Evening star., 1926-10-10
LIST HAS TUMBLE
NSTOCK MARKET
! Nv WIZ ssss AsssA.
Cotton's Break Has Large
Effect on Exchange-Most
Issues Lose.
By the Associated Press.

NEW YORK, October Stock
prices plunged downward again today
as bear traders launched another
selling attack on the theory that
decentralization Of the cotton market
would react unfavorably on the
general business situation. Concen.
trating their fire first on the shares
Of Southern Railroads and industrial
Companies, they eventually succeeded
In depressing the prices Of pivotal
issues and turning the course of the
entire market downward. Net losses
in the active stocks ranged from
to 81 points.
The cotton market. however. was
steadied after the violent declines
which preceded and followed the
Government prediction of the largest
| crop on record. News that the
| committee to aid this industry in the
! marketing of the crop was favorably
received and prices closed IL to Is
points higher in contrast to recent
displays Of weakness.
Selling Is Severe.
| The severity of the selling move
ment. which quickly superseded in
itial attempts to bid up prices, carried
|
points to 142A in the face of official
predictions that untitled tonnage
would show an increase for September
These were borne out by the figures
made public after the close OF the
market, revealing a gain Of 51,174
tons, the second recorded this year. 1T
the days low point Of 1429s, Steel
WAS more than II points under the
high figure touched a week ago today.
General Motors closed 3A points low.
er at 1891, compared with last Sat.
urday's high OF 1881, and Du Pont
slumped S1a points to 1926.
| Liquidation Of Southern rail and in.
dustrial shares was attributed in some
| quarters to a desire of financial in
terests in that section to devote their
resources, If needed, to the support of
the cotton industry. Coca-Cola slumped
more than 6 points and prominent
rails, including Atlantic Coast Line
Louisville and Nashville, Southern
Railway, Chesapeake and Ohio and
Norfolk and Western, were hammered
down l to 81 points. Selling Of the
rails, however, was not confined to
the Southern carriers, New York Cen
trail, Atchison and Nickel Plate show
ing pronounced weakness.
Despite reports that railroads were
on the verge of placing large orders
for rolling stock to handle their in
creasing traffic. shares Of the equip
ment companies also yielded to selling
pressure. Baldwin. Pullman, Westing-
house Air Brake and General Railway
Signal, after an early period of
strength, closed 1 to 2h points lower.
Other Commodities.
| In line with the firmer tone Of the
cotton market, other commodities also
were steady. Wheat prices advanced
fractionally on the day, but closed
the week with slight losses. Coffee
and sugar showed little change.
| Trading in the foreign exchange
market was featured by the rise of s
points in Italian lire, which went
above cents for the first time in
about 5 months. Demand sterling
ruled unchanged around $4.84A
while French francs were slightly
firmer at 2.S7A cents.
| The weekly clearing house state
ment showed an excess reserve of
$37 ,993,330, as compared with deficit
In reserve last week of $23,36O, 720.
Aggregate reserve totaled $629 ,099 900.
The detailed statement Of actual con.
dition showed mixed changes Loans,
discounts and investments decrea sed
$83. 800 900 and net demand deposits
$106 ,446 900. Cash in own vaults in.
creased 81. .104 900, reserve in the Fed
eral Reserve Bank of member banks
SAT 100000 and time deposits $685..
| OOO