The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-10-04
POLITICAL SCARE
CAUSE OF BREAK
in STOCK PRICES
Brookhart Speech Pro-
vides Bears With Ex-
.cuse For Attack

NEW YORK, Oct. 3.-Stock prices re-
acted sharply in today's market on
what was widely described as po.
litical scare" Recessions in standard
issues ran from 1 to 21s points, with
lossese of 8 to 51k points In some OF
the high priced specialties.
Senator Brookhart's speech attackins
President Coolidge provided bear trad
ers with an excuse for an attack on
the general list, this selling being aug
mented by the extensive liquidation OF
pools and professional traders, appar-
emily prompted by desire to Tighten
their commitments pending further in
dications of the drift of political senti-
ment.
Commodity markets again attracted
the major interest of the speculative
element Further advances in wheat
and rye were followed by extensive
profit taking sales, bringing about sub
stantial recessions from the high prices
There was nothing in the days trade
news to account for the selling OF Sc
curities. The weekly mercantile re-
views reported further irregularity, but
stated that the main trend of business
was upward with the decline in Sep
TENDER commercial failures the larg-
est in several years. The Texas COM
pany advanced the price Of heavy
Smackover crude from to 20 cents a
barrel. The American Wooden company
announced the withdrawal of women's
wear worsted fabrics shown by two OF
its largest mills, the entire production
for the spring season having been sold.
United States Steel common fluctu-
ated within a range of about one point.
closing q lower at 107N. American
Can, American Sugar Refining, Bald
win. Cuba Cane preferred, Dupont,
Studebaker. United states Cast Iron
Pipe, United States Industrial Alcohol
and Utah Copper were among the
many issues hammered down to IA
points.
Despite the market heaviness Of the
general list, nearly dozen issues, most
of the obscure specialties attained new
high prices for the year. They in
ciuded Postum, Montgomery Ward, ST.
Joseph Lead, u. S. Hoffman. Machinery
and Wells-Fargo Express. General MO
tors 7 per cent preferred touched
new top at 99k, while the new common
sold at 59h, new low.
Selling pressure In the railroad group
was directed chiefly against Lehigh
Valley, which was forced down to 601a,
and then rallied to 61A, off IN on the
day, Lackawanna selling ex-dividend
81 so, made up it's dividend on the first
sale, advanced to 40 and then fell back
to 1877. Losses of a point or more also
were recorded by ROCK 1SianoI At
lantic Coast Line, Chicago Great West
crn preferred, Chicago and Northwest
ern, Gulf Mobile and Northern, New
York. Ontario and Western, st. Louis
and Southwestern and Texas and Pa
cific.
S. S. Kresge broke 10A points to 40
on one sale. Consolidated Gas of Baltt-
more, which enjoyed a sensational au-
vance earlier in the week, fell back 81:
points. Other weak spots were General
Baking, Goodyear Tire preferred, Pierce
Arrow preferred, Nash Motors and
Railway Steel Springs, off to points
Fisher Body was one of the few strong
spots, gaining 49, points.
Call money held at 2h per cent all
day. Time money displayed firmer
tone, and although rates held steady Of
ferings were in smaller volume. The
commercial paper market was quiet
with rates unchanged.
Foreign exchange rates were firm
with business quiet. Demand sterling
rates held around $4.46 and French
francs we're quoted just above SIC. A
further advance in South American
rates was based on the expectation OF
an Increased foreign demand for grain,
due to the high prices prevailing here.
Stock market averages: