, 1923-01-19
GRAINS CLIMB,
Then DECLINE
Morning Rally Is Not Main
tanned in Chicago Flu
lures Exchange.

W." 4S1hIAB Jan. W 1lCC5
moved to higher ground in the early
part OF today's stock market. chief
Interest again being conferred IN
shares of companies concerning
which favorable news on dividend de-
velopments are expected. Gnins in
the Industrial list were substantially
reduced or wiped out in the late after
noon on realizing sales which were
conducted under cover OF a rally in
the rails. Sales appropriated ESQ.,
300 shares.
NEW YORK. 5sn. 1s.-Further
In prices took place at the
opening of today's stock market. Tho
1emnnd was particularly effective In
The steel, oil and equipment shares
although specialties continued to re.
FORD the greatest gains. Eastman
Kodak was pushed up 1870 and Du-
pont one. United States Steel com
mon opened Sc higher and was fol-
lowed into higher ground by Crucible
Midvale and Gulf States Steel. Early
losses were limited to very small
fractions.
The gains were extended as trad
ing progressed. New York Air Brake,
crucibie, Pan-Amer'can. Baldwin,
Peoples Gas, Mack Truck, United
States Rubber. Public Service of New
Jersey. Timken Roller Bearing, Good
rich and California Petroleum ad'
vanced / to IL points. Foreign ex
changes opened firm, demand stcr.
ing beng quoted at S4.6ek or nearly
pne cent above last nights close.
French. Belgian and Italian rates
also stiffeued while marks rallied to
,oo54 cents as against yesterdays
extreme low of .0042.
Advances in a number of special
Hes some of which are. controlled bv
pool operations impaired a stronE
tone to the forenoon market. Shares
Of companies which show large cur
rent earnings in which there is 4
possibility of more favorable divi
dend action were in good demand
by operators on the long side: Short
interests showed signs of.
ness when the free selling of several
Issues failed to arrest the upward
trend. Famous Players was partic
ularly weak falling three points tc
the lowest price of the year. while
Anaconda, American Can and Bald
VIII AlHO yle utu IL Dp'nI OF more uu
der yesterdays final figures. A
good inquiry was noted for certair
of the independent steels. equir
ments. public utilities, rubbers. mo
tor accessories. tobacco and a Ions
list of miscellaneous issues, which
advanced one to four points. Raj
road shares were virtually neglected
except for advances Of / to TX
points In 81. Paul preferred. Katy
preferred and New Orleans, Texal
and Mexico. Call mone opened n
four per cent.
Speculation was quiet in the after
noon. but prices made further head
way on the basis of the liquidatet
condition OF the market and the in
ability of tho bears to halt the rise
Of selling special stocks. Baldwin
one of the early weak features. re
bounded to a po'nt above yesterdays
Rose. while American Car and An
lconda also recovered fully. A
taried list of industrials participated
IN the afternoon advance. Tide
water OH rising five points, KELSEY
Wheel four; Sloss Sheffield Steel sN
and Allied Chemical 2 points bu,
Consolidated Cigar and Stewart
Warner speedometer dropped aA
each.
The closing was Irregular. Ran
o stocks were taken In hand III w.
lete dealings and a number of low
priced and investment issues wer,
pushed up / to 2 points. This exhi
bition OF strength was utilized fol
profit.taking in other quarters witt
the OILS, Baldwin ana studebaker of
fered freely.