Evening star., 1923-10-26
MINIMUM PRICES
IN MANY STOCKS
Selling Movement Pushed
Hard Again Today in
Wall Street.
BY STUART p. WEST.

Special Dispatch TO The Star.
NEW YORK, October 26.-Thc stock
market today was another succession
of selling movements in individual
stocks.
Wall street had been buarish before
hand on Famous Players. but with the
1nexpectcd announcement that the
studios east and west were to be al
most closed on account OF excessive
costs. there was fresh rush TO sell
Famous Players opened down oSs
points, had a brief rally, then broke
violently again.
American Wooden Breaks.
Encouraged by this success opera :
tors for the decline began again their
search for vulnerable spots. Ameri-
can Wooden was driven down 10
now low, and so was lnternatlonal
paper. The United States Rubber
stocks were very weak again, the pre-
fe.rred selling on q 1912 per cent basis
This stock was within points OF the
extreme low reached during thc
worst Of the great depression OF
l920-21. United states Rubber PR pre-,
ferred has recrod of having mac
sensational sinking spells, or having
been left entirely without supper
and then winding up with equaiiE )
violent rallies as directors nave Notcu
tho regular rate of dlstrlputloh.
The break in American Woolen WAS
accompanied by reports that business
in certain lines was disappointing Z
and that some Of the mills would
have 70 be closed before long. Ihese
rumors have been denied authoLi 9,-
tatfvely time and again. But the
speculative community, in its present
mood, has refused to accept the de-
malls.
Paper Drops Under IS.
II is very hard to get at q really
satisfactory explanation for the
weakness in International Paper
which broke through IS today Tor
th,, first time. The impression has
been that print paper has been ad-
yanced enough 10 balance the m
crease of the last two years In wages
and In other costs.
Against this there is the more ac,
tive competition to be considered ano
also the effect of tariff duties on I'M :
ports of Canadian pulp owned Dy the
international Paper. The supposl -.
ion is that on this account cost OF
raw materials has Tiseh Sups'aii-
TALLY.
Railway shares were not under the
game pressure that they had been the
day before. but they showed no dis-
position to recover CohsloeFtns in ons !
specialties, standard industrIais con-
tinued TO stand up we'll. This was
true Of United States Steel, Baldwin
Locomotive. American can, DuponR
and Republic Iron and steel.
Financial Review and Outlook.
II was evident from the course OF
today's markets that financial opln :
ION was very much mixed on the
question of whether or not anythlng
will come from the renewal or the
American offer to take part IN
reparations conference.
The foreign exchanges arc no long
er the trustworthy indicator that they
usedl to be before they attracted the
heavy speculation which they have
,eeu the object OF in recent years.
The early jump in French francs
:.bovc $50, as against Ihursoay 10"
II 5.74a., was very largely SUDDEN
right on the part OF all extensive
short interest. Later in the day there
was a reaction not only in francs
but In all the other allied currencles
Certainly no enthusiasm over tht
-ras indicated in the commodity mar
kets, in the market for european
government bonds or on the locaI
stock exchange. The price move
lnents in these quarters were occu-
pied with other concerns.
Tae suggestion that a European
settlement would bring more OF de-
nand for wheat was entirely los'
upon the grain market OF the day.
Downward Plunge Near Close.
In the late trading Woolen was
pushed down nearly four points to
below 81. International Harvester
also had a very sharp break, which
vas set down to "tax selling" This
20 doubt, will be the fayorite reason
from now on for many declines. While
these violent downward plunges III
special stocks imposed a good deal
n a strain, they again failed to bring
important weakness into some of the
market leaders. Baldwin Locomotive
american Can and United States Steel
came back readily in the last hour
when the pressure in other parts OF
the list subsidized Copper shares, par
ticularly Anaconda and Utah, were
receiving more effective support
Rails did little rallying. but were not
weak, as they had been on Thursday
a ky