Evening star., 1922-03-07
STOCKS IRREGULAR;
TRADING IS NARROW
Foreign Oils Yield to Profit
Taking-Dea|ings in Rails
Are Liqht.

NEW YORK, March Prices were
firm at the opening of today's stock
market, but irregular reactions soon
set in as result of profit-taking
Consolidated Gas. the feature Of yes
terday's brisk rally. eased one point
after making fractional gain.
Motors and independent steels
especially WHY'S Overland preferred
Chandler, Studebaker. Colorado Fuel
and Gulf States Steel. forfeited large
fractions to one point.
Tobaccos and food specialties were
especial strength.
Selling of foreign oNs. notably Cen
eral Asphalt, unsettled the market
within the first half hour.
General Asphalt lost * points in
the early reaction, the preferred de-
and some Of the domestic issues also
gave way moderately. and reactions
among motors and rubbers were more
extensive.
Rallies Are Noted.
Gas shares cancelled only a small
part of yesterdays gains, and steels
rallied on announcement of price ad-
vances by one Of the largest Pitts
burgh producers.
Pressure against International Pa
per. Philips-Jones preferred and Ma
tional Enamelling preferred was Off
set by the strength Of United Fruit
Central Leather preferred and To-
baeco Products preferred.
Dealings in rails were light and
irregular
sgsass s - per cent
the financial. situation today to affect
calculations regarding the future. Left
without any fresh impulse one WHY OF
the other, the drift in all the markets
was uncertain. Speculative sentiment
on the stock exchange for the moment
is divided.
One party takes its stand on the
proposition that there has been nc
widening To- speculative interests suffi-
cient tc weaken the credit position and
allow the distribution Of stocks.
1t admits that the market has got
well ahead Of the business recovery
which it is discounting. but the point
is made that this il the normal pro.
cedure, and that what Wall street has
in view is not conditions as they are
now, but as they will be six months
hence.
The other party has apparently dis.
posed Of some of its stocks and 10 in .
ment because the pace OF industrial
recovery has been so slow, and to
maintain that rise in stocks during
the last month and a half has at least
temporarily been overdone.
Work at Cross Purposes.
These two factions have been work.
ing at cross purposes since Friday
last. The results have been varying
so far as the general list is concerned
tut, as regards Individual stocks, with
the advantage decidedly in favor Of
the side interested in higher prices.
These characteristics were again ap-
parent today.
The general movement was very ir.
regular, but the points Of strength in
special stocks far .outstripped the
points Of weakness.
The victory 4Ns reached netw high
but otherwise there were very few
features in the bond trading Of the
day. The check to the upward move
ment in the foreign exchanges ha.
had its effect upon foreign govern.
ment bonds, and although these are
holding around their high levels, they
have stopped going up. The general
bond market is still waiting to see
whether the money market is to stay
at its present ~ per cent or whether
as it happened before. this rate viii
prove not sufficiently attractive t.
(out-of-town banks to prevent then
from drawing down their New Yorl
balances.