, 1922-11-17
STOCK OPENING
IS IRREGULAR
Price Trend Is Upward After
Early Liquidation on Gotham
Exchange

" nNAlnk pressure was Of
Tered by the general list In today's
stock market with tho result that
more buying orders appeared and
closing prices were mainly higher;
extreme gains OF Standard issues
ranging FROM n to three points. The
senera buying was restrained some
what by the ability Of short Interests
to Uncover veal spots. Reduction OF
call money rates 10 below four per
cent for the first time IN several
weeks and he apparent halt to force
liquidation had n cheerful effect on
sentiment. Sales Appropriated i.oOo,-
900 shares.
NEW YORK. Nov. II. - Opening
prices in today's stock market were
Irregular on resumption OF yester-
days selling movement in some OF
the low priced rails. independent
steels and oil shares. When the early
selling orders had bees absorbed,
however. prices started TO move up
In response 20 a brisk demand for
United States steel. Baldwin. Stude-
baker and some OF the food, Can ana
textiles shares. Du Pont was one OF
the individual strong spots opening
~ points higher In spoons TO the
resumption OF Gvidends on General
Motors. OF which II holds a large
block OF stock. Gulf States s.eeI NOV
ed up "a points and U. s. Steel i'm
proved fractionaiiy but Lackawanna
and Crucibie were under pressure.
Gains OF / to ? points also were reg,
istered by st. Louis. Southwestern
Omaha. Atchson. Coco Cola Corn
Products. American Sugar preferred,
American Can. Continental Can,
I. American Wooden. Famous Players.
Texas Gulf Sulphur. Utah Copper.
Marine pfd.. Consolidated Gas. Amer
ican Locomotive. North American
and Baldwin. st. Paul preferred.
Frisco preferred and Pacific OH were
heavy. each losing n poln. or more.
Foreign exchanges were stea6y.
While the list in general exhibited
q fnirly good tone during the morn
ing. the volume OF buying orders was
considerably iessened when short
selling was resumed in a large num-
Der OF stocks. These offerings were
mostly confined 10 ordinarily inactive
shares but some of the popular issues.
notably Bethlehem b., Lackawanna
Steel. Standard OIL OF New Jersey.
Mexican Petroleum and Pacific on
were pressed on the market with re-
hultant' losses OF one TO two points.
Fisher Body and Dupont exchanged
their early four point gains. Lower
call money rates were interpreted by
buliish interests as an indication that
bankers who had been selling loans
during the early part of the current
reaction. now favored a conservative
market Call money opened and re-
newed at Az per cent and later drop.
ped to four.
With the market In the early after
noon presenting numerous points of
both strength and weakness specu-
iators were at a loss for a time-as to
which lead to follow. Some Of the
low priced oils. ruhbers. independent
steels and a large assortment of less
active industriais were distinctly
weak An equally vigorous opposite
course was pursued by many OF the
recognized leaders. such as Baldwin,
~studebaker. L. S. Steel. Corn Pro-
ducts. y. s. Alcohol and Famous
Players. The ability of these stocks
to move forward despite the iiquida-
ton in other quarters eventually
caused a better feeling to permeate
speculative circles n the entire mar.
ket again began to move upward on
an increased volume OF business.