The Birmingham age-herald., 1923-09-20
NEW LOW RECORDS. ARE ESTABLISHED IN THE OIL GROUP

NEW YORK, Sept. 19.-Stock prices developed moderate strength int today's fairly active market on sqbsidence of selling pressure in tne oil group Alternate periods of weakness and strength characterized thA morning session, but the gen eraa list turned unmist stakably upward lager under the leadership of the so- caiRed pivotal industrial stocks.
 While the view was held in many qWrters that the market was entitled toR technical rally after nearly week of declining prices, buying to- day also is reported to have been in flrenced by private cable dispatches Indicating favorable developments in the reparations situation, by the sthtement of Secretary Hoover pub lished by the financial news tickers tltat there was no sign of reduction in'eproductivity this fall, and by the stFtement of IT. F. Sinclair express dns the belief that Mid-Continent crude oil prices had hit bottom, that tlle peak of California production wits passed and that an early sta | 34zatiGn of the industry should re- sult
 lI \ drop in the call money rate to Fa5l per cent, the lowest this year. and a sharp rally in cotton prices which carried all months 63 to 103 points above last nights close, also were regarded by some as contribut- Ing factors.
 New low records were established in the oil group by Marland at 20A Cosden, at 2234, California Petroleum a IT Is, the preferred at 91; Pierce Oil preferred at 1895. Atlantic Re- fining at 9S4, and Pacific at 31h. Atlantic Refining closed at it's low est figure of the day, off 5s Pierce preferred recovered its loss and closed unchanged at 19 and the oth- CTS showed net gains on the day, :anging from B each in the case of Marland and Cosden to points in tine case of Pacific oil.
 Leading industrial stocks showed disposition to break away from the depressing effect of pressure on the oil shares. Baldwin and American Locomotive Studebaker. Am erican Can and Gulf States Steel showed net gains of 1 to 12s.
 United States Steel rallied to SSs4 rp aI, after having sold as low as {, F. Bethlehem was under pres sure in the afternoon, being forced ( avn to 4Ii F, a new low on the ss30vemeut but snapping back later t. 1888, or within h of last nights close Crucible and Republic closed 5ractionaliy higher. The Iron Age, r. it's weekly review of the industry, states that the week has been a quiet one in all departments Of the steel 1narket with production of pig iron
 
 9llpction.
 ( { gubbers were heavy in the after If1n on reports that the big co m 1e;nies were not making such money because of low tire prices.
 Foreign exchanges were strong. Demand sterling was quoted around s4.54i4 up at. French francs ad- vaneed nearly 20 points to 5.91c. Bel Kian francs and Italian lire also showed good gains, while German marks jumped from S5 to 65c per hundred million.
 Call money opened at Az, but dropped to 315 later. Time rates also eased. being quoted al , 1a for all ma turtles as against a recent rate of 5s4 for the longer dates and few | short-term loans at +.
 Total stock sales. S0f200 shares.
 Twenty industrial averaged S916 | net loss AZ; high, 1923, 105.3S; low, s6.92.
 Twenty railroads averaged S116 | net gain .37; high. 1923, 9o.51; low, | 79.53. A