Evening star., 1922-09-28
NEW YORK STOCKS
l. VERY IRREGULAR
Action Largely Speculative,
Without Much Liquidation.
Gains and Losses.
BY S1i ART p. WEST.

BY S1J ART p. WEST.
NEW YORK. September 2S.-For
4 short time after the opening this
morning tn" market VAS erra'lc ana
irregular. There was some margin
r;iiiing coupled with belief III
some quarters that the technicai
position of the market might war
rant further reccssions in prices ana
that profit taking had not fully run
its course.
The news from the near east.
while Sufficient to cause nervous
ness. was of Il more favorable trend
The rail list was inclined 10 be
soft. and ii was soneA time oe1ore
the market threw off its Spotty ap-
p.aranCc and swung int" an adFanc. =.
ing trend under the lead of steel
common Standard Oils and Bethle-
hem B with Mexican Pete.
Reacts Again.
After an advance of | to points,
largely in the stocks named the market
again felt speculative pressure here and
there and some very sharp sctbacks took
place
The fairly active demand for oils
SIrr!S. etc. seemed tu offset the selling
elsewhere winch was almost entirely
professional, very little actual Hqnlda-
tiunS being in evidence.
Large investment interests We're tax
iGS hieh-gradt spCcialtieS at concessions
in prices and there was also some short
covering noticed.
call money opened and renewed at
Il per cent.
lean Radiator. American Car, Tobacco
and North American with the gas shares
uncertain
News Creates tneasine~s.
tabl, adviceS from Europe this
morning pronouucinS the Turkish SIT
nation more critical than 1t has been
II, any time. afforded a further severe
Test for the markets.
Again there was no rea! war scare
bat there. was a good deal of sensitive
hess 20 the news. especially IN the In
vsStment market auG III the foreign
exchanges.
" heat Went III, and cotton came
down but in neither instance was the
movement anything more than one of
IN. ordinary fluctuations that might
he expected i'll the day-to-day routine.
British government bonds We're
rather nOticrabiy soft. and this taken
III connection with further marked
weakness in sterling. furnished an
Indication that bank ing opinion
abroad was viewing the latest de
some. unraSincSS.
So far as the decline in sterling
Was concerned. however. il could
have been accounted for quite as
readily by the seasonal pressure OF
commercial drafts drawn against
foreign purchases of American
staples.
Incertninty on Financing.
So. too. while the tone of the whole
bond market was weaker. including
liberties and corporate issues as well.
and more reactionayy than 1T has
say just how much this was due to
The European crisis and how far TO
the uncertainty regarding the new
treasury financing at home.
UnQueStiOnably the fear that the
new government loan would be Of
fered on terms which would make the
recent average of bond prices seem
rather too high has made large hold
ers more willing to sell
buy Back Stocks.
The buying in. on a large scale. of
stocks sold short on previous days.
however. furnished an increasing ele-
Iucnt OF support, and buying orders
plIt in to reaccumulate stocks dis
tributcd five to ten points up were
more of a factor than they had been.
operations for the decline made
headway in the independent steels
and the tobaccos but encountered
more opposition in the motors and
equipment issues.
Rock Island.
There was some buying back of
Rock Island today, around and just
above 43. by people who had sold
cut on the rise to 30. Other intend
irrg- purcha asers' took the ground it
was better to await publication
probably Monday of the August
earnings statement. for tnen all ihe
had news would be OUT. II will. of
course make very poor comparison
with the Sa me month last year, and
il will also not show up well, as COM
pared with July. However. the road
IS recovering quickly from the efectS
of the strikers. and the September
report. it is said by those who know.
will be very satisfactory.
Pittsburgh Coal.
Comment around the street today
regarding the passing of the Pitts
burgh Coal dividend was pretty
accrimonius to say the least. The
plea that the mana cement was doing
the ultra-ConServative thing in max
ing the stockholders help bear the
losses of the coal strike was ridi-
culed The company has already got
back to an operating capacity of SO
rer cent. which wilt be increased ma
tcrially provided trans portation IA
riiitieS improve. 1t is facing a period
nf unusual profits.
Picking Cheap stocks.
While the letters sent out by the
various market Observers did not
hold out much hope that the decline
had run its course. still some of
these experts advised that certain
stocks were getting down around
POINTS where they could be purchased
with impunity.
They all pointed out that it was
rot yet time FOR indiscriminate buy
ing most of them holding to the
view that the market as a whole
could sell lower.
United States Smelling.
The steady advance in the quota
tions for lead and zinc with the good
price for silver has brought about
a distinct change in the earnings
position of the United States Smelt-
lug Refining and Mining Company.
During the first eight months of 1922
net in this period were equivalent to
S254 share on the common, which
compares with deficit of after pre-
ferred dividends in the same period
last year of s62O.0O0.
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