The Birmingham age-herald., 1924-10-21
HEAVY SELLING HALTS RECOVERY
 IN STOCK PRICES
Losses In Active Indus trials Range Up To
 21-2 Points

NEW YORK, Oct. 20-The recovery in stock prices, which began last Fri day, was halted today by the heavy selling of the steel shares and few specialties, net losses in the active in dustrial issues ranging from small frac- tions to 2a points. Independent strength was shown, however, by number of railroad shares, particularly those in which favorable merger or div idend developments are pending.
 Bethlehem Steel was hammered down points to 409s, the lowest price since 1921, in speculative anticipation that the quarterly earnings statement due Thursday, will show earnings insuffi- cient to cover preferred dividends for that period. The stock rallied later to 41A Crucible, Gulf State and Repub- lie Steels yielded in sympathy, losing l to K points. United States Steel common received better buying support, rallying from a low of 105h to 107, where it was off only 1s on the day.
 A sharp break of BE points to 1O6h in United States Cast Iron Pipe fol- lowed the publication of court decision prohibiting the company from paying any dividends on the common stock un- til back dividends totaling $721,37o on it's per cent preferred had been lq- uidated. The stock recovered points of it's loss in the final hour. The pre- ferred which will benefit by the court decision closed nearly 3 oints higher at 107B.
 One feature of the railroad group was the heavy accumulation Of Frisco com mon which, advanced points to 34% on reports of high current earnings coupled with expectations that diV1- dends would be inaugurated next year. s'Nickel Plate" preferred and Pittsburg and West Virginia each moved up about 2 points while gains of l to points were recovered by Jersey Central, Chi cago and Eastern Illinois preferred, Gulf, Mobile and Northern preferred; !; the Pere Marquette preferred issues and Seaboard Air Line common and pre- ferred.
 American Can and Baldwin were un- der selling pressure throughout most of the session, the former closing IS lower at 1.2sM and the latter showing a net loss of nearly 2 points at 116tS. Other weak spots were General Electric, woolworth, Kresge Department Stores, willys- Overland preferred, Philadelphia and Reading Coal and Iron and Mack Truck off about 1h to 2h points.
 Corn products, the American Water works preferred issues, Brown Shoe, Federal Light and Traction, Schults Stores, Savage Arms, Union Tank Car and Remington Typewriter were in good demand at rising prices.
 Lowering of the renewal rate on call money to per cent, Wnlcn rate was maintained all day, had only tenn porariIy stimulating effect on stock prices.
 The time money market was dormant, lenders showing no disposition to make concessions and borrowers declining to raise their bids. Commercial paper rates were unchanged.
 Foreign exchange rates held relative ly steady despite the large volume Of grain and cotton bills which made tnelr ennearance in the local market. De- mand sterling was quoted around $4.48% and French francs ruled around 5.22c. Danish exchange was heavy, dropping about 10 points to around 17.16.
 Stock market averages: