The Birmingham age-herald., 1923-10-03
RECENT SELLING PRESSURE FAILS TO WIDEN SCOPE

NEW YORK, Oct 2.-Speculativt uncertainty over the business outlook for the next few months was agair reflected in the narrow and irreg- ular fluctuation Of prices in today y's quiet stock market. There was how ever, virtual subsistence of recent selling pressure which gave the mar llet a slightly better tone but failed to lift it from the narrow trading area in which it has been floundering for the last few weeks.
 Reports were circulated by the fi- nancial tickers that brokers loans now approximately $1375, 900, a decrease of S25,000 900 in the last ten days and about $625,000,000 be- low the high mark of February, while the estimates Of the short interest were YariOusly estimated at from 500O0 to 2,000, 600 shares. It is generally conceded that stock loans are at or near the peak of the year
 Overnight news developments seem ingly had little effect on the eeo- homie situation and were disregard ed as market factors. Even the gov ernment ginning and condition re- ports, which brought about a 100 point rise, followed by a subsequent 1S0 point drop and partial recov- cry in cotton prices, failed to stim- ulate any interest in stocks.
 U. s. and Bethlehem Steels, Bald win and American Can, generally re- garded as pivotal stocks, all fluct- uated within an area of one point and closed at slight fractional gains Stakeholder, which has been the target Of considerable fear pressure lately, closed at 95$ after having sold as low as 94, or within 14 of the years minimum.
 One of the most conspicuous weak spots was National Enameling, which was depressed nearly 1 points at 45, a new low for one year, on the circu- lation of uncOnfirmed reports that the directors meeting later in tue month. The stock bounded back to 47 before the close.
 Considerable short covering was in evidence in Allied Chemical and Day. ison Chemical, the former closing 23s higher at 621a and the latter showing net gain of 15s at 479 after having touched 4S7a. There were few other strong spots in the industrial list namely iron products, '. s. Cast Iron Pipe. Wells Fargo, Savage Arms and Liggett and Myers, up to points
 strength than the industrials, with special attention being paid to the big dividend paying systems. Bal timore and Ohio was run up 1 point to 5S, a new top for the year, and Cleveland, Cincinnati, Chicago and Sl. LOUIS Jumped Oi2 pOIHlS lO 90 t2 also a new top. Wabash preferred "A" was another active feature.
 Call money opened at 51a per cent, eased to 5 around noon and then to Az where it closed. The time money market was extremely dull with a slight stiffening in rates. Bankers are asking 5A per cent for the longer maturities with brokers bidding 5 E for all dates.
 Foreign exchanges were also quiet. Demand sterling improved 3s of a cent to s4.541s. but most of the other principal European eurreneles were slightly reactionary, French francs being quoted around 5.96 cents, Bel gian francs around 5.07 cents and German marks at 80 cents hundred million.
 Total stock sales 564,o0o shares.
 Twenty industrials averaged Ss.3o; net gain .22.
 High 1923, 1o5.5s; low, S6.92.
 Twenty railroads averaged S1.6S; net gain .12.
 High 1928. 9O51; lew 7s.5s.