, 1922-10-26
STOCKS GIVEN
EARLY SETBACK
Oils. Steel and Equipment
Sold of at Opening in
New York.

puhiic interest. hisner mpAeS rap~
nd further depreciation Of foreign
exchange and Z. S. government
bonds, principally the AXIS, induced
fnrther extensive liquidation and
hort selling In today's stock market.
prices Of active shares sagged 1 to =
polnts. Industrial stocks were again
Inc hardest hit but railroad -nares
participated more extensively IN the
reaction. Sales approximatsd 1.ioor
900 shares.
NEW YORK. oct. zs.-contlnus.
ton OF yesterdays professional selling
OF Industrial stocks took place at the
opening OF today's stock market and
impaired a decidedly roactionary tone
20 most OF the list. Oil. steel and
couipment shares were offered freely,
the declines In active issues ranging
from / 10 as points. Rails offered
better resistance TO selling pressure.
Pennsylvania climbing to 4sA. the
highest in fou' years, in response TO
a resumption or a six per cent divi-
dend. Reading also opened slightly
higher but later dropped a pcspt below
Yesterdays close. The slump in oil
shares was led by Mexican Petroleum
which dropped 81 points while stand
ard Oils OF California Eud New Jersey
and the Pan.American issue yielded
one to IL. othar weak spots were
studebaker, Baldwin. General Eiec-
iric. Consolidated Gas. American Lo-
oomoiive and Coca Cola, tho declines
ranging from L TO 2 points. One Of
the few outstanding strong spots was
Houston OH up 1%.
Professional offerings Increased as
the morning progressed With the re-
suit that the curly losses OF active
issues were materially extended.
Consolidated Gas dropped AZ points.
S~tudebaker. 3; Republic Steel an,
Standard Oils OF California and New
. Jersey, Baldwin and Famous Play
ers "a each. and American Sumatra
Tobacco. American Car and Ameri-
can Express two each. Marking up
OF New York Central to 101 caused a
slight rebound but the higher levels
again tended downward. Inability to
attract and outside following and de-
probation of the foreign exchange
and BON prices. the new government
AIS dropping to a large discount
at $3.50. discouraged any concerted
efforts to support the list. Cab
money opened at AZ per cent.
Hasty unloading of stocks bought
for the long account continued n
the supply pressing on the market
was largely augmented by extensive
short selling. A further drop in the
new government An per cent bonds
TO es.sS intensified the feeling OF de-
lection among the bulls. High priced
shares suffered the most extensive
losses. Mexican Petroleum yielding 4
points and American Car and Foun-
dry. Kresge 3 points. while hide and
leather preferred fell IN. American
Radiator and Aliis Chalmers 2h.
Sears Roebuck az. and Crucible. Gulf
States, Replogie and, Republic Steel
preferred and North American .
points. Railroads succumbed more
generally to the selling movement.
Reading and Delaware. Luckawanra
sagging 2 points. while New York Cen,
trail dropped back to s9ss.
The closing was weak.
Further liquidation by disappointed
investors encouraged more short sell
ing today in. the final hour with the
result that prices crumbled through
out the list. Mexican Petroleum drop
ped tx points. Aliis Chambers ~.
Standard Oil of New Jersey and KEEL
sey Wheel 4 each and a number of
other active issues from 1 to So.
railroad shares, particularly Rock
islam dand Delaware. L~aclrawanna
n Western yielded substantially
with the rest of the list. Call money
went to 6 per cent on the calling OF