The Birmingham age-herald., 1924-09-06
STOCKS MARKED
 BY SHARP BREAK
Net Losses Run From One To Four Points In
 Industrials

NEW YORK, Sept. 5.-stock prices broke sharply in today's market, net losses running from 1 to points in number of popular industrial issues. Lack of effective buying support re- vived discussions among market op- servers as to whether the recent reac- tfon represents the culmination or the bull market which began early in Juner or a temporary setback to correct weakened technical condition. Each the ory found plenty of adherents.
 American Woolsn, whose sensatlonai decline featured yesterdays session' mss mss again under severe pressure today. The first sale was block of 3,5O0 shares at the "spread opening" price of 56-o7. It rallied a point higher on snort covering broke to 54S, the lowest price since a919 and closed at 558.
 United States Steel common dropped l point to 1O6i4 Baldwin showed loss of 2 points at 119A and American Can was down BIS at 126k. Studebaker du- plicated its recent high of 40 and then slipped to 3S1s, off es.
 A bear raid against Famous Players. predicted on the fact that the half years dividends were only earned py d small margin, forced that stock down to 741a, but it rallied later to 76, where 1t was off 3A points on the day. Net istered by more than a score of other issues. including Anaconda, Dupont, General Electric, Kresge Department Stores, Maxwell Motors A." U. s. Cast Iron Pipe, U. S. Industrial Alcohol, U. s. Rubber common and first pre1eTreI; r.,I; States Steel, Sloss-Sheffield, Sears-Roe- buck. Yellow Cab, Nash Motors ana Chandler Motors, the last named toucn- ing a new low at 36b on unfavorapie dividend developments.
 Oils showed splendid resistance 10 selling pressure in reflection or the further improvement in the crude oil situation, Pacific Oil closed point higher at 479s, and Standard OH or New Jersey, Marland, California Petroleum and Phillips Petroleum improved irac- tionally.
 Railroad shares developed several points of strength, although majority of issues in that group showed declines on the day. Further accumulation or Lackawanna sent that stock up to l43 314' the highest price since the cec:aration of A loo per cent. stock dividend on August 2O 1921. Profit taking, however carried it down to 140B at the close. s'Nfckel Plate common sold at new peak price of 121 and then saggeo 10 117%. The preferred touched a new top points. Strength of Lackawanna was attributed in some quarters to reports that it was to be taken into the new Nickel Plate system, and in others 10 a possible distribution Of the Soo'ooo'Voo Glen Alden Coal company bones in its
 Call money opened at 2h per cent and then dropped to 2. Time money was somewhat firmer with 9O-day loans ap- parentiy established on a 8 per cent basis and the to months maturities at BE- Commercial paper rates were un- changed on a fairly large turnover.
 Foreign exchange rates were again re- actionary in reflection of the pressure on grain and cotton bills and the un- favorable construction placed upon some of the recent developments at Geneva. Demand sterling ruled about a cent lower, around $4.45, and French francs were quoted just above SAC.
 Stock market averages: