The Birmingham age-herald., 1924-12-11
STOCKS SUFFER
 SHARP REACTION
 IN GENERAL SAG
Decline Precipitated By Boost In Call Money
 To 4 Per Cent

NEW YORK, Dec. 10.- The stock market today experienced the sharpest reaction witnessed since election day, net losses of 1 to 51a points being scat tered throughout the list.
 Marking up of the call money rate 10 4 per cent, the highest figure reached in the last six months, precipitated the decline which was conducted III the face of such favorable trade news as an unexpected increase of more than 100000 tons in the thrilled orders or the United States Steel corporation and publication of a report showing that freight car loadings for the week ended November 29 totalled S7S,631 cars, an increase of 43,550 cars or 5.1 per cent above the corresponding week last year.
 Professional traders initiated the sell ing movement, the stiffening of the call money rate having given rise 10 speculative reports that the local fed eral reserve bank planned to increase its rediscount rate. Heavy profit-tak1ng then swelled the tide of selling with the result that scores of stop loss or ders were touched off. Total sales ran above 2,000,000 shares for the seven teenth time since election day.
 Except for the renewed selling of the oil shares, which was based on the ex- pectation of a large increase in produc- ton by some of the Texas pools, open ing prcies were relatively firm. Bullish demonstrations were conducted through out the morning, particularly In the copper and motor shares. Thirty-three issues were lifted to new peak prices for the year, the list including Ana conda, Kennecott and Utah copper, Jor- dan Motor, Maxwell A, General Motors debenture and 6 per cent preferred Ludlam Steel, American Water Works common and per cent preferred, Amer ican Telephone, Advance Rumely com mon and preferred, May Department Stores, Continental Can and Central Leather preferred, but mary or the ear Her gains were lost.
 Failure of United States Steel com mon to respond to the big increase In orders started another wave Of selling fin the afternoon which was only tenn porarily interrupted by sporadic bullfsh demonstrations in a few motors and merchandising issues. United States Steel common closed 1as lower at 116A on total transactions of approximately 100000 shares. Net losses of to points also were recorded by American Can, American Locomotive, American Woolen, Allied Chemical, Baldwin, Du- Pont, United States Industrial Alcohol. United States Rubber and West1ng- house Manufacturing.
 General Electric was hammered down points to 273 and then rallied slightly. Other weak spots included Allis Chal- mers, General Baking, Kelsey Wheel, Manhattan Modified Guaranteed cer- tfficates, United Railways investment preferred, United States Cast Iron Pipe, United States Realty common and pre- ferred and Westinghouse Air Brake, all of which closed from 2A to 51a points lower.
 Independent strength was shown, however, by several Issues. May De- pertinent Stores was run up over points to a new high at 109, while Amer acan Bosch Magneto, American Water Works. Sears Roebuck, American Type Foundry, Philips Jones and Postum Cereal showed gains of 2 to points at the close.
 Call money opened at 3Es per cent and then advanced to 4, closing at the top. Time money and commercial paper rates held firm.
 Foreign exchanges turned reactfonary Demand sterling sold off more than a cent to around 4.69 and moderate reces- sions took place in most of the other principal European rates.
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