The Birmingham age-herald., 1923-12-08
SHARP GAINS IN INDUSTRIAL LIST

NEW YORK, Dec. 7.-Stock prices developed moderate strength in to- days active market after an early period of irregularity in which the market was called upon to absorb another large volume of realizing sales. Some exceptionally sharp gains took place in the industrial and spe- cialty lists, General Electric being one of the outstanding features with a net gain of .S1a points on the day.
 New York Central came to the forefront in the railroad group, touching 10612, a new high record for the year, and closing slightly be- low. that figure for net gain Of 1A points. Gulf Mobile and North ern common and preferred stocks also touched net 1923 tops, but they were unable to maintain all their gains. Erie, Southern Railway and some of the other low priced issues, which have been strong recently, yielded on profit-taking.
 Early selling was influenced some what by the sharp reactions in for eign exchanges traceable to the failure of the conservative party to obtain a majority in the British gen. eral elections. Wall street was im- pressed, however, by the generally favorable reaction of business and banking leaders to President Cool tdges address to Congress and good supporting orders were placed Tn the market by powerful financial in- terests in the early hours of trading. Commission houses also reported in- creased public participation, but it is generally agreed that this has not yet reached sufficient proportions to become a determining factoT in the establishment of quoted values.
 hlIx f11c of issues was based on reports that November output was the highest ever recorded in that month and 32 per cent above that of November, 1922, and Speculative expectation of big sales at the winter shows which begin this month. Reports of high current earnings by some of the accessary companies also were an important factor. the Eaton Axle and Spring company reporting ca capital of $2.951, ,352. equivalent to SIS a share on the common stock. i, Fisher Body Jumped 10 points to ITO. Kelsey Wheel gained points, NaSS Motors, 3a; Maxwell Motors, 2A, and Studebaker. l.
 way but 1t eventually crossed 127, closing just below that for B gain of 1%r United States Steel and American Can improved fractionaliy. Outstanding strong spots among the speeAalties were American Car and FoYndr.-. Sohulte. Stores, Dupont. To- bsGco Products, American Sumatra Tbbacco, Atlantic Refining, Comput- ing Tabulating Recording, United fruit and Philip Morris, all up to jnearly [ points on the day.
 Reports of revolutionary disturb ences in Mexico had a temporarily depressing effect on the Pan -Ameri- can issues but they recovered all the ground lost in the early trading and closed fractionally higher.
 Call money opened at 41S per cent but advanced to before the close. More funds came into the time money market with the bulk of the business done at per cent. Com meroial paper was fairly active with rates unchanged.
 Foreign exchanges broke sharply on the British election news but made partial recovery later. De- mand sterling sold around $4.S6 F most of the day and French francs around 5.s3 cents.
 Total stocks sales, 3,f8S.ooo shares.
 Twenty industrials averaged sass;
 High. 1928, 1oB.ss: low s57s.
 Railroads averaged s5.2b; net
 High. issa so.ss, low. 7s.5s.