The Birmingham age-herald., 1923-10-06
BUSINESS AGAIN IS TRANSACTED ON A REDUCED SCALE

NEW YORK, Oct 5.-Speculativt sentiment in today's stock market was still unsettled with the main ten dency toward lower levels, profes- sional interests put out new short lines, apparently on the theory that the markets failure to continue the Wednesday rally indicated a vulner- able position, but the selling failed to bring out any extensive liquidation on long stock. Business was. again on a reduced scale.
 The opening tone was heavy, but fairly good support was forthcoming. particularly in the oils, rails, tobaccos and chemicals, and thereafter prices see-sawed within comparatively mar now limits. Stocks were pointed up- ward in the afternoon, but they eased off again just before the close.
 Selling pressure was conducted largely on the motor, rubber, textile and copper shares. kclly~Spring- field was hammered down to 22 3s, a new low for tine year. but it recov- cred about half of it's two point loss bofore the close. Touching off of stop loss orders also. forced Inspiration tppper to a new low at 2i, but it re- acted to 26. American Woolen was sold on theory that the closing of the Amoskesg mills foreshadowed eurtailments in other textile centers. one sas e of Hydraulic Steel preferred vas made at $, new low and 5 points below the previous transac- tons.
 Numerous weak spots cropped out curing the session, including Ameri- can Writing Paper preferred Produc-
 s and Retiners. Foundation company nd Burns Brothers preferred, all off
 points or more.
 W ali street heard reports during inc day that some of tlae copper com panies were contemp plating shutting GpWn of their mills from Friday night un1il Monday morning until such time s the metal market became more stabilized. such action, it was pointed ut probably would mean 20 per cent reduction in output. Copper
 Ccks on hand are now reported to equivalent to one months supply.
 Speeial .strensth was again shown Y cert ain of the tabRcco share. To- acco products and the A stocks and -fmericl.n Tobacco B closing was 2 points higher and ggett-Meyers B jumpirg 10 points, One sale of Emitted Cigar stores was made at 1855 or 20 points below the previous trans action. United states Cast Iron Pipe common and preferred broke through 53 new high ground on reports that current earn1ngS were running at the rate of s15 R share
 Chesapeake and Ohio assuf ed the leadership of the rail group in the late dealings. jumping 2la points to 65 1-4. This rally revived unconffrmed ru- 1nors of an increased dividend in the near. future. New York Central was aSsin pushed above 102, but failed to lleaintain it's gain.
 5The weekly mercantile reviews tbrew little new light on the business situation BradstFeets reported an expansion in fall iobbing and detail trade demands particularly in tine south, but added that caution and conservation are still the guiding elements. Duns declares that sit nation is uneven and presents many contrasts, yet large business is be- ing done in many quarters at prices above those of year, and there are indications that some buyers who are not active in the markets now may hefore long find it necessary to re- 1lenlsh stocks of goods.
 Call money opened at Az, but ad Nanced to five before the close. Time money and commercial paper markets were quiet with no change in rates. Foreign exchanges were firmer, de- nand sterling being quoted around 455M and French francs around 5.95 cents.
 9Total stocks sales eS,2oO shares.
 Twenty- indgstrials averaged SAP, net loss 50.
 High 1923, 1o5.SS. low S692.
 Twenty railroads averaged S2.70, net loss or.
 High 1923 so.51. low 79.5S.