paul. Lehigh Valley. New York Gen. traI, Pere Marquette. Union Pacific and Western Maryland second pre- ferred.
 Call Money
 Call money opened at 4 per cent, advanced to A in the late afternoon and thence to 5. Government with drawals from local banks amounted to S29 800, ,0o0 with heavy withdrawals also reported by interior institutions. Trading was active in the time money market and the tone was somewhat easier, large amounts being offered at Az per cent for the shorter ma turities and at 4sz for the longer pe- riods, with brokers still holding out for 41z for the four and six months loans The commercial paper market also was more active, a fair sized vol ume of new paper being received and disposed of quickly.
 A brisk rally took place in most foreign exchange rates. Demand sterling advanced 1c to 4.661s. and French checks rose IS points to 6.53c, with more moderate advances in the Belgian and Italian rates. Danish ex- change, which dropped to 1S.69 yes- terday as against 1924 on Saturday. jumped today to 19. 40c. Calcutta ex- change established another new high record, the rupee being quoted at 32. 25c.
 Days total sales. so4,ooo shares
 Twenty industria1s averaged 97.43; net gain, IS. High 1922, 1e3.4S; low. 1859.
 Twenty railroads averaged s5.77; net gam, .67. High 1922, s3. s9; low. 73.43.