The Birmingham age-herald., 1923-10-02
SPECULATORS FOR DECLINE CONDUCT
 REPEATED DRIVES

NEW YORK. oct. 1.--Erratio price fluctuations took place in today s stock market in reflection of the struggle for control between oppos- ing speculative forces. Leading in- dustrial issues showed little change on the day, but several of the rails showed moderate gains on buying predicted on excellent August earn ings statement.
 Spectators for the decline made repeated assaults on individual is sues in an effort to unsettle the gen. eral list. They succeeded in forcing more than dozen stocks to new low born resistance in other quarters. which incduced considerable short covering.
 Among the stocks which eBtab- lished new lows for the year were StudeDaker at 93S4, Kelly-Spring- field at 231L Chandler Motor at 45, 1iupp Motors at 163 al, Butte and Su- Ierior at 127s, American Zinc pre- 1erred al 26, Republic Steel preferred at S4$t. and National Enameling at s4S14. Studebaker rallied to 94ss, off gs4 on the day, but most of the others
 
 Weekend reports of political dis tarbances in Germany and Premier l'oincare's speech setting forth that France was disposed to walt until Germany had translated her decision to abandon passive resistance in the ltunr from words to deeds had a de- i pressive influence on the foreign ex- changes. Demand sterling dropped more than a cent to 4.63sI, French francs broke 15 points to below cents: Belgian francs dropping B points to below 5.1O cents, while German marks established a new low record for all time at 29 cents a hun cred million, and then rallied to SP cents.
 Considerable heaviness developed iI the can shares, American slump ing to SS2< and Continental to 47%c. but both showed good recuperative bower, American closing at 97sc, off .c on the day. and Continental clos, ing at 4S9s, off 7s. Allied Chemical was offered freely on a revival of an old report that large block of the stock was for sale by foreign inter. tsts. the closing price of 60sc rep resentinC a net loss of 2 E points.
 Squeezing of an over -ex ended short Interest was the explanation generally heard for the sharp run-up m Dawson Chemical, which closed "a points higher at 46 after having fluctua ted between 42A and 474.
 Continued liquidation of the motor 1 shares was associated with rumors of more price cutting and competi- ion next year. Some of the conspic- uous strong spots were General Elec- 1pic. Burns Brothers A and B. 9fouston oil and Woolworth up to S!z points and Liggett-Myers B up
 There were several spots in the rail group, gains of l to nearly 2 points being registered by Baltimore and Ohio. Southern railway, Cana dian Pacific, Union Pacific. St Pau! lweferred. Nickel Plate. New Orleans, Texas and Mexico, and Pittsburg and West Virginia. One of the most Interesting of the recent railroad earnings statements was that of the Detroit, Toledo and Ironton, known as the Ford road" which showed net operating income in August of S229.S35, as against a deficit of $300,- 404 In August of last year
 I Gall money opened at 5A per cent and advanced successively to 51A per cent, 5st and per cent. the stiffen ing rates being due to heavy with. efrawa1s In connection with October f payments. The time money market ls dull. with 51a per cent the ruling rate Interior banks are the princi- pal takers of commercial paper. the bulk of the prime names moving at VA per cent. Total stock sales, 602,- poo shares. V
 {. Twenty industrials averaged SS.oS' net gain, .19. High, 1923, 105.SS; low. S6.92.
 Twenty railroads averaged S1.56; net gain, .53 High 1923, S5.3l; low, sl9 5S.