Evening star., 1922-01-23
CLOSE IRREGULAR;
TRADING IS SMALL
Stocks Move With Great Deal
of Uncertainty Most
of the Day.

NEW YORK. January 23.-Specula-
tive issues rallied moderately at the
opening of today's stock market.
Steels and equipments manifested
some relaxation from last Saturdays s
selling pressure. Gulf States. Re-
plogle, Midvale and United States
steels rose large fractions.
Sugars, eoppers and rails also i'm
proved. but oils and motors were
lower. Foreign exchanges were ir-
regular. although Londons markets
We're firm on the successful under
writing of, new eastern European
loans.
Reactions of l to 2 points in domes-
tie and foreign oils gave the market
a heavy tone during the first hour.
This was further emphasized by sell
ing OF minor steelS and equipments,
also motors and their specialties and
popular tobaccos and chemicals.
The market rallied irregularly be-
fore noon under lead of Gulf States
Steel. which advanced IA points on
renewed buying of sugars, textiles.
American Can, American Ice and local
fractions. OF the latter Manhattan
Elevated and Interborough CONSOLE
dated preferred We're strongest, rising
2ls to 3 points. respectively.
Call money opened at per cent.
Days Trading Tame.
BY comparison with the lively specu-
lation toward the close of lastweek, to-
days proceedings on the stock eX-
change Were tame. In the other mar
kets likewise nothing of much i'm
portance happened.
The stock market moved with great
deal of uncertainty most of the day.
Buying continued in some directions
while realizing sales went on in others
The evidence was quite clear however
fhn t1afy
upon the merger rumors, had received
a decided check
Trading fell away to comparatively
small proportions and in the majority
OF last weeks favorites there was a
preponderance of selling from the start
sugar stocks Were exceptionally
strong, apparently because the ad-
vantaSes of the projected combination
between certain groups of producers
and reEners had not been fully appre-
clated. This group was bid up along
with1a number of specialties. but these
operations failed to exert any great in
fiuence.
Buying of the sugar stocks, which
stood out as one of the chief incidents
of the day. was in part impe1led by
the various merger negotiations and
in part by the Improvement in the
sugar trade itself. The principal
benefit to be derived from such COM
blnatlonS as are projected for COM
panies like American Sugar, Cuba
Cane and Cuban American is not so
much reduction in the cost of hand
ling sugar, but in the fact that a
union between producer and refiner
will insure steady market for the
output of the former.
Speciality Moves.
lnasmuch as it was a circular to
stockholders by certain law firm
asking for options that started the
advance in Gulf States Steel before,
it was not surprising that the stock
should have promptly responded to
the appearance of another notice this
morning-this time in the form of an
advertisement inviting holders to
name prices at which they would be
willing to sell options good until
March !.
The strength in American Wool was
associated with the opening this
morning of the annual sale of goods
for the fall. The large attendance
on the first day pointed to record
breaking sales, probably enough to
call for 100 per cent output at the
mills. Prices are lower than last
year: but the decrease will easily be
Offset by the lower wage scales and
the reduction in other items of cost.