The Birmingham age-herald., 1924-05-13
REACTION SEIzES
 STOCK MARKET
Defeat Of Poincare Min istry One Causes Of
 Depression

NEW YORK, May 12-Stock prices reacted sharply in today's market on selling inspired by unfavorable domes- tic trade and political news and the defeat of the Poincare ministry in the French elections. While trading was moro active than in the closing days of last week, the days sales approximated only about three-quarters of a million shares.
 Resumption of bear pressure was encouraged by the unusually large de- crease of nearly 575, 900 tons in the un- filled orders of the steel corporation, which was about 175,000 tons more than most market observers predicted; ; the adoption of the democratic-republi- can insurgent tax bill by the Senate cuts of to 25 cents barrel in crude oil prices and reports of further cur tailment of operations in some of the important industries.
 Nearly two score stocks established new low prices for the year, including such popular issues as United States . steel common, Baldwin, Studebaker tnew stock) Bethlehem, Republic and Gull States Steel, Marland, Cosden and Stewart Warner, the extreme losses ranging from 1 to nearly z points. All these stocks, however, closed slightly above their lows of the day.
 Independent strength was shown by number of the railroad shares, parti- cularly of the investment grade. Atchi- son and Atlantic Coast Line establish ed new high prices for the year at 103 and 125N respectively, the buying of both being influenced by predictions of special dividend developments in the near future. Eacn stock reacted about 115 points from its high price in the later trading.
 The first sale of United States Steel common wns block of 5000 shares at the "spread-opening" price of 951s@ R, compared with the closing price of O6& on Saturday. The stock rallied later to 06 and then dropped to new minimum at 95A, closing at 95 3-S. Bethlehem sold as low as 463s, and Republic at 43h. Crucible closed 2N lower at 49N.
 Oil shares which had been heavily bought on reports that the industry had turned fiIe corner" were thrown. overheard as q result of the drop in commodities, but good buying support was forthcoming and net losses in most of the popular issues held to fractions. Copper shares were pressed for sale on the theory that the defeat of Poincare's ministry would delay reparations settlement although in some quarters it was believed that the adoption of the Dawes plan actually would be hastened by the change in French government.
 Call money held at 3 per cent all day. Time money was practically established on a per cent basis, a moderate amount of business being transacted at that rate for loans up t0 four months. Lenders continued to ask 4A per cent for the longer dates. Hue bulk of the prime commercial paper continued to move at Az per cent although some exceptionally good names continued to discount at A.
 Foreign rates were decidedly reac- tienary. Demand sterling ruled about ! 4 cent lower around S4.36 and French francs which registered a week end drop of about 50 points, nuctuated erratieally between 515 and 5% cents. Swedish kroner held firm around 26.4S cents but most of the other European rates showed nominal losses.
 Total stock sales, 739,OO0 shares.