The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-27
Stocks FORCED
To NEWL0VIS
BY BEARS
Uneven and DesultoFy Trading
Features Weeks Activity
on Market.
by w. 8. COUSINS.
Copyright. 1885. ~ Cosmopolitan
News gervics.l

News Sefvicesl
NEW YORK, Got. Fin uneven
and desultory trading on the New
York stock exchange this week. the
average price Of both industrial and
railroad stocks finally broke through
the previous resistance points'' and
established a new low for the year.
This is e feat for which the profes-
sional bears have long been work
ing. and their triumph was hailed
with considerable satisfaction BY
bearieh leaders.
Trading was again signaIiSed by
the concerted price movements Ia
groups of stocks, mostly In re-
Spouse to current Developments In
the respective industries. Copper
stocks established new lows On
heavy selling, induced by reports
that some Of the big producers were
planning to ctrtail production. Rub
Der and tire stocks were similarly
affected as new evidences Of over-
production and price-cutting Were
presented to the speculative district
Rails Suffer.
Low.priced rails suffered princi-
pally, 1t was thought, from liquidar
ton by disheartened holders. St
Paul WAS sold into new lCw.price
territory, the preferred stock max
ing the lowest record IN its history,
while the common, ct Tx. estab-
ifshed the lowest price in over nifty
years. This ID d big decline nom
the high Of 1891, which the stock
commanded IN the heyday OF It's
prosperity. President Harry Byrana,
OF the st. Paul road, In New York
this week, was unable to account
for the weakness in the stock, stat
ing that the earnings were ~ good
as could be expected and the road
il in excellent physical condition.
Al better showing was made By
the stocks Of the mercantile group
representing chiefly the Big depart
ment stores and chain stores. Buy
Ing Of thoss stocks reflected the
unusually profitable record Of the
retailers Of popular merchandise
Almost without exception these
stores have made bigger profits
than in any year since the arms
tice, and their present prospects
are bright. OH stocks resisted
further efforts TO depress them 70
lower levels, Notwithstanding that
California production showed 3
large increase IN the latest week r.
ported.
SpecialfIes Weak.
Specially stocks were not SO
prominent in the trading this week.
ace fNRA RvA
Famous Players sunk to d new low
on reports that some Of the studios
OF the company would be closed, anu
American Sugar yielded to per
slstent reports Of new financing
which, however, met with official
denial.
Much attention was directed, in
the financial district, to the action
Of the foreign exchanges. Sterling
continued its decline In the first
part OF the week, due In large part
to the heavy purchasing Of dollar
exchange in London against cotton
bills and war debt payment. Fol
lowing the publication Of Secretary
Hughes note on an international
conference on reparations, sterling
advanced sharply to above $3.50.
Continental exchanges were again
marked by ifregGlarity, peeetas and
gllilders making new lows.
Further progress was noted IN the
advance Of the money market TO
more favorable conditions. Time
loans and commercial paper rates
receded.
The cotton market retained the
interest that has been manifest
there since the early part OF the
year, spot cotton being IN heaviest
demand and advancing sharply TO a
new high at 31.76 cents O pound.