The Birmingham age-herald., 1923-09-26
DOMESTIC TRADE DEVELOPMENTS CLOSELY WATCHED


 NEW YORK, Sept 25.--A sharp re- action in prices took place in today's 8 stock market, many of the leaders closing at losses of to 9 points on the day.
 The decline was generally regard ed as proof that domestic trade de- velopments were the paramount force in the determination of quoted values at the present time. The opening was strong in response to official reports that Germany had decided to abandon passive resistance in the Ruhr, but the rally was not sustained
 and the market turned decidedly heavy on publication of unfavorable news and gossip concerning the do- nestle trade situation.
 Heavy selling of Studebaker, which broke 9 24 points to 965s, a new low for the year. on unconfirmed rumors of a prospective cut in automobile prices, eventually unsettled the gen neral list after a number of food. copper and miscellaneous shares had been run up 1 to 8 points. Baldwin, American Car. American Can. New Work Alrbrake, Dupont. Goodrich and Woolworth all dropped 8 to 91a tpoints, While Burns Brothers broke F6 points.
 The coppers showed a firm tone sand some of them succeeded in re- sdaining part of the early gains. The action of these stocks was clearly fattributble to the reparations news fas copper producers have repeatedly iHtated that settlement of the Ruhr Eproblem would naturally be reflected lin an increased export demand for lEhe red metal.
 l oil shares, which have borne the ibrunt of recent selling pressure, also held relatively well. Reports were lcirculated In Wall street during the gday that some of the leading pro- lhucers were plannig to pool their surplus product and issue cert!fi- leates against it. similar to the copper iexport financing plan a few years sRgo, but Standard Oil officials dis ! claimed any knowledge of such tRc-tio and canvass of the leading fdndepedents failed to develop that any such plan was under considera- l4ion It was pointed out, however, lthat some of the Pennsylvania pro laucers had found this expedient in lsears past.
 Is5. $. Steel Breaks ss
 United States Steel broke below fs6 for a new low on the movement lpn reports of a continued slacken ling of demand. Independent steels Ieagged in sympathy, Gulf States loos- ling nearly points on the day.
 Rails yielded with the industrials, IE sspite the publication of some very Favorable August earnings state lgnents. Heaviness of Baltimore and Ionic was associated with reports lahat the resumption of the common dividend would be delayed until the lend of the year, the stock closing 1ls lower at 501z. It Is understood that the first declaration will be at the annual rate of per cent.
 Foreign exchanges made a good response to the foreign political news, to which they are highly sen sitive. French francs advanced 10 points to 6.291k cents and Belgian drancs advanced 12 points to 5.54 cents, but both reacted from the high ciiotations in later trading. Demand sterling closed & of cent higher at S4.56. German marks also i'm proved, being quoted at S2 cents hundred million.
 Call money opened at 5 per cent. advanced to 51z and then fell back to 5.
 Time rates were unchanged.
 Total stock sales 726.40o; shares.
 Twenty industrials averaged S7,797, net loss 1.24.
 High 1928: 1o5.3S; low, Ss.92.
 Twenty railroads averaged s1.s5; net loss ,49; high 1923: 9o.51; low. i7q53