, 1923-05-28

NEW YORK. May 2s.-specuIat,ve
sentiment was again bullish at the
opening Of today's stock market.
Buying of high grade rails was one
of the early features, Atlantic Coast
Limo leading the advance with a gain
OF two points. New York Central.
Atchison. Union Pacific, Baltimore
and Ohio and Reading all opened
f~ractionally higher. Oils also were In
good demand. Houston rising two
points and Pacific oil one. Some of
the steefs were heavy but the initial
losses were limited to small fractions.
Some ~irregularity tool place later.
Republic and Bethlehem Steels. Bald.
win, u. S. Rubber. American Smelt-
ing. California Petroleum and Cuba
Cane Sugar preferred dropping "a to
nearly IL points on profit taking by
recent buyers. The advance wa con.
tinued. however. in other quarters.
Heavy buying OF Mexican Seaboard
stock and certificates each of which
advanced 2& points, was one of tho
features. Houston extended its gain
10 2% points and Marland moved up
1. Gains of l to 2 points also were
recorded by New York Central. Read
Ing. Lorillard Tobacco, American
Waterworks. Colorado Fuel. American
Metal. DUPONT, Mack Truck, Strom-
berg Carburetor. Stewart Warner
Speedometer and American Agricul-
tural Chemical preferred. Foreign
exchanges opened irregular. Demand
sterling eased slightly to s4.62as and
French francs advanced 2 points to
6.63. German marks established an
other new low record at .0016A cents.
Professional bear selling of a num-
Der of recent speculative favorites
yielded 1 10 Q points before substan-
tial buying support set in was more
than offset by the brisk demand for
railroad shares founoed on the unus-
ually favorable nature of the latest
batch of April earning reports. In
Guiding that of the New York Cen
trail which showed an increase of 49,.
564.536 in net income over April last
year. Atlantic Coast line was run up
81 points and Pittsburgh and west
virginia United Railways investment
preferred, Atchison. other strong
spots were American Waterworks
and Electric. Colorado Fuel. Public
| Service of New Jersey and Cocoa
Cola each up . points or more. Cali
fornia Petroleum. which advanced
nearly twenty points last week was
| driven down 3 points and losses of !
to 9 points took place in Allied Cher
ical, Studebaker Kelly Springfield
General Asphalt. American Can,
United States Smelling. United States
Alcohol and Atlantic Gulf and West
indies, the last named establishing
the new low for the veal at 1875. The
demand for rail resulted in subsi-
dence of selling pressure around mid
day. Call money opened at Al per
cent
Industrials and specialties were
weak in mld-afternoon many of the
popular shares ruling q point or
more under Saturdays final prices
Dupont broke Ave points. California
Petroleum four and S~tudebaker'
C~rucible, American Can. American
Ice. Republic Steel. Allied Chemical
and wooiworth 2 to "a. The early
upward movement in railroad hnres
was halted and some issues fell back
in the n~eighborhood of a point.
The closing was steady; buying of
eouipment shares which carried
American Locomotive up four points
to its highest price of the year innu-
enced some covering Of other indus
trails In tho final hour. Continental
can Balwin. American Car n Full
man advanced / to 2 points,