The Birmingham age-herald., 1923-11-28
SELLING FOLLOWS
 WILD MOVEMENTS

i NEW YORK, Nov. 27.-Erratic Fluctuations in Davison Chemical and Maxwell Motors A, which closed at net losses of 1s and S3s points, respectively, unsettled today's stock market, after an irregularly higher opening. The rather wild movements in these two issues brought about "a substantial volume of profit talk aaing and bear selling, but for the most part the declines were moder- ate. Speculative interest was divided between the stock market and the cotton market, spot and December cotton prices getting above 36 cents pound, the highest in nearly four wears This advance was based on @heavy buying by Liverpool and Japa- nese interests, more cheerful Man . chester trade news and bullish crop estimate by a private report ing organization.
 Feverish speculation was the only ssreason given for the excited trading in Davfson Chemical. which estab e lshed new top for the year at 15 soon after the opening, dropped as low as 65h and finally closed at 69. The sharp break in Maxwell A, rs which fell from 591s to 49% was due Ito the reported breaking off of the negotiations for it's merger with the Studebaker company. stock of the latter showing net loss of nearly F points on the day.
 Rail shares showed marked
 
 saNew York Central touching a new ,I923 top at 1047s. Chesapeake and sc0hio closed point higher on a re- port that the Van Swerengin inter sests would make Nickel Plate com anon as attractive as possible as be- . fore using 1t to complete the con solidation. Erie shares were helped srby the October earnings report, which showed net income of $1.SSf,- 134 against S4S1.393 in the corre- spending month last year.
 Baldwin and American Can showed 7-enly slight recessions on the day while United States Steel climbed sb Thigher to 961s Early strength of the oil issues was based, in part, on 3publicatio of the October export figures which showed that 1e,O00,oo0 %more gallons of crude and refined soil were sent abroad last month above the previous month. and near 9ly 122,000,000 gallons above the total shipments in October, 1922 Resump- 'ction of dividends on Tidewater Oil also helped. Marland turned heavy 6on reports of new financing. United States Cast Iron Pipe, which has had a swift rise in the past two weeks -touohed new 1923 top at 579s, clos ing at 56% for net gain of s% points. Sugar shares, which also ,have been strong recently, lost ground on the prediction of lower prices by January 1. by President Post of the National Sugar refining.
 The foreign exchanges showed moderate reactions. Demael sterl- ing sold just above S4.87, Or about 1M cents below yesterdays quota tions. and French francs registered a drop of about points to a round 5.<o cents. For the first time since the German inflationary movement started, the leading commercial banks. declined to make even a nom inal quotation for German marks, 5 which have become practically worthless as 6 medium of exchange.
 Gall money held steady at %% per cent. Time money and commercial paper rates wore unchanged.
 Total stock. 1,186,0O0 shares
 Twenty industrials averaged 93.BS; net loss, 80.
 High. 1923, 1oS.Ss: low. sB.zs.
 Twenty railroads averaged S4tR; net loss, .01.
 High, 1928. so,61; low. 7s.ss.