Show PRICES DROP I o ON EXCHANGE Selling By Frightened Investors Feature of Market NEW YORK OIK Aug 4 tock 4 prices broke 1 to 3 points today In reflection of th the Pres Pres- Pres- Pres President ident Harding lIar Un While leading bankers were ere o of the tho opinion that the thc change chango in administration would cause causo no dl disturbance to the na- na antion's na nation's tion's financial structure the tha sell sell- selling sell ing III of stocks by frightened invest invest- investors investors I ors and speculators was not x- x ex- ex ex expected p Substantial supporting has below been placed at prices just juat be- be be low previous closing levels and these served to keep the decline In check v The Tho resistance shown by the market to the early selling pressure snore more confidence as trad- trad tag trad-tag progressed and the tho trend In the Inthe late dealings v as a upward uP ard Ith the volume volum of ot snips sales con considerably reduced Great Northern preferred Northern Pacific and chicago Northwestern again established new low rices tor for the year yeal The closing was hea heavy heasy Sales approximated mated shares G G HEAVY VY Opening prices displayed a heM beasy y tone with active selling of th the usual speculative leaders Studebaker American Woolen the Pan Amer ican issues Cu Cuba ba cane sugar pre pre- pre preferred International Paper and Southern Railway Rall dropped 1 to 2 pl paints and American Car 3 Bald Bald- Baldwin Baldwin win WID and United f States tates Steel yield yIeld- yielded ed cd fractionally Support was not notIon long lon lonIn In forthcoming however and Initial losses in many cases were red reduced Houston dropped four points but the breaks In other active stocks ere acre held to three points or less Ith good buying support In evl- evl evi evidence dence at the lower levels le els North North- Northera Northern era ern Pacific oft off 2 Ii and Chicago established Northwestern off 10 l 1 each established liaised new lows for tOI the vear ear For lor Foreign alga eign exchanges opened steady |