The Birmingham age-herald., 1923-09-01
EARLY RECESSION IS OVERCOME IN MORNING TRADING

NEW YORK, August 31.-Construc- tive factors were at work in today's stock market with the result that prices stiffened considerably after an early period Of heaviness. Trading, however, was of usual quiet, pre-holi- day character.
 Morning paper reports of war-lilxe preparations on the part of Italy against Greece and predictions that Governor Pinchots proposal would not be accepted by both parties to the miners wage dispute brought a fairly large volume of selling orders into the market at the opening, the recessions running as high as four points. These offerings were well absorbed, however, and within half an hour the market was pointed up- ward again.
 The rally did not assume very ex- tensive proportions, however, until after the official announcement of the resumption of diplomatic relations between Mexico and the United States, which was followed by moderate buying demonstration in the stocks of companies interested in Mexican properties and in the bonds of the Mexican governmen ent Itself. This an- nouncement. which was followed by report that the miners had accepted ahe Ptnchot plan as basis for fur ther negotiations and that the op- orators, while objecting to the ten per cent wage increase. would accept at on condition that an agreement putting 1t into effect over long term of years be effected, imparted 8 firm tone to the rest of the list.
 Dun'S business review states that signs point more clearly to a gradual breaking away from the summer lull 1n some branches of business" ad- ding that while conservation con- 1tnues to govern most operations, September is expected to bring about further quickening of demand"
 Bradstreets set forth that there gre moro cross currents visible in trade. crops and industry and busi- ness operations generally have re- flected the desire to make the most of the last week of the vacation sea- son, but the more cheerful tone re- gently noted continues unabRted."
 United States Steel, Baldwin, Stude- baker, American Can and most of the other pivotal stocks showed small fractional gains on the day. Davison Chemical, whose spectacular fluctua- tions featured yesterdays market. ranged between 51 and 56, closing at b2 1-4 for net loss of 2 S-4. An of ficial investigation of yesterdays fluctuations was ordered by the busi- ness conduct committee of the ex- change this afternoon.
 A jump if five points in willys- overland preferred was attributed to the perfection of arrangements to care for large block of stock that has been overhanging the market and rumorS of an early resumption of dividends. Merchandise issues, par ticularly Cluett Peabody, were strong on reports of improved trade ? conditions. Buying by shorts was held responsible for the advance in Famous Players, which got as high as TT 14. Call money opened at 515 per cent, but dropped to 5 before the .close. Time money and commercial paper rates were unchanged. p Foreign exchanges receded slightly, demand sterling falling half cent to $454. IA and French francs falling five points to .5.591a cents.s
 Total stock sales 565,20O shares.
 Twenty industrials averaged 93.46, net gain .06.
 High 1923. 105.3s, low ss.sI.
 Twenty railroads averaged Se.30, net gain .29.
 High 1928: 9o.s3, low 76.7s.