, 1922-10-23

-#aRL mAIANL4 AAA(AAA1 -
- orders Increased the volume of
oreringr and gave impetus 10 h
aovnward movement High priced
,nauStrials were the hardest hit but
rone material losses Also took place
n dividend paying railroad and other
standard shares. Sales appropriated
100000 shrres.
SEw YORK. Oct. 2s-opening
-5ces in today's stock market were
Generally firm. with good buying re-
9orted in merchandising. oil, public
ntnity. leather and independent steel.
shaies.
Mexican Petroleum advanced nearly
, points TO 23M, a new highg record.
ana then forfeited Its gain on profit
taking.
me increase IN rail business. due
:, mart to the cooler weather. found
sxnresslon in the demand for mer-I
rhandising shares. gains OF large
fractions to nearly one and a half
points. being recorded by Robert Refs.
Madison, Julius Kayser and Manhat'
ian Shirt, the last named at a new
neak price, General American Tank
also broke through TO n new top on a
gain Of more than two points. Other
strong spots were Pnn-American "A
standard Oil of New Jersey. Fisher
BODY, United Fruit. Wells Fargo and
EneIcot-Johnson, all up a point or
more. Studebaker. Maxwell Motors
A and Atlantic Gulf were under
pressure.
Heavy selling of Mexican Petroleum
which reacted from 23eM to 22s. and
Atlantic Gulf. which dropped 4 points.
brought out extensive offerings Of
other oil and shipping shares, as well
as a good supply OF motor. steel. equip
fment and dividend paying railroad
companies, with the result that prices
began to crumble throughout h list
Selling of industrials was largely Of
professional origin n apparently
based on the theory hat the recent
steady rise in securities values already
has largely discounted all the businesh
expansion in sight. Gulf States steel.
Corn Products, S~tudebaker, Baldwin
and American Locomotive and Stand
ard on of New Jersey were particu-
larly Vulnerable to bear attacks. Sub
sequent buying of coalers which
caused a 20-poInt jump in Jersey Cen
trial and a sharp rally in Mexican Pc.
troleum. which rebounded TO 81.
ceused a partial recovery in other
quarters. but the list was still quite
spotty around noon. Call money
opened at Al per cent
Gathering OF high grade railroad
shares like Atlantic Coast Line,
Louisville and Nashville. Union Pa
cific. Great Northern pfi.. Northern
Pacific. Reading and Canadian Pa
cific with resultant losses of two to
two and a half points. was an enter
jung wedge 10 another extensive sell
ing movement by the bear faction
after midday. Ihdustrials and spec
ialties broke at times In a rather pre-
cipitate fashion with numerous losses
of from 2 TO 9 points being recorded.
Tidwater oil lost six points, American
Express, s., National Biscuit Az;
Baldwin Locomotive and General As
phalt 3& Consolidated Gas. U. S. In
dustrial Alcohol and American Loco
motive 81 and Crucfble Steel. Ameri-
ar Can. Pullman General Asphalt.
pfd. Corn Produces, Studebaker, Fa-
mous Players, Houston Oil. American
Tobacco and the Standard Oils of New
Jersey and California, two and three
points.
Mexican Petroleum dipped TO 227%
compared with 234h earlier.
The closing was heavy. Selling for
both accounts continued throughout
most of the afternoon equipment steel
n high priced shares showing the
largest losses. Short covering caused
a partial recovery in some quarters
before the close but most stocks were
well below, Saturdays closing, figures