The Birmingham age-herald., 1923-10-17
WESTERN RAILWAY SHARES DUMPED ON ". Y. EXCHANGE

NEW YORK, Oct. 16.-Heavy sell i1g of the Western railway shares ] on publication of Washington dis | patches stating that President Cool | idge favored a reduction In freight l rates on grain and coal brought about another sharp reaction in to- days stock market the losses in active shares running from 1 to nearly 4 points. The average of 20 leading industrials stocks dropped 107 points to S6.96, or within 4 points of the 1923 low. N
 New low prices for the year were established by Northern Pacific at cago and Northwestern at 60A and the preferred at 105 and Colorado and Southern at 20. In addition, Great Northern preferred duplicated It's previous low of 51iS A few is- sues made partial recovery before the close, the net losses in this group ranging from 1 to 3ss in the case of Northern Pacific and for Chicago and Northwestern preferred.
 Resumption of yesterdays short covering operations gave the market . firm tone at the opening, with spe- cial attention being paid by buyers to the steel. motor and tobacco shares. Wall street began to hear unfavorable reports about the vest ern carriers before noon, however. and the pressing for sale of these is- sues brought about 8 reduction or cancellation of the early gains, which ran from 1 to 3 points in many is- sues. and eventually turned the en- cluding National Enameling, which tire market downward.
 Nearly score of industrials also fell to new lows for the year, in- cluding National Enamelling, which lost ground on unconfirmed rumors uf danger; Ajax, Goodrich and Kelly Springfield rubbcrs. Swhich weakened in reflection nf lower tire and crude rubber prices; Butter Copper and Zinc. which was adversely affected by the lower prices for the red metal has been under upressure as result cf lnfavorable trade conditions. Among the others to hit new bot toms were Coca. Calo, Armour of Delaware, preferred, Pressed Steel Car, Mathieson Alkali and United Cigar Stores,
 Most fthe selling originated with professional spectators for the de- cline who were quick to seize ad- vantage of this apparently unfavor- able development. There was thin market for number of stocks, how ever, with the result that the losses in some cases were large enough to touch off stop loss orders and cause some selling by frightened inves- tors. Buying support made it's ap- pearance in the late trading but 1t failed to bring about a rally of any proportions.
 Sugar shares developed fresh weakness on the failure of direc- tors of Punta Alegre to make an ex7 tra disbursement in addition to the resumption of the regllar-$5 annual rate Scattered gasoline price cuts and the reported increase in produc- ton in the Powell field iii Texas ac- celerated the liquidation of oil stocks.
 Money rates were somewhat easier. Funds on calls opened at A and eased to 41a, while more time money was available at 5A for the shorter ma aturities.
 Foreign exchange rates were slightly heavy. French francs drop ping g points -to~ 605c. Signs of weakness again developed in the Scandinavian remittances, Norwegian and Swedish kroner again establish ing new lows for the year.
 Total stock sales, 176,100 shares.
 Twenty railroads averaged S6.s6 net loss TOT.
 High 1923, 1o5.ss; low, s6.s2.
 Twenty industrials averaged S1.O5i net loss 1.39.
 High 1923. 90.51; low. 7s.53.