The Birmingham age-herald., 1923-11-20
TEN-CENT JUMP IN STERLING IS NOTED

NEW YORK, Nov. 19.-Au specu lative markets moved briskly up. ward today, chiefly on the an nouncement that a break between Great Britain and France had beer sverted, at least temporarily. The outstanding feature was the sensa- tional 1O-cent jump in sterling eX. change, which had established a new low record of s426A earlier in the day. Stock prices varied l to points, active industrial and railroad bonds moved up a point or more cotton futures sold at the highesl prices Tn three years and grain quo tations averaged about half a cent higher.
 The upward movement in stock prices also was aided by a series oi favorable dividend developments. in cluding the initial payment of 50 cents a share on Calumet and Hecla, the increase from s6 to SS in the an nual rate on Dupont and the in- crease f-7m s2 to $2.S5 in the guar terly disbursement by the Childs company, by reports that President Coolidge had ap. owed Secretary Mellon's tax reduction program and by the increase in pig iron prices.
 Shorts who had sold the specula- tive favorites freely last week on the theory that breakup of the entente was unavoidable, hastened to cover when the morning cables announced that the council Of am bassadors reached tentative agree ment at their first meeting. Bald win. Studebaker, American Can ana Gulf States Steel closed or more points higher, and Davison showed q net gain of four points, buying of this issue being predicated on re- ports that negotiations for the use of the Silica Gel process were being carried on with other refining com panies of the Standard oil group, a contract with Vacuum having been closed last week.
 Steel shares were slightly heavy a the opening but they soon moved up with the rest of the list, United States Steel common closing 112 higher and Crucble, Republic and Bethlehem showing net gains of l to points. The best demonstrations of group strength. however. were given by the equipments, tobaccos and motors. Pool operations were resumed with increa sed vigor in Va a- rious sections of the list and were responsible for some extended gains, particularly among the specialties.
 Rails Jagged somewhat behind the industrials Erie issues were again heavily bought on unfavorable re- ports that gross income for october had exceeded s12,000,0 900 and that operating expenses had been re- duced. Baltimore and Ohio was strong on President Willard's favor able estimate of earnings.
 United Cigar Stores was one Of the high spots of the tobacco group. jumping 12 points. Schulte advanced 41s and Lorillard 314. Dupont touched 131A on announcement ot the higher dividend. but eased later to 130. up & on the day. Other out standing strong spots included Gen eral Electric, Ann Arbor preferred Big Four. Stromberg Carbtretor' Superior Steel and Tidewater Oil, up 3 to 6A points. Demand sterling touched s4.36 and then dropped back to s432fa. French francs jumped 70 points to 5.4Sc and then slid off to 5.S1c Similarly cratic changes took place in other rates.
 Call money opened at "A per cent and then advanced to ,. Time money and commercial paper rates were un- changed.
 Twenty industrials averaged 9l.5o; net gain 70.
 High 1923, 1O5.SS; low S5.76.
 Twenty railroads averaged S5.Sz' ; net gain, .76.
 High 1923, 90.51; low, 79.53