The Birmingham age-herald., 1922-11-07
STOCKS FORCED DOWN IN THELIST
 BY SPECULATORS
By Associated Press


 New York, November 6.--specula tors for the decline, finding the stock market in q weakened technical position as re- : sult of the rapid advance of last Thurs day and Friday, today took advantage of the unfavorable near eastern news and the unwillingness of traders to carry stock over the holiday. forcing down prices to 3 points
 Uncertainties regarding the outcome of tomorrows elections and the disposition of traders to await more definite devel- commitments resulted in considerably less activity total sales aggregatng only 704,- GOO shares, against the million share average of the last few weeks.
 The reactionary movement extended over most of the list but pressure was concentrated in the last hour on the Erie issues report of a strike of em- ployes of the Pennsylvania Coal company, one of it's principal coal properties. Erie mon Yielding 2ss and the second preferred 2h. Other low priced rails reacted in points taking place in St. Paul preferred, Rock Island. Missouri Pacific. Baltimore and Ohio and New Haven.
 Announcement by the American Rail way association that the demand for traf- fic facilities had caused the greatest car Shortage in history failed to check the decline in the standard rail shares, losses of a point or more being sustained by Reading, Atlantic Coast Line Chesapeake and Ohio. Great Northern preferred, Lake Erie and Western preferred and Union
 There were few notable exceptions to the downward trend. Chain store shares were bid up in spirited fashion on reports of better business and possible extra divis dend disbursements. Woolworth crossed double par closing at 2041s, a net gain ot IT points on the day. Kresge was pushed mp 7iR. closing at Is2, and May depart ment stores established new high at Ter bs then slipped back on profit taking to 164ts, at which price 1t was nearly points above Saturdays close. DuPont Powder and Otis Elevator also were un- usually strong, gaining points each
 Copper shares were strong in early dealings. but forfeited most of their gains of copper prices was noted as result of the large volume of metal bought for do- Chile and Cerro de Pasco each sold at least point above Saturdays final fig ufes, but later reduced their gains to frac- tions. Domes Mines established q new top at 46h in speculative expectation Of an extra cash dividend. but it slumped later to- 43. or 2h points below satur-
 Profit taking and short selling in the eofi shares caused some substantial reces- siens Mexican Petroleum dropping nearly points. and losses of I to being sus- Royaf Dutch and General Asphalt. Steels offered better resistance to pressure. most of them. yielding only fractionally. Ba,d- n points. sn s"' s'u's01N''
 Call money opened at per cent and then advanced to s 1s, where 1t closed. The time money rates held at per cent, with & comparatively little business being trans . acted. Only a relatively small amount or z new commercial paper Is coming Into the fnarket, the rates for which are un- changed.
 x Seriousness of the near eastern stua- fion was reflected in the heaviness of for oign exchange rates. French francs ana Herman marks dropping to new low levels . for the year Demand sterling also re- acted more than 1 cent to SLABS, d large Volume of grain and cotton bills being contributing factors.