The Birmingham age-herald., 1923-09-14
SHARP REACTION IS EXPERIENCED
 BY ACTIVE ISSUES

NEW YORK, Sept. 13s-Wall street witnessed it's first million share day on the New York stock exchange to- day in more than three months, but 1t was accompanied by a sharp re- action in prices with active shares registered losses of to nearly , ia points.
 The selling was attributed to a va riety of causes including the failure of operators on the long side to at tract 8 public following in the re- cent upward movement, the disturb ing nature of the foreign news, the decline in forward buying in the steel industry and rumors of unfa- Norable- dividend action, particularly by some of the oil companies. Pass ing of the Marland dividend was not announced until after the market closed, but rumors that it was in danger were circulated during the day with the result that the stock dropped 2A points.
 Many of the large commission houses, apparently discouraged by the failure of the market to rally yesterday, urged profit-taking on the part of recent buyers, thereby accelerating the decline which had received jts initial impetus from the heavy offerings Of spectators for the decline.
 The reactionary trend was checked momentarily by the statement of E. H. Gary, chairman of the U. S. Steel corporation, that in his opinion there was nothing in sight to indicate serious business depr ression in the near future and, that the recent Ciminution in new orders was sea sonal and not alarming. At last TO- ports, he said, finishing mills of the corporation were operating at s9,4 per cent of capacity.
 United States Steel common broke S9 but rallied to S9H, where 1t was off A on the day. Republic, Crucible and Bethlehem dropped 2 to points and Gulf States Steel slumped
 Baldwin dropped 3A points ana Studebaker and American Can, also included among the so-called pivotal stocks, yielded about 2 points each, Stocks in which pools are reported to have been operating were among the hardest hit. Among the many stocks to drop 8 or more points were Dupont, General Asphalt Bosch Magenta, American Ice, Ma natl, American and Puma Allegro sugars, Savage Arms Werner Speed omter, Strongberg carburetor, Ma tional lead and United Reality in- vestment preferred.
 Rails offered better resistance to pressure than the industrials on reports that another new high record for car loadings had been established in the week ending September l, when the total was 1,O92,567 cars. an increase of 22,635 over the pre- vious record established the week before. However. there were few conspicuous weak spots, Lackawanna dropping 315 and Great Northern preferred 2b.
 CaIl money opened at 5, advanced to 51a and thence to 6, more cafIing of loans being reported in antictpa- tion of the income tax payment this Saturday. Time money held steady at 5A per cent, for all msturtties with business quiet. 2 Commercial paper again ranged from 5A to 5h per cent. Foreign exchanges were reactionary. Demand sterling dropped nearly cent to S4.537s. French francs slipped back 35a points to 5.74hc and Belgian francs yielded the same amount be- ing quoted at 4.751ac. German marks again sold below one cent million.
 Dutch guilders advanced 26 points to 39.51 cents.
 Total stocks sales, 1,046,200 shares.
 Twenty industrials averaged 90.03, net loss 2.02,
 High, 1923 1O5Ss; low, ss.s2. Twenty railroads averaged sl.2f' anat loss ,76.
 , High 1928, 91,51; low, 79.53.