Evening star., 1923-11-25
STOCKS co HIGHER
IN BRIEF SESSION
Oils, Tires, Tobaccos, Sugar
and SpeciaIties Strong in
Saturday Trading.
PIVOTAL SHARES DULL
&c. & o. Drops Below 70-Brisk
Rally in French Francs-Sales
Exceed Half Million Mark. .
By the Associated Press,

NEW YORK, November 24-Specu-
lators for the advance again assumed
control of the stock market In today's
brief session, moving the general list
TO higher ground by a series of
bullish demonstrations in the oils,
tires, tobaccos, sugars and specialties
Sales exceeded the half-million mark,
despite the absence of a number OF
traders who Went to Cambridge for
the Yale Harvard foot ball game
On shares, which have been heavily
bought lately on speculative expec-
tatlon OF Improvement in the indus
try because of the steady decrease in
crude oil production. were lifted up
by the brisk demand for Sinclair
Producers and Retiners. Cosden and
Phillips, all of which closed a point
| or more higher. The strong spots ir
the sugar group, which has been ben
ehted by the higher prices for the re
fined product, were American Rein
ing. American Beet and Cuba Car"
preferred, up l to 2I points.
Schultz Leads TobaccoS.
Schultz led the active tobaccoe.
1855, new 1928 high. United
Cigar Stores climbed ) points on Z
small turnover and Tobacco Products
common advanced IA.
ican Can and Studebaker, generally
recognized as the pivotal shares, i'm
proved fractionally. Maxwell Motors
A advanced nearly 9 points on d re
ViVal OF reports of its merger with
Studebaker, but forfeited all its gain
before the close.
United States Cast Iron Pipe. which
has been making a belated response
to the resumption of dividends on thr
common stock, jumped 3l4 points /"
al
Chemical closed more than points
higher at 675s or nearly 10 points
above its low of the week. established
In its sensational gyrations last
Thursday.
{. & o. Again Below 90.
Rails held relatively steady, al.
though Chesapeake and Ohio again
dropped below 20, in reflection Of
speculative cover the
failure of the directors TO increase
| the regular 81 dividend at yesterdays
meeting. Jersey Central jumped ,
points on two sales. Other changes
were largely of a fractional charac-
| ter.
Strength Of the Brooklyn Manhat-
tan transit issues was one of the fea-
lures of the specially list, the pre-
ferred stock gaining more than .
points on the day
A brisk rally in French francs on
the overnight announcement that the
fluHT mine owners mad signed an
agreement with the French was the
| feature of the foreign exchange mar
ket Francs sold points higher at
5.42 cents Sterling enjoyed a mo-
mentary period of strength and then
fell back, demand bills being quoted
around s4.3612 at the close. Nor
wegian and Czechosloyakian cur
rencies reacted sharply, but the rest
of the list held relatively firm.
Clearing House Report
The weekly clearing house state
ment showed decreases in most of the
principal items. Loans. discounts and
Investments fell s6,644,00O below the
week before, reserve of member banks
In the federal reserve bank de
creased s20,l54, 900, net demand de-
positS dropped s31.36S,00 and time
deposits We're s9S5. 900 lower. There
was slight increase in circulation.
Aggregate reserves totaled S51OI2I-
600, leaving excess reserve of $40
10S.53O. decrease Or s15,62S, $50 un-
der week ago.