The Birmingham age-herald., 1923-11-25
HIGHER GROUND IS RECORDED BY LIST


 NEW YORK, Nov. 24.-Speculators for the advance again assumed con trol of the stock market in today's brief session, moving the general list to higher ground by a series of bullish demonstrations in the oils, tires, tobaccos, sugars and specialties. Sales exceeded the half million mark, despite the absence of number of traders who went to Cambridge for the YaleHarvard football game.
 oil shares, which have been heavily bought lately on speculative eXpecta- tion of improvement in the industry because of the steady decrease in crude production, were lifted up by the brisk demand for Sinclair, Pro ducers and Refiners, Cosden and Phillips. all of which closed q point or more higher. The strong spots in the sugar group which has been benefited by the higher prices for the refined product were American Re fining, American Beet and Cuba Cane preferred, up 1 to2A points.
 Schulte led the active tobaccos with a gain of nearly points to 105 1s, new 1923 high. United Cigar Stores climbed points on small turn over and Tobacco products common advanced 1N,
 American Can and Studebaker, gen erally reco gnized as the pivotal shares, improved fraetionally. Max well Motors advanced nearly points on a revival of reports of it's mer- ger with Studebaker. but forfeited all it's gain before the close,
 United States Cast Iron Pipe, which has been making a belated response to the resumption of dividends on the common stock, jumped A points 10 51, also a new 1923 top. Dawson Chemical closed more than 4 points higher at IFS, or nearly 10 points above it's low of the week, estab- lished in it's sensational gyrations last Thursday.
 Rails held relatively steady, al though Chesapeake and Ohio again dropped below 70 in reflection of speculative disappointment over the failure of the directors to increase the regular S4 dividend at yester- days meeting. Jersey Central jumped 2 points on two sales Other changes were largely of q fractional char acter.
 Strength of the Brooklyn Manhat- tan transit issues was one of the features of the speciality list, the preferred stock gaining more than points on the day.
 A brisk rally in French francs on the overnight announcement that the Ruhr mine owners had signed an agreement with the French was the feature of the fireign exchange mar ket. Francs sold 3 points higher at a42 cents. Sterling enjoyed a momentary period of strength and then fell back, demand bills being quoted around s4S61a at the close. Norwegian and Czechoslovakian cur rencies reacted sharply. but the rest of the list held relatively firm.
 The weekly clearing house state ment showed decreases in most of the principal items. Loans, dis counts and investments fell $6,644,000 below the week before, reserve of member banks in the federal reserve bank decrea ased $20154000, net de mand deposits dropped $3l,S6S,O00 Rad time deposits were $9S5,0O0 ower. There was slight increase circulation.
 Aggregate reserve totaled $5l0 121,00O. leaving excess reserve of S1o.1OS,530, a decrease of sl5,62S,96o under a week ago.
 Total stock sales, 536,6oO shares.
 Twenty industrials averaged 92.6O, net gain 50. High, 1923, lOo.3S; low S5.7G. oo
 Twenty railroads averaged SS.9S, ret loss, .O9. High, 1928, 90.51i low, 795S.