Evening star., 1923-11-11
SATURDAY MARKET
|SFA|RLY STRONG
Early Bear Selling and Profit
Taking Are Laid to Situ-
alton Abroad.
SOUTHERN RAILWAY UP
Coprers Furnish Surprise of Session.
Oils Quiet on Further
Price Cutting.
RAILWAY UP
By thu Associated Press

BY til" Associated Press.
NEW YORK, November 10.-Stock
prices developed moderate strength
toward the close of today's brief ses-
sion of the stock market after exhib-
iting a slight reactionary tone at the
opening.
While the market had paid little
attention to foreign developments
since the current up-swing started
ten days ago, the further weakness
of sterling exchange and the refusal
of the United State TO participate in
reparatfons inquiry under the limi-
tations imposed by France undouht-
edly was responsible for some Of the
profit-taking and bear selling If the
past two days.
Coppers Prave Surprise.
. The brisk demand for some Of the
1oW-priced carriers, particularly y
southern Railway. and the Goopsrs
vas the outstanding feature of 20
days Operations. Strength of the
coppers was regarded as noteworthy
In view OF the disturbing news from
abroad, but producers report that for
elgn buying continues in Good volume
and that the domestic outlook is un-
Pasco and Utah We're the conspicuous
strong spots Of the copper group.
Strength Of Southern Railway,
which advancCd nearly two points to
within a fraction of the years high
revived reports OF an early resump-
ton of dividends although at the last
directors meeting it was said that the
subject would not be taken up befci e
the spring meeting next year. North
ern Pacific moved up nearly Il point
"A u Cd ~
Baltimore and Ohio. the Erie issues
and Wabash preferred a.
Oils Overlook Price Cuts.
Oils held relatively steady despite
cut of two cents in gasoline prices
by the Standard Oil Company of In
diana, regarded as the forrrurrer of
another price war. Motor We're quite
heavy in the early DEALINGS. Stude-
baker, Stromberg Carburetor. Chand-
Ter, Maxwell Motors A and Pierce
Truck dropping l to / 3 points. but
recovering all or part of their losses
later.
Fluctuations among the usual ir-
dustrial leaders were narrow and
generally unimportaut Among the
relatively inactive issues the strength
OF Computing. Tahulatin% and Re
cording, Dawson Chemical Hartman
Corporation, Lig2ett and Myers, Ma
tional Cloak ana Suit common and
preferred, and SIoss Sheffield up TO
points, were offset 10y the heaviness
of Fisher Body, Foundation Company,
Corn Products. American Ice and
Brooklyn Union Gas, off 17s to 3$4
points.
Exchanges Go Lower.
Demand sterling broke more than
two cents to $4.3I@s. another new low
for the year, but made substantial re
covery before the close. The conti-
mental exchanges also were heavy
with Dutch guilderS breaking 26
points to 3I.9U cents, also the low
price of the year.
e The weekly clearing house state
ment showed decreases of-$42.775, 900
in loans, discounts and investments
and $3l, l,2uS,0t in net demand de-
posits. Cash in own vaults increased
by -Si.r11,tJt, reserve Of member
banks in the Federal Reserve Bank
by S33,7l2,0uD and time deposits by
S5,29S,O6 Aggregate reserve totaled
S522.334. 600, leaving excess reserve of
S24,34S,330, an increase of $37,6S9, 900
over the week end