Evening star., 1922-03-02
STOCKS IRREGULAR;
UNDERTONE IS FIRM
IndustriaIs and Specialties
ACtive-Junior Rails
Strengthen.

NEW YORK, March "A rev Spe-
cial or selected issues We're sub
stantially higher at the opening of
today's stock market. but leaders re-
flected further selling pressure,
based. in part, on the trend of tax
Legislation at Washington. Chandler
Motor ruS l g, and General Amer
lean Tanh and Hartman averaged l
point advances. but secondary steeis.
"GuipiDents and foreign oils eased
Iractjonally to IL points, with to-
nac0cS and motion picture shares.
Ertrly quotations for the principal
foreign exchanges were lower.
An annual variety of obscure IN
6iustrials and Spectalties figured IN
The more irregular dealings OF ths
morning. Among these We're british
Empire Steel first preferred At :; de-
cline of 6 points. Steel and Tube pre-
ferred and United DruG, these declining
l 10 2ia points.
low-pricrd domestic oils. Crucihle,
Sluss-Shcliicld and :itudebak ker also
reacted. Parti.s! rallies before noon
accompanied the buyiuI of Mexican
oils. inciudjnS. Pan-American fe-
troleums.
especially Missouri Pacific preferred,
Chicago Illinois common and pre-
fcrre,i ana Rock Island these rising
/ To -. points.
can money opened at i"t per cent
Narkr: Position Strong.
Tolay's price movements We're sim
ply the oUtwcrkjuST of the speculative
situation recently developed without
much new in the general situation 10
influence the markets. In stocks the
position was shown to BE- as strong
as ever in the great majority OF the
liSJ. The same could tie SAID OF the
wheat market. although there was a
-EtN1f "a ~ n
The May option-thc last under the
old crop--as against the July option.
the first one in which deliveries of
the 1872 harvest VIII be made.
The foreign exchanges, which had
held better than the other mark cts
Yesterday, did not do SO well today.
Here the effect of speculative realiz-
ing was quite pronounced, especially
in sterling, which was off some )
cents in the pound from the season $
high.
Trading Small. Professional.
or the stock exchange trading was
smaller and more than ever professional.
Among the class OF habitual traders
There mas been much diversion of opln-
ION aS 70 the immediate drift of things.
The sudden br-, X al Mondays close and
ft-. similar abTupt decline yesterday led
nanny "a I,l!ryc that il was no longer
:. llari;"t moving all one WAY, and there
were Possibilities on the side of falling
prices -: well aS on the side of advances.
i&It those vino argued from these two
Experiences that the market was in
more serious reaction found their calcu-
lationS upset hy what occurred today.
A. business began IL was pain enough
ihaL there was no stocks to speak of
pressing for sale. AS soon as this was
discovered, Yesterdays short sellers has
tened TO get in their commitments, and
pool opera tionS were resumed in num-
I,ar pf selected stocks.
Two Incidents of Day.
There We're two incidents which
probably did have some effect uDOE
the sentiment of the markets. One
was the latest turn in the soldier
bonus proceedings which indicat ID
that if there are to be any immedi-
ate cash payments they will be very
small and will MOI he 4 disturbing
factor in the financial situation. The
ether was the easier tendency j n call
money which renewed at ~, per
cent, a; against the recently prevail
ing figure of 8, and later dropped to
A.. per cent.
Every time so far. when rates have
got down to the ! i1@per-cent level and
stayed there: institutions out Of town
have drawn upon their New York bal
ances and have thereby automatically
1t was noteworthy that thte bond
seeing money rates work permanently
lower, did not give much .leed to the
days occurrences.