, 1923-01-24
STOCKS SAC IN
late TRADING
Oil Shares Sold Heavily With
Industrial List on New
York Market.

NEW YORK, Jar. a4-Ano.hsr
buying dernonstration In railroad
shares in today's stock market failed
to sustain the industrial list which
weakened materially in response to
aggregate bear attacks particularly
against the California oils, shipp!ngs,
equipments and some OF the tsteels.
Sales approximate 100, 900 shares.
NEW YORK. Jan. 2A.-Resumption
of yesterdays late buying OF railroad
shares impaired a firm tone to prices
at the opening OF today's stock mar
kst st. Paul preferred, Great North
ern preferred, Pere Marquette, At
Gibson and Frisco preferred. wore
among the first shares to move TO
higher ground. Baldwin advanced e
and Cluett Peabody and Federal Min
Ing and Smelling preferred one each.
Bsschnut Packing dropped 2h pointG
and heaviness was noted in Pacific on
and Standard OIL OF California,
Buying of railroad shares wsH con.
nned largely to tho low priced speeu.
stive issues, seine of the high priced
dividend payers exhibiting a slightly
resctionary tendency. Frisco pre-
terred extended its gain to IA and
Chicago Northwestern. 81. Paul pre-
terred and Northern Pacific TO ono
each. Rock Island and Missouri Pa
eihc preferred and New Orleans,
Texas and Mexico advanced fraction.
ally. woolworth advanced two points
and Piggiy Wiggiy one. Fisher Body
opened So points lower on confrma-
ton of reports Of new Enhancing
Losses OF a point or moro also were
recorded by Stadnard Oils Of Now
Jersey and California, Calfornis
Petroleum, American Sugar and
Postum Cereal. Foreign exchanges
opened lower.
There was a sustained demand for
railroad shares during the morning
more than a dozen issues gaining one
70 nearly two points above last nights
tlosing quotation. Certain speculative
ndustrla's particularly, the domestic
TODD. oil and merchandising shares
we're subjected to pressure and profit
lak'ng but the losses were generally
held around a point. There We're sew
tral exceptions to the reaet.oRary tend
lncy in industrials notably United Re
InI Stores, Tobacco Products b.
cerro de Pasco, pittsburgh Goa and
American Ice. AL up l TO 2h points,
Beechnut extended It's loss TO 81
points. Trading was relatively quiet.
Cal money opened atitS.
Tho uraettl'ng Influence Of heavy
selling of tbs oil shares, especially
Gen California Petroleum
and 8. OIL Of California ind
liquidation N other spots caused tn
Industrial list to sag downward at M
Increased pace in the early afternoon
Railroad shares were we | supported
and some Issues even worked higher,
bro Atlantic Coast Line and st. Louis
and San Francisco preferred which
advanced 2h points. Standard on of
California was driven down SIS. Gen
sraI Asphalt Q and General Asphalt
preferred and California Petroleum 2.
Gulf States steel. Nash Motors, Macy,
Piggy WiEgly, Consolidated Sugar
and Beechnut Packns were on : 10
~ points.
The closing was heavy. Bear trad
ers uncovered other weak spots in
the late dealings and continued to
depress the usual Industrial leaders
in an effort TO further unsettle the
general List. Marine preferred drop
ped to the lowest price in two years,
Atlantic refining slum2ed l4h points
but United Fruit and Kresge moved
against the downward trend. gaining
four and eight points respectively.