Evening star., 1922-01-03
INDEFINITE TREND;
CHANCESSL|CHT
Market Factors Not Con-
ducive to Operations for
Long Account.

NEW YORK. January 3.-The first
session of the new year in the stock
market opened with resumption
of the recent indefinite trend, De-
velopments over the double holiday.
including the Chicago banking situa-
tion. were not conducive to opera
tions for the long account Crucible
Steel and Sumatra Tobacco made
early gains in excess of point,
and some of the equipments. coppers
and rails were fractionally higher
Mexican Petroleum forfeited /
point secondary oils also were lower
and renewed selling of General
Motors in large individual blocks WAS
feature. Phillips Jones was
heaviest Of the specialties. can
ceiling a small part Of last Saturdays
substantial advance.
Motors and all their accessories.
sugars. tobaccos and feathers were
the only stocks to display even mode
rate strength during the irregular
forenoon. South Porto Rico sugar rose
s points and gains of 1 to . points
were made by Studebaker, Chandler.
Bosch Magnetic and Stromberg Car
buretor. Domestic and foreign oils be-
came more reactionary and Railway
Steel Spring, Sloss Sheffield preferred.
National Enameling, Famous Players
and International Paper lost ] to .
points. An extreme decline Of 10 points
in Phillips Jones effaced almost half
of last weeks advance
The railway list was apathetic at
trihing changes. Call money opened
at 5k per cent against last weeks
final rate Of per cent.
No Index for 1922.
The very general weakness today in
the market could not be set down as
an expression OF judgment regarding
business day of the new year is given
a certain amount of sentimental i'm
portance as possibly pointing the wav
to coming events. But today was no
such broad significance attaching to
the price movements. These were
chleny response to two items in the
news of the day-f1rst, the difficulties
of the two big Chicago banks. which
had to be composed by their being
taken over by other institutions. and
second. drop of SO cents a barrel in
the price of Pennsylvania crude oil.
The Chicago bank troubles were un-
questionably an isolated case of risky
promotions coming to grief. They
were certainly not in the least indica-
tive of weakness in the banking sit
uation anywhere else. Nevertheless
they did have some effect on the SEN
tlmant IN speculative circles and were
factor in the days decline both in
stocks and in grain.
Oil Cut a Factor.
OF far more consequence was the
cut in oil quotations. This has been
talked Of as a possibility for the las
month or more. 1t seemed to be
called for by reason of the fact that
last autumn's recovery in crude oil
had so outrun the recovery in easo-
line prices that an adjustment be-
tween the two markets was neces-
sary. 1t was very sure that it had
been no more than a temporary hear
ing upon the oil trade outlook. but
the market position Of the oil shares.
on account Of the large outside fol-
lowing in these stocks. proved de-
cidedly vulnerable to the news.
1t was the break in the oil stocks
which started the market down.
Prices had opened steady and there
was even some further buying for a
time in one or two of the motor stocks
in the sugars and in the motor
accessories But the oil price reduc-
tion had had time to become thor
oughly known: the selling in this eroup
grew very heavy, with losses of two to
four points all around.