The Birmingham age-herald., 1923-01-05
EARLY GAINS ARE WIPED OUT AND FAVORITES LOSE
Rx AsnocIated Prtar

NEW YORK, Jan. 4.-Stock prices pursued an uneven course during the greater part of today's session and then yielded materially in the final hour on a heavy selling movement which followed announcement of a break-up of the allied premiers' con- ference. A number of the early gains were wiped out and several active is- sues lost l to points on the day.
 Spectators for the decline offered stocks liberally at the opening, but these were absorbed and the market appeared to be turning upward under the leadership of United States Steel, which touched 10SA, but reacted to F for small net loss. Some of the buying of this issue, approxi- mately 135,000 shares of which changed hands during the day, was said to be for the account of the Steel corporation, which announced to- night that the finance committee had decided to offer to the employees of the corporation the privilege of sub scribing for 60000 shares of common stock at $107 a share.
 Short Selling
 Short selling continued In spots de- spite the rally in the steels, being particularly effective against some of the oil shares, which were supplied 1iberally on publication of reports that the Royal Dutch company was closing its refinery because of lack of oil resulting from the salt water invasion of it's fields. Losses of a point or more were sustained by Royal Dutch, General Asphalt, Cos den, Pacific Oil, Phillips Petroleum and Producers and Refiners. Cali fornia Petroleum continued its rise despite denial by the Pan-Ameriean Petroleum and Transport company that 1t was seeking control of the California company.
 Revival of rumors often denied that the Baldwin Locomotive and Pullman companies were both endeavoring to acquire Lima Locomotive was att tributed for strength of those stocks. Baldwin was up to 140ss, new high on the movement, but closed at l34, where it was off more than points. Pullman got to 133ss, but closed at a slight fractional gain at 131h. Lima closed II Is lower.
 Auto Shares Strong
 Automotive stocks also enjoyed a brief period of strength, but yielded at the close. Studebaker and Chand- Ter each lost more than a point and Stewart-W Warner SIS. Most of the other changes in that group were fractional.
 [. Pdul COHD1On anu piCASii SA each receded more than point, some of the selling being influenced by the announcement that the bonds of that road were no longer legal invest ments in New York state. Most of the other rails were sluggish and moved within irregular fractional limits, although Canadian Pacific, Illinois Central Missouri Pacific pre- ferred and Reading each ended the day more than point lower.
 Pressed Steel Car, American Woolen. American Tobacco, Corn Products and North American were among the active issues to show losses of points or more while gains of that amount were registered by Continental Can, Associated Oil and Replogle Steel.
 Call Money Easy
 Call money opened at per cent, but eased off to BE. The govern ment will withdraw $4o,o00,000 from depository banks in this district to- morrow. Call money and commer- cial paper rates were unchanged.
 Foreign exchanges eased off ma terially when 1t became known that the allied premiers' conference had broken up. Demand sterling, which closed last night at $6.65h, fell to SAGA; Belgian francs II points to 6.57 and Italian Tyre points to 5.1Oh. German marks were quoted at just under 1hc a hundred.
 Days total sales, 1,276,000 shares.
 Twenty industrials averaged 98.57, net loss .S5. High, 1922, 103.43; low, 1859.
 Twenty railroads averaged S5.6s; net loss .39. High, 1922. 9S.ss; low, 7s.43.