The Birmingham age-herald., 1923-11-23
'CHANGESWIXEDAT'
 CLOSE OF SESSION

NEW FORK, NOV. EG.-A SenSa- tional break of 20 points in Davison Chemical unsettled today's stock market after an opening period of strength, closing prices showing mixed changes on the day Standard in'dustrials as a rule showed small net losses while the leading rails developed moderate strength The volume of business, which ran over 1500, 900 shares, was around the highest of the year,
 Opening strength was based on number of favorable factors lnclud- ing the reaching Of full accord by the allied council of ambassadors on the text of the notes to be sent 10 Germany, Chancellor Stresemann's declaration that efforts would be made to continue negotiations with France, a further reduction in crude oil output, higher refined sugar prices and the twenty-first consecu- tive week of car loadings in excess of 100000 cars.
 The break in Davison Chemical was the direct result of the publica- tion in the financial district of an official denial of rumors that the Standard Oil companies of Indiana and New York, were negotiating torN the use Of the comnauy's silica gel refining process. The stock opened A higher at 741z, advanced to 76, broke precipitously to 58 and then fluctuated violently within a To- point area closing at 59 1s for net loss of 147s points. United States Steel, Baldwin and Studebaker were in supply most of the day, showing slight losses on the day. American Can, the fourth member of the quar- tet generally recognized as indus trial leaders, touched new high on the advancement at 1O334 and closed nearly points below the top for net gain of nearly a point on the day. Buying of can was based on reports of biz orders for the next year.
 Another decrease in crude oil out put reported in the' weekly summary of the American Petroleum institute brought some good buying into inc oil shares and Induced considerable covering in issues previously sold short on rumOrs of new financing. Tidewater Oil was pushed up B15 points but slipped back to 121 later, Substantial gains also took place in the Pan-American issues, Houston and Marland, but these were either reduced or wiped out before the close.
 Maxwell Motors, A was one of the individual strong points, closing 5A higher at 561z, after having sold a point above that figure. United States Industrial Alcohol, Cuban Dominican Sugar preferred, Manatf Sugar. common and preferred, Iron Products, Sterling Products and Rail- way Steel Spring also closed ? or more points higher.
 A 4 point jump Big Four" which sent to 115 new 1923 top, was the feature of the railroad list. New York Central was active and strong in expectation of benefits to be re- ceived through the liquidation of Reading railroad rights"
 Call money opened at 4 4 and then eased to 412 where it closed. The time money and commercial paper markets were relatively quiet with no change in rates.
 Foreign exchanges displayed somewhat reactionary tone. Demand sterling closed at s4.37 5s, cent be- low last nights final quotation and French francs were off 1112 points tat 5.42l2 cents, closing prices be- ling around the high levels. of the day. The Scandinavian exchanges made good recovery in the late deal ings-
 Total stock sales. 1,531, ,0OO shares. Twenty industrials averaged 91.S2, net loss .28.
 High, 1923, 1o5.8s; low, S5.76. ~' Twenty railroads averaged S4.27;
 High, 1923, 9o.51; low, 79.58.