The Birmingham age-herald., 1924-01-15
HOST OF ISSUES
 DECLINE HEAVILY

~ szszNEW YORK, Jan. 14.-The first ehnfp break in the stock market selnca the current upswins started aOctober 31 took place today when eevy speculative selling, based on Hhe belief that many stocks had been Qyor bought" resulted in recessions @scxkAeto nearly points in most active steeues. The collapse of French ex- cnsnge and reports of bitter oppo- sieion to the. Mellon tax bill provided 'Axouses for an assault on the gem efAl list
 active in many issues, particularly lonG- the specialties, showed little S4isposition to actively support their afavorites. This led to considerable short selling on the part of pro- fessional traders who succeeded Tn touching off number of stop loss orders in all. sections Of tine list Bremen francs broke 3S points to t4szSc. the lowest rate ever recorded s4sf the .ocai rraket, on heavy Erro- stvs,h sp' culative selling, but they ' I<s,.u.,, uach to 4.40c on short cov- fstytana dropped more than cents to A.-o and Belgian francs dropped 5,so.e ,..ap 70 points. below 4c, but sEust. ...-ae partial recovery later. For tif. ,.. t.ne on eecord, Italian ire sssSi, ,fu.teu higher than French
 
 sa@ s.sa,y selling of francs to pur- s... se ETC.
 cpio.1m in the financial distric, IS'yss,s di, .ued as to the probable effect -Ss9 .;hv weakness of the foreign ex- ds-is;. s.s on American securities. In 2 a.e.ae .4a.eers it was held that the sssss,ss, ~.s of sterling and francs re- {. 1s..s., .iasettled political and eco i.sa.., ,Huitions abroad and was ss l5t,:.~ nave some effect on Amer is:ss.. .n-ss, while In others 1t was ; viu.>.. cat that the slump in the s-sssitis. ai.l French rates would re- t4sI:i ~ ~ transfer of capital to this si,.ri. through the purchase or s,,c. .,.....- securities. thereby tending i1 steei tlen ti. Ericcs Of stocks fI.li oet,..>.
 .stT1 s.i.,r9vst tirctuation in the f.snc. ..:.trhet took place In United 5ssea,,. ,.a.t Iron ripe, which broke lsat..,, 4. 6s,a and then rallied to S{s15s, There we're uftconfirmed re- < latte ,i,at d pool had been operating inAs .uI transferred it's activities to .a.oihvr Issue.
 Soa,e support was forthcoming for ta,e sterI shares on reports that the Knitted states Steel corporation w.,u!d ,.is,intain and possible increase me";. Y. n"St week. United states g.. .,uched par and then eased to
 If is.
 blc, Bethlehem and Crucibie
 to 2A points. Pennsyl-
 :ard touched a new high
 ,vement at 4h and then
 closed more than points
 12sfs. Losses of to near
 joints were recorded by Strde-
 Amerfean Can, Allied Chemi-
 1Pont, ICorn Products, United
 Induktrial Alcohol. Hayes
 Mackl Truck, Steward-War-
 d States Rubber and many
 ,wed no resistance during
 1T part of the session on re-
 higher gasoline prices and a
 r advance in Pennsylvania
 but with the exception of two
 .hree issues which were iniiu
 ed by special buying, notaoLy 1aracaibo. they yielded with the rest in the final hour. 5, Union Pacific. Reading. Atlantic { coast Line, Canadian Pacific ana { Missouri Pacific preferred off !h 10 ! 5 points, were the heavy spots in the 1, railroad list. s Total stock sales, f.11i,000 shares. Twenty industrials averaged So''1 s High 1928. 1e5.ss; low. ss.76. Twenty railroads averaged S4.of' tItrh iaaa. 90.51. low, .7955.