The Birmingham age-herald., 1923-11-03
SALES AGAIN co
 OVER 4 MILLION

NEW YORK, Nov. 2.-Stocl1 prices fiuctuated irregularly during the greater part of todays session, but i fresh outburst of buying in the late dealings sent most of the leaders to --4ew high levels on the movement. Sales exceeded one million shares for .ne' third consecutive day. Specu- lative interest of the financial com A.hnlty was divided between the seOck market and the cotton market, ene latter staging a sensational rally on publlcatloh of bulliSh govern ment crop estimate. Constructive forces in the stock market found con slueraple encouragem in series oI favorable trade developments dur Ing the day. These included the ueclara tion of our quarterly dividends or $l.z0 each on Manati Sugar. Pay nsents on which had been suspended since June, 1921; the resumption of dividends on Loews, Inc, announce mentS of the establishment of new high production records for all time ill October in the Carnegie Steel com pany and the Chevrolet Motor com pany and a report of the Great Northern Railway company showing that October carloads were the largest of any month in its history.
 Bear traders continued to put out new short lines during the day but met with little success in their cam paign for lower prices except in some of the oil. coal and copper com pany shares. Texas company dropped to 349s, another new low for the year, despite the denial of a director that the question Of reducing the dividend has been discussed.
 The market displayed its maximum strength in the final hour when Baldwin was pushed up to 12S, U. S Steel touched 925s and Studebaker again crossed par. Baldwin and Steel closed near the top prices of the day, but Studebaker fell back to 59a4 for a net loss of 5s of point.
 Rails were in good demand during most of the session with Chesapeake and Ohio, again the strong feature, that stock touching 15 Is, but yielded later to "A, where it was up nearly point on the day. Oil issues were again heavily bought, but some of the other hard coalers, notably Lack awanna and Delaware and Hudson lost ground on profit taking.
 Operators on the long side of the market continued to pick out new leaders, General Electric being one of the conspicuous strong spots today with gain of 5A points. Heavy short coverings in the pan American issues sent the "B" stock soaring Sa points to 57, while Cosden preferred closed nearly 3 points higher on the declaration of the regular dividend, previously rumored to be in danger.
 The threatened refusal of the United States to enter into a repara- tion conference with the limitations imposed by France, combined with the talk of a general election in Eng land to be fought over fiscal policies, resulted in a break of cents in de- mand sterling, which established an other new low record for the year at S4.45%, rallying slightly later. ! Other European rates yielded in sym pathy, French francs dropping nearly ! 10 points to 5.76A cents.
 Call money opened at "A per cent and then advanced to 5. The time money market was dull with brokers bidding "A per cent for the shorter lnaturities and bankers asking 5, most of the business being done at the higher figure.
 Total stock sales, 1,022,0O0 shares.
 Twenty industrials averaged ss.S1, net gain, .50. High, 1928, 105.Ss; low, S5.76.
 Twenty railroads averaged S2.66, net loss. .05. High, 1923, 90.51; low, 79.53.