The Birmingham age-herald., 1923-11-16
MARKED GAINS IN EQUIPMENTSMADE

NEW YORK, Nov. 15.-Resumption of the forward movement in the in- dihstr1als and the development of a reactionary tendency by the rails characterized todays session of the stock market. Speoulators for the advance continued to encounter re- sistanoe 1n various sections of the industrial list but a squeezing of the short interests in some of the equipment issues resulted in some marked gains in that group.
 The foreign exchanges continued to yield to the disquieting foreign political news, but most observers were agreed that the stock market moved in seeming indifference to cable dispatches. Special dividend International Cement and Beechnut Packing were offset by cut from S8 to $3 in the semi annual dividend on Illinois Pipe, which is traded in on the curb, and rUmors of & reduo- tion in the dividend on Jones Broth CTS Tea next month, that stock breaking more than points to 271a but rallying to 29A before the close.
 Baldwin was the individual fea- ture In the industrial list, soaring nearly points to 127a $, 8 new high on the current upswing, but casing to 126% at the close. Lima Loco- motive and Pullman each closed about a point higher and General Electric and American Locomotive improved fractionally. U. s. Steel Studebaker and American Can closed fraotionally lower.
 Tobacco, Chemical, Independent Steel. copper and oil shares also de- veloped special points of strength, gains of l or more points being re- corded by Tobacco Products A, American Sumatra Tobacco, Loril- Hard, Davison Chemical, Mathewson Ufre Int Ca preferred, Pierce Oil preferred and Phillips Petroleum.
 oil shares were helped y the re- port by the American Petroleum in- stitute of a further reduction in crude oil production for the week aided by the favorable quarterly statements of the Porphyry com psnles and reports that sales of the red metal in the first two weeks of this month totaled between POO, ,00O,- ooo and 225,0o0,000 pounds. Mail order and farm implement issues were bought on Secretary Wallace's announcement that the value of Il principal crops has jumped from 00,000,000 in 1921 to about S7,o00,- 000,00 this year.
 Maxwell Motor issues, which were strong yesterday on reports of an impending merger with Studebaker lost ground today on publication of an official denial. Some selling took place in Texas Gulf Sulphur in re- flection of speculative disappoint- ment over the amount of the extra dividend.
 Considerable profit taking took place in the low priced rails, which nave been strong recently, but re- sessions, as rule. were held to frac- tions. Postponement of the dividend meeting on Chesapeake and Ohio was held responsible for the point recession In that stock.
 Call money opened at "A per cent, but dropped to 41a before the close The time money and commercial pa per markets were quiet with no exchange In rates.
 Foreign exchanges were again weak, demand sterling selling around the years low of S4.32 7-16. but rallying later to S4.3315 French francs established a new low for all time at 5.324 cents. Dutch guild CTS broke sharply with other reces- sions in principal currencies.
 Total stock sales. S56,200 shares.
 Twenty industrials averaged 90.S7, net gain, .46.
 High, 1923. 1o5.SS; low, S5.76.
 Twenty railroads averaged SAG. net loss, .21.
 High. 1923, 9o.51; low. 1858.