The Birmingham age-herald., 1923-12-20
GAINS OUTNUMBER LOSSES AT CLOSE

NEW YORK, Dec, 1s-Strong buy ing support came into today's market and checked the reactionary move ment which developed yesterday. A renewal of selling pressure against Union Pacific in the final hour, with Sympathetic recessions in some of the other rails and industrials, gave clos rtHg prices an irregular appearance, but gains outnumbered losses,
 N The sudden reversal in speculative sentiment was based on Washington sdNices setting forth that the House vtssSS and means committee had de- cised to defer action on soldiers bazfus until after 1t has considered administrative features of the Mellon Iaxs program, and a statement by Ahase l.. Livermore, one of Wall street's most famous operators, deny 1nK that he had sold more stocks and A;ssertinE that his position in the market was unchanged. Declaration ofSthe regular quarterly dividend on Northern Pacific. previously reported in danger, also was constructive Sactor.
 K Bullish denominations were sue scessfully conducted during the day in d number of speeislties, including Ma tional Lead, which was pushed up 10 points to 137Ts, new high record for fhe, year; May Department stores, which moved up points to SS%, also a new high, on reports of record breaking holiday trade, and Cuban Cane Sugar preferred which climbed 8 points to 61 B.
 fore the close. Cuyamel fruit also was pushed up to a new 1923 top at I1%, but it dropped back more than ! points on profit taking.
 4 Selling pressure was concentrated 3n the early dealings on such specu- Dol in Aff1n ri iR a n Gan and Studebaker, each of which sold several points below Monday s Nigh figures. although all made good recovery later and showed little Change from yesterdays final prices At today's close. Steel shares were slightIy reactionary, although the Hone of the weekly trade reviews was slightly more optimistic. Iron Age, States that Due to railroad, structur- al and automobile buying, December has been thus far better month for the, steel mills than was looked for, Bookings being not far from the No .yember rate"
 'A Considerable ire egularity developed fn the railroad list with the North western carriers inclined to stiffen nn the announcement of the Northern Pacific dividend that stock touching i531a and then easing to 525s, where st was off 1 &S4Z " sz&l@@ %S it was off 1A on the day. Rock Is land recorded similar net gain, Great Northern preferred closed 1 Is Higher and Chicago and Northwestern and the St. Paul issues improved frac- tionally. One sale of 500" preferred look place at 50, 15 points below the previous sale and a new low record. New minimum prices also were es- tabfished during the session by St. Paul preferred, Illinois Central, Oma- ha and Chicago and Northwestern preferred. The Erie issues were sgaln heavily bought on future con fdrmation of high current earnings, ' Denial of new financing by the Phillips Petroleum Corporation and 'the weekly report of the American Petroleum Institute showing that Crude oil production in California averaged 746.545 barrels daily in No- Member as against 792,7S7 barrels the month before, created a better senti- Inent for the oil shares.
 ' Call money opened at 43% per cent and dropped to Az before the close Commercial paper was slightly firmer and fairly active at A to per cent.
 i A record low of 5.16 cents for French francs featured the foreign exchanges.
 { Total stock sales 1,090,o0o shares. X Twenty industrials averaged 93.61 ; net loss 10.
 4. High 1923. 1o5.3s; low, s5.76.
 .ai Twenty railroads averaged S2.09; net loss or.
 N High 1923, so51; low 1928.