, 1922-10-30
SELLING HEAVY
IN STOCK MART
Prices Are Given Downward
Trend With Opening of
Exchange This Morning.

NEW YORK. Oct. So.-Speculators
for the decline succeeded In forcing
another sharp reaction in today's
stock market. being added by rather
widespread liquidation on the part Of
pools and small investors Most
traders were still OF the opinion that
the decii'.s was a technical one 20
correct 1hszweakeneti market condi-
ton arising out OF recent specula-
tive excuses. pointing out that there
had been no change in the business
situation TO warrant a decided slump
at III time. Sales appropriated
1000, 900 shares.
= NEW YORK. Oct. 5o-Irregular
changes took place with the opening
Of today's stock market but the list
turned heavy lat-r in response to the
concerted pressure on shipping
shares. Ono of the early features
was the sale OF 1000 shares OF Gulf
states Steel at s3z. up Az. but
nearly half OF this. gain was can
eslsa in the next few sales. Marine
pNASred dropped nearly 3is points
to 5ox. n new low for the year and
American international corporation
reacted two in sympathy High
priced oil shares were weak. Mexican
Ptroleum and Standard Oil Of New
Jersey dropping III and tx points
respectively. National Biscuit opened
~fractionally higher and then dropped
~ points below Saturdays close.
other weak spots were Studebaker.
American smesting and Sumatra
Tobacco off 1 to 2 points. The few
- H-l D..--- D.w~
der, Corn Products. Texas Gulf. Su-
perior. Lima Locomotive and Amer
lean Snuff all up 1 to 2 points.
Short selling and liquidation by
pools accelerated tine downward
movement as the morning progress
ed, with the offerings embracing all
~~recognized leaders. railroad shares
were supplied freely, Toledo, st
Louis and Western dropping AZ
points; st. Paul common and pre-
ferred 2 each. and Atchison, Read
ing. Northern Pacific. Union Pacific,
Chicago and Northwestern. Toledo,
ST. Louis and Western preferrd and
st. Louis Southwestern preferred
yielding ! 10 IL points. While some
shares were depressed for special
causes. as Marine preferred. which
was sold on speculative fears for the
safety OF the next dividend, the rela-
lively firm money rates. disturbed
political and economic conditions
abroad and the apathy OF the general
public all contributed to bearish
sentiment. Marine preferred extend
ed its loss to As points. Crucible TO
3h; Studebalter. Mexican Petroleum
and National Enameling to 2is each,
while Allied Chemical slumped 3
points. Call money opened at . per
cent.
The early Afternoon witnessed a
spread of the selling movement cop
pers and oils being offered freely,
while United States Steel vas de-
pressed to los. Traders showed little
inclination to buy stocks Tor a turn.
despite Indications of expanding in
dustrial activity. Testimony TO the
cver-bought conditions for various Is
sues was furnished by .he ease with
which prices ave way when longs
were pressed on the market. Stano-
ard Oils OF New Jersey and California
moved counter to the general trend,
scoring advances of a point or over.
Elsewhere a considerable number of
stocks ruled 2 to 8 points under Sat
urday's closing. National Enameling
was down 5A. Kresge AZ: American
Tobacco An, the "B" stock 4, Iron
Products 3%: Mexican Petroleum and
Postum Cereal Sh, st. Pauf preferred
as; Continental Can 3M and Otis
Elevator . points.
The closing was weak.
Professional efforts to get prices
down were continued with marked
success I'm the late dealings, the en-
tire list ruling materially under last
weeks final figures.