The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1922-09-18
By United Financial

twenty active rails averaged 1888, on
50 per cent.
By United Financial
NEW YORK, Sept. 1S.-The Wall
Street Journal today says:
Wall Street today enjoyed its first
war scare" in several years. Taking
their cue from the pressure existing
in London and Montreal, professional
operators sized up the situation in the
Near East to be about rs good pre-
text as any for bringing about the
reaction to which tho market was en-
titled on technical grounds.
Concerted pressure on Il group Of
stocks prominent in the recent ad-
vance was successful in starting a re
dictionary movement which had
gained considerable momentum by
/ o'clock.
Declines Of to 10 points from their
recent highs occurred in stocks like
Baldwin, Studebaker, American Ice,
Consolidated Gas and many industrial
specialties while Norfolk & Western
and most of the active rails had TO
absorb heavy selling.
Sterling, after registering an initial
recession of about III cent, showed
an upward trend the remainder Of the
cay. This was also true of the more
important continental currencies.
Realizing that weakness in stocks
On the disturbing European outlook
was hardly in keeping with sentiment
in the various foreign exchange trad
ers started q covering movement and
the general list showed a decidedly
better tone during the last hour.
Professional operators made the
most Of the uncertainty existing over
the foreign situation in the first half
hour. Stocks in the general list were
subjected to large offerings for the
short account together with hurried
throwing overheard of holdings &C
CURED at or near the recent tops on
the theory that prices were going i'm
mediateIy higher. After the first
food of selling had been absorbed the
market showed a better tone. Steel
common rallied to 104, a half point
recovery from its low. Baldwin re
-
Petroleum, IL to 1S9&.
Rails showed a relatively firm tone
while the general market was under
pressure. The sturdy resistance IN
Union Pacific, New York Central and
Southern Pacific suggested persistent
accUmulations. The buying was based
not only on the improvement in the
railroad labor situation, but in earn
ings outlook of the representative
systems.
Pr-ces in the general list f1uctuated
nervously in the second hour. Al
though selling appeared to be less
urgent. little response was made to a
scent rise in wheat and stocks dis
played few ind cations Of rally.ng
power before noon. Despite heav ness
IN industrial leaders, several speciaI-
ties displayed strength. Texas Gulf
Sulphur made a new high at ssh and
LOews at 232l. Lackawanna Steel adj
vanced about a point to 815s on rati-
f1catiOn by Bethlehem stockholders Of
the plan for absorption Of the former.
Renewed selling broke out shortly
after noon and prices broke to fur
Their new lows on the reaction. Con-
siderable comment was heard regard
ing the effect of the foreign troubles,
but it was evident from the action of
prices that the situation abroad was
merely on excuse for a setback to
which the professional element be
lieved the market was entitled because
OF the prolonged advance. At lows
touched around I o'clock the active
industrials showed substantial recess
sions from their recent highs. Bald
win was off nearly points at 1925
Studebaker off rs at 1861, Crucible
down 10 at 81, American Ice 1014 at
111% and Consolidated Gas off at
1881.
Although Norfolk & Western broke
to 119. off more than points from
the recent high and losses Of to 2
points were suffered by other active
rails, the carrier group as a whole
had much better support.