The Birmingham age-herald., 1923-10-26
TWO SCORE ISSUES DROP TO NEW LOW

NEW YORK, Oct 25.-Price re- adjustments in today's stock market were largely downward. However, vthe comparative stability of the GUS . tomary industrial leaders and the Ssrelatively E8nC volume of trading were generally construed as indicat- i ing no change in the recent uncer- tain speculative outlook.
 e Selling pressure was concentrated principally on the low priced rails. coppers and select group of special sties, two score of which were de- pressed to new low levels for the ss year. Among the stocks to break @ below their previous resistance points were such issues as American kmelting, Anaconda, Kennecott Calu- cemet and Hecla, Northern Pacific, St. fePaul, common and preferred; Great cs Northern, Pere Marquette preferred; " A merican Sugar, common and pre- @ ferred; Central Leather, preferred, v and United States Rubber, common and preferred.
 ..,,t.-Bear operators succeeded in forcing n the closing out of some weakly mar st gined accounts among the grangers s, witch were offered on the theory z44hat the contemplated reduction in sbgrain freight rates would materially affect earnings. President Byram, Of s-thes St. Paul. declared, however, that he could see TO reason for the pub E lies change in attitude toward ms q, were the best in three years, while 1898 earnings to date were running $5.000,00O ahead of last year. Liquidation of the coppers was in a@direct reflection of the drop Tn the ~.1sriee of the red metal to l29sc pound a new low for the year, with & the demand of big consumers limited
 Loss of export business by recent ss2Gevelopments along the Rhine mas -gbeen one of the depressing factors tl eff
 ,5a Statements of r.. H. Gary before the American Iron and Steel institute that the business outlook was Sooo and inquiries for s,col. and ron un- usually large were offset by an sN lIouncement of q reelection of Sl seton in the pig iron price at Chicago. The principal steel stocks either closed unchanged or slightly lower. Famous Players hardened on de = allaial of reports that the holdings or sN phes principal officers had been ma terlally reduced. but it tailed to hold its gain. Declaration Of a 300 per feent stock dividend by ConSoleum .9sl.r4y,l c.ht about profit taking with a ert oiisequent reduction in price. Pup s1ication of a trade agreement be- Gf tween American Tobacco and To- bacco Products resulted in sharp recession in the and B Issues or the. latter although the preferred ,l.. established a new top and held US gain.
 Call money opened at 4l2 per cent a and then dropped to 1 again before the close. The time money market was quiet, although a fair amount or business at 60 and 90 days was transacted at per cent with bank CTS generally holding out for o1S The commercial paper market iS .S broad with an easier trend.
 Foreign exchange sank on capieo Ne reports of an attempt to establish epaiatinate republic in Germany put eF snapped back sharply later when IL yswas announced that two important
 cable communications between the eGUnfted States and Great Britain on the subject of separations were to be ss made public.
 - Demand sterling, which had eased nearly one and a half cents to S4476s regained most of it's loss ana French francs, which had been OH points, moved up to 5.S31ac Ger man marks were quoted around cent billion.
 Total stock sales 597,200 shares.
 Twenty industrials averaged S6.45;
 High 1923, 1O5.ss; low. s6.43.
 Twenty railroads averaged So.oI S High 1928, 9O.51; low. 79.5s- Tt-fSixS7