, 1922-10-25


NEW YORK. csct s5.-Pnces wers
irregular at h opening OF today.s
stock market. Shares OF eastern raii-
roads. Mexican or companies ana ?
number OF spec alties were in sooo
demand but come OF the steel. EQUIP
ment and motor shares were unoer
pressure. Reading and Western
Maryland second preferred each estsh-
ushed new peak prices for the year.
the former at sac. up IL. Other
strong spc,ts In the rail group were
western Maryland common. Jersey
Central. Great Northern preferred ana
Ney York Central up y TO , points
Mexican Petroleum sold points
above last nights close. Other indi-
vidua strong spots were Cocoa Cola,
Pressed Steel Car, United keai'y'
Consolidated Gas and American can
all UT a point or more. United States
steel common sold off " OF a point
and Republic Steel IL. ~Studeoaker
was under professional pressure,
yielding 1% points. standard on OF
California. Houston OIL and Aneri'
can Car also were heavy.
continuatior OF record coa ship
ments found expression in tho brisk
demand for shares Of coalcarrying
r.iIroads most of which registered
snbs6antial gains. Some OF the other
rails in sympathy, gains OF
n point or more being recorded oy
New York Central. which was back 10
mar Delaware and Hudson. Baltimore
and Ohio, Southern Railway preferred.
Wheeling and Lake Erie preferred and
New orleans, Texas and Pacific Else
where in the list. however, bearish
sentiment was predominant, being
based on the further weakness IN
foreign exchange and bond prices and
tho apparent exhaustion of the de-
n,and built IN in connection with the
recent advance stocks resulting from
the declaration C. stock dividends and
rumors of the same. Industrial pools
mad. little effort to push up their ia
vorites and the whole list sagged as
a result. Dawson Chemical slumped
6 points to so, n new low for the year.
and losses of . to 3 soints were reg
istered by Studebaker. Baldwin, Asso-
ciated OIL. Marine preferred. Fisher
Body, American Brake Shoe and Corn
Products. Consolidated Gas was tho
one outstanding exception, rising sh
points. Cali money opened at Il per
cent.
Despite the TACT that the list had
undergone much liquidation in recent
days bear operators seemed supremely
confident Of their position and extend
the pressure to the railroads after
mid .day. Louisville and Nashville was
forced two points under yesterdays
final figures. Atlantic Coast Line TX
and Northern Pacific. Norfolk and
Western, New Haven and Rock Is
land n point. In the industrial list
United States Steel fell to LOG, the
lowest since 111h, the high price of
the year was made ten DAYS ago
Baldwin's loss cached 3%. Studeba-
ker and Maxwell Motors A 81 and
Mack Truck. Pan-American A and p.
Standard Oils of California and New
JerJsey, Vanadium and Gulf States
Steels. Atlantic Gulf and New York
Dock, May Department Stores and
American Sumatra Tobacco 2 to "a.
Declaration of a Il per cent quarterly
dividend on Pennsylvania, restoring
the stock tofa six per cent annual
basis caused buying and the price
mounted to 4sk. the top figure of the
year Reading also went higher.
touching ssh.
The closing was sic aJs: Atlantic
Gulf dropped 5A to new low Ter
the year in the final hour. However.
good buying of American Locomotive
which was pushed up az points above
yesterdays close. started a rally in
other parts of the list which was aid
ed by extensive short covering.