The Birmingham age-herald., 1923-12-15
RAILS CONTINUE LOWER TENDENCY.

NEW YORK, Dec. 14.-Conflicting price movements took place in to- days stock market, industrials swinging upward in vigorous fash ion until checked by the usual week end realizing movement just before the close, while railroad shares con tinued to fall back on renewal of selling pressure against the North western carriers. Total sales, which again exceeded 1 ,250. 900 shares, test flied to increased public participa- ton.
 Large buying orders were placed in the market at the opening as a result of the favorable showing made in the Novemb afereign trade statement and the growing specu- lative belief that the further reduc- ton in crude oil output coincident 2 with an increase on certain Texan and Pennsylvania grades foreshad- owed a definite turn for the bet ter in the oil iHdustry.
 Oils moved to higher ground in active trading under the leadership of such issues as Producers and Re- liners, Pan-American A and B, Cos den, Marland, Houston and Pacific, all of which closed a point or more higher on the day although early gains were not entirely maintained. Sugars were heavily bought in the early dealings but they, too, fell back in the heavy realizing move ment of the afternoon.
 The so-called pivotal shares United States Steel, Baldwin, Ameri- can Can and Studebaker-also be- came active at higher prices but with the exception of American Can, which closed nearly point higher, they forfeited all of their gains and closed ATA fF.lf lion a1lI lower.
 The chief individual feature was United Cigar Stores, which jumped IS points to 205 and then slipped back to 200. United States Cast Iron Pipe jumped more than points to 65, new 1923 top, and then eased to 63is. Some of the strong spots were Corn Products, U. s. Alcohol, Republic Steel. Hays Wheel, Ameri- can Waterworl1s and Hartman Cor poration Considerable interest was aroused by the activity of American Telephone, which touched 12S% and closed at 1275s for net gain of nearly a point.
 Wiilys overland preferred, one Of the recent strong spots, dropped back 25s to TS1s; Dupont dropped 2A and Jones Brothers Tea closed points lower. after establishing new low record for the year.
 The deadlock over the chairman ship of the Senate interstate com merce committee and the drop in car loadings for the week ending December 1, which was explained, however, by the Thanksgiving holi- day, were regarded as contributing factors to the heaviness of the rail shares. Northern Pacific and Union Pacific dropped about point while most of the other northwestern, and a nAmber of eastern issues yielded fractionally
 Call money opened at 4 4 per cent but dropped to 4i5 before the close. Trading in the time money market was again quiet with short term loans arranged at , and the longer maturities at 51i. The commercial paper market was moderately activc with the best names commanding IA per cent.
 Principal foreign exchange, rates were slightly reactfonary. Uneasf- ness over the British political situ2- tion caused further drop of F cent in the rate of demand sterling, which was ouoted around $4.36$4. while French francs eased about points to 5.30 cents.
 Total stock sales. 12S4.ooo shares.
 Twenty industrial averaged 94.96; net gain, .96.
 High. 1922. g1O5.ss; low, s5.76.
 Twenty railroads averaged .SS.22;
 High, 1923. 9o.51; low, 7s.5s.