Evening star., 1922-01-18
TRADING IS BROAD;
SPECIAL TIES LEAD
Persistent crucible Selling
Impairs Some Gains.
Rails Lag.

NEW YORK, January lS.-lnde-
pendent steels continued to move for
ward at the opening of .today's stock
market as result of more circum.
stantial consolidation rumors. Gull
States Steel asserts its recent slead-
ership at a further gain Of ~ points
Virginia Iron. Coal and Coke. Sloss-
shefield. Haskell and Barker. Inter-
national Motor, studebaker, Goodrich
and Stromberg also were strong.
Atlantic Coast Line added one point
to yesterdays gain, and National
specialties.
Crucibfe Steel, at one-point de-
cline, and American Tobacco. at a
loss of l y, were among the rev re-
dictionary issues.
Trading Very Extensive.
Business was on a very extensive
scale during the morning. but trad
ing ran more to specialties. Rails
were utterly neglected and few OF
and equipments made more than
nominal changes.
Gulf States Steel expanded its gain
to points. but reacted points be
fore noon. Sloss- Sheffield Steel, Rail
way Steel Springs, American and
oaluwln Locomotive were L " y ,2
higher at their best.
Motors and their subsidiaries, es-
pecially Studebaker. Pierce-Arrow
,GommOn and preferred. Fisher Body
and Goodrich common and preferred
rose l to ) points.
Persistent selling of Crucible Steel
which reacted points. caused inn
pairment of~gains before noon. Iau
money opened at ~ per cent.
1t was in the stock market again
today that the only developments of
| consequence. occurred. The outburs'
of buying at the close last night car
ried over into the first hour OF the
advances. Motor stocks We're once
more the leaders with gains OF
another point or more. There was q
rush to buy the equipment stocks and
the shares of electrical companies.
Later on the movement switched
| into the steel group. paid moderate
attention to the coppers and took UP
the woolen shares and variety OF
specialties.
No new Significance was attached
to these advances. They merely bore
witness TO the speculative markets
appointing start in the first week of
1922. This setback was nothing more
than temporary. as was pointed out
at the time.
No Change In Views.
1t did not indicate any change in
the opinions that the new year would
be one of improving business. All
that it did mean was that profes-
sional WAll street had looked for too
trade situation and professed not to
like it because Its hopes had no,
been realized
! A lot of stocks bought in Decem-
ber were hastily sold out and a good
sized short account was built up
without any disturbance to the main
body of holdings accumulated last
summer and fall What the market
has been doing for the last ten days
is resuning the rise that was inter-
rupted at the close of December and
!; which was based upon the belief that
the recovery in general business
would gradually be carried further
as the year went on.
RealizinE I'm Motors.
Studebaker at so. where it sold soon
after the opening this morning. and
| Chandler above 81. were up to II
points as compared with last Friday
| morning. Naturally, an advance OF
| such magnitude in SO short space Of
time tempted good deal of prof
| taking. Some Of the Chandler profit.
| were quickly put into Cleveland
had a remarkable whirl. There wa!
also a rush to buy the Pierce Arrow
| shares. which. it was felt. were ou
of line with the rest Studebakel
bulls were still as confident as. evel
regarding the ultimate selling price
for the stock. but they were quit,
satisfied that the too numerous out
side following be thinned out by !;
moderate reaction.
/ Cruciblc Steel Weakness.
Loss of a tai adjustment suit in TIN
litigation whieh has been going OF
for some time with the governnlel.:
was talked Of in connection with th
fresh weakness in Crucible Steel. Bu
the amount .000-wa
too small a matter to warrant an.
such decline, coming as 1t did on tol
/, Of a steady downward movement TO
several days previous. The troubl
with Crucible is that despite assur
ances given at the time the annua
report was issued last fall. the earn
f. ings situation is not believed to b.
); good. and there is a decided likelf
hood that the common share dividen
will either be cut or passed auto
| gether.