Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-10-28
NEW YORK.
WA1I sT11Er a1vrnW.

New York. Oct. 2S.-Stock and bond
prices were under heavy selling pres
that there was a material shading of
quoted values.
Professional selling, founded on the
b bs ! that that the recent, rapid advance a had
Industrial stocks. wa the chief con-
~tributing factor to the acute weakness
in stock prices. Public buying PARTIES
liy negligible although there was abund-
ant evidence Of profit taking in response
to adVices Of h larger commission
houses.
Traders generally were of the opinion
the reaction in stocks was the result of
inside market conditions. uninfluenced
to, any great extent by outside consider
While professional sentiment was
bearish. the opinion was generally ex-
pressed the bull market had not ended
but would run over into next year. al
though It was quite probable that some
list, had been sold around their highest
levels.
Railroad shares offered more stub
born resistance to selling pressure thar
up 70, a new high record: flor the year
at S7h. and Pennsylvania touching 49&.
Its highest price in Jul years. An.
nounssment Of the new plan Of exehanes
q considerable lessening of activity in
that issue. which has been one Of the
most spectacular stocks on the list.
try were given at the semi-annual meet
Ing Of the American Iron and steel In
stttute. Shortage Of unskilled. labor has
become an Important factor. Steel man
Of the immigration law to eas condi-
lions. For the first time ip several
years the United States Steel Corpora
ton was forced into the open market
Of the shortage due to transportation
difficulties.
In the commodity markets thu prin-
clpal feature was the rise of cotton
ana ths highest in two years. Other
commodities showed an irregular trend.
Stiffening of call money rates was
due to government withdrawals and the
mand at * per cent for the longer
maturities but bankers are demanding
five for over the year requirements.
A sharp break Ia foreign exchanges
carried the French, Belgian and italian
rates to the lowest prices Of the year:
Sterling also yielded, but rallied toward
the end of the week and carried the 9TH
ers to higher ground.
sTooKs.
New York. Oct. 28.-After an early
display OF f1rmness, prices In today's
brief stock market session developed
considerable irregularity with losses
again o~utnumbering gains. Short COW
ering tended to lift prices upward at
the start but when this had been COM
pleted prices sagged again, mainly in re-
Spouse to profit taking. There was no
pronounced selling pressure against any
special group but q few Of the individual
weak spots were Fisher body, which was
depressed an points: Allied Chemicals
3X and Crucible Steel, Baldwin. U. S.
Alcohol, United Retail Stores. Continen-
tai Can and Standard OIL Of California
off IN. Mexican petroleum was one OF
the few outstanding strong spots: The
closing was easy; sales appropriated
$4,000, shares.
Prices were higher at the opening Of
today's stock market. Buying embraced
most of the list but the oil. motor and
food speciality shares were most IN de-
mand. Standard Oil Of New Jersey ad.
vanced 2 points, as did General Asphalt
preferred, and Texas Gulf Sulphur. Mex.
lean Petroleum climbed IN and substan-
tial fractional gains were made by Pan
American "a" General Asphalt COM
mon. and Rarnsdall. United Cigar
jumped ten points to a new high record
for the year. Other strong spots were
National Biscuit, Postum Cereal. Con-
solidated Cigar, American Tobacco. Re.
public Steel. Utah Copper. Consolidated
Gas and Delaware. Lackawanna and
Western all up / to 3 points. atsr5@e