Evening star., 1926-10-17
SELLING CONTINUES
in STOCK MARKET
Brief Sessions Wide Drop
Not as Drastic as the
Day Previous.

By the Associated Press
NEW YORK. October 16--Seiling
pressure against the stock market
was undiminished today and prices in
all sections of the list were swept
down TO new low levels for the cur
rent movement In contrast TO yes.
terdays disorderly decline, today's
though ii was fully as wide in scope
Net losses of to 6 points were com
mon at the close.
Although there were no specific
developments In the days news to
account for the heavy liquidation of
stocks. bearish sentiment was fed by
several unfavorable surveys of
trade. indicating that the improve
ment which characterized the late
Summer industrial opera tions were
not being maintained.
Cotton Declines Again.
Meanwhile. another decline in cot
ton prices focused attention on the
unsatisfactory situation created by
the record-breakinS crop, which ha
been blamed for the latest setback in
the stock market and the slackennc
of general business activity. The first
direct effects. the trade reviews re-
port, were 10 be seen in the caution
governing forward buying in the
South.
Following reports that steel opera
tions were slowing down in the
Youngstown district. aggressive sell
ing Of the steel shares was resumed
United States Steel was battered down
to 1861. closing points net lower
a. 1863 Youngstown Sheet and
Tube, Republic, Bethlehem and other
lndepe endents drifted moderately lower.
Indications that the motor industry
was feeling the pinch of restricted
buying and was forced TO cut prices
IN order to stimulate sales promoted
further liquidation of the automotive
issues. General Motors sold as low
as l44A, and its closing quotation of
1853 represented loss OF 3"s points
from the previous close. Hudson,
Jordan. Mack Trucks. Paige Detroit
and WHY'S Overland preferred were
depressed to the lowest levels of the
year. Following the slump in Gen
eral Motors. Dunont dropped more
than points to 31734.
Forced Liquidation Evident.
Forced liquidation was again evi-
dent in the volatile speciatles some
of which had been under the sponsor
ship of pools. T.. s. Cast Iron Pipe
tumbled more than points and re
Warner Pictures "a" Fox Film. Pull
man. Allied Chemical and Loose Wiles
Biscuit
Railroad shares offered stiffer re
slstance to selling pressure with de
clines mainly held to fractions. At.
lantic Coast Line. however. closed
points lower at 1870. and Chesapeake
and Ohio lost further ground.
Trading insthe commodity markets
was featured by another sharp de
cline of 80 to A points in cotton re-
sultinG from reports that trade
purchases had been completed for
time and that the crop was still
favored by good weather. Wheat
prices recovered and closed the week
! to cents a bushel higher.
Foreign Exchange Was Quiet.
Trading in the foreign eXhanSes
was quiet. Demand sterling was
slightly easier around $4.S4 1916. and
Norwegian krone fell back to 23.?9
cents. Italian lira showed a small
gain at All cents. With the price OF
silver again at a new low for the
year. Chinese currences were weak.
The weekly clearing house state
ment showed excess reserve of S26.-
032 ,990 as compared with an excess
reserve last week of S37 .993.330.
Aggregate reserve totaled $613.S33.-
600 The detailed statement of actual
condition revealed decreases in the
principal items. Loans. discounts and
investments reased. $45. .447 900: net
demand deposits. $25.511 900: cash in
own vaults. S556 900: reserve in
Federal Reserve Bank of member
hanks. 81 .439 900 and time deposits.
81 .294 900.