, 1922-10-24
DOMESTIC oils
ARE DEPRESSED
Heavy Sales Resumed in
Many Issues at Opening of
Market Today.


NEW YORK.. Oct. a@.-Forced iiqui-
dation and a renewal Of bear pressure
gains crrtaiu high price Industrial
stocks. caused another material re
csssion IN quoted values IN the early
part OF today's stock market Weak
ness OF foreign exchange anu further
depression OF bond prices contributed
to bearis.. sentiment. Good BUYING
support came INTO the market later
and closing prices generally were
around the best levels o the day. Sales
approximated 9s5,ooo shares
new YORK. Oct. et-Ineguiar
price movements took place at the
opening or todny's stock market with
q continuation OF y~csterday's selling
OF motor, equipment and domestic ul
shares. Foreign oils food. merchan-
dising and tobacco shares improved n
tone. One thousand shares Of Mex
lean Petroleum wers old at the open
ing at 255, up az and a new high
record for the year. The Pan-Amcr-
lean shares moved UP more than AZ
points zach or overnight enr0unce-
menf OF extra dividend disbursements
Mexican Petroleum Tell back 10 2S0ts
in the first half hour and Pan-Amsr
lean A and 3 reacted in sympathy.
level Tea common and preferred
were pushed up 1 and 3 po.uts respect
iveiy ana American Tobacco and Con-
Eoiidated Cigar each moved up over a
point. Other strong spots were Gen
eral American Tank, Consolidated Gas
and Iron Products. Standard OH "
California receded 2h points and Pa
cific OIL and Sinclair also were weak.
Losses were registered by studebaker.
Chalmers. Baldwin, Railway Steel
Spring. Atlantic Coast Limo and Corn
Products.
initial buiiish efforts IN special
stocks We're temporarily abandoned
when the pressure Of offerings became
too great. following Indications OF
forced selling in some OF tho leaders.
Investment and speculative stocks
shared alike in the decline. which
ranged from one to five points below
last nights final figures in a mum
Der of active Issues Individual. weak
spots were National Biscuit. United
Fruit. LiEgett and Myers. Standard
on of California, Corn Products.
American Car and American Express.
all down , points or more. Partial
recovery set in following the sharp
bidding up OF Reading and American
Can M tho appearance OF better buy
ing support for Baldwin. Studebsker
and Corn Products but a rcnewed Sc
cline in Mexican Petroleum to 22s.
carrying It y OF a point below yestor-
days closing and a drop of is points
in Central Railroad of New Jersey,
provoked fresh selling from specula-
tive sources. Call money opened at
~ per cent
Temporary exhaustion of the selling
pressure in Mexican Petroleum which
rallied to 232% caused SPECTATORS TO
lean to the buying side for an interval
in the early afternoon. Royal Dutch,
Marine preferred. United States Reat-
ty and Manhattan Shirt improved sub
stantially and many OF the better
known shares moved up a point or
more above the low figures OF the
morning. Fresh offerings of Mexican
Petroleum was marketed afterwards
n the price ran off to the previous
low level which halted the rallying
tendency OF the balance OF the list.
Several sharp breaks occurred among
the specialties. Porto Rican Tobaccos
losing seven points, Dawson Chemical
three TO a new low level for the year
and Union Tank ~.
The closing was firm.
Prices OF standard shares moved
steadily higher in the flpel o under
the impetus OF extensiy short cover.
Ing n special buying in a few Sc
lected issues, notably Continental Can
and Marine preferred. Kresge and
Pierce-Arrow preferred were under
heavy pressure, each dropping more
than 4 points.