, 1923-01-17
SELLING WAVE
FLOODS MARKET
Inability to Meet Margin Calls
Causes Pressure Against
Many Stocks.

NEW YORK, Jan. l7.-Today's
stock market was characterized by
alternate periods Of weakness and
strength with the European situation
continuing to exert the dominance in
speculations. Inability to meet mar.
gin calls cnused some selling in the
early part of the day, but prices
rallied hriskly in the afternoon under
the impetus of fresh buying IN special
stocks and extensive short covering
in the usual leaders. Sales approx.
mated 100, 900 shares.
NEW YORK, Jan, ~17.-Inablllty to
meet margin calls caused another
wave of selling at the opening OF to.
days stock market, Pressure was
most effective against the oils, steeis.
equipments and a few specialties.
Famous Players was depressed ~
and National Cloak and Suit one.
Good resistance was noted in the gem
eraI list and the early losses were
largely limited to fractions.
Baldwin. S%tudebaker and United
states Steel each declined f~ractionally.
woolworth dropped 2 points. Adams
Express III and May Department
Stores and Dupont n each. A re-
dictionary tendency also was noted in
Canadian Pacific, Union Pacific,
United States Rubber, United States
Realty. Peoples Gas, crucible Steel
and Butte and Superior. Gain of a
point was recorded by California
petroleum while Standard Oil of Cali
fornin, Steel and Tube preferred and
Atohlson advanced u to u. Foreign
exchanges opened weak, demand ster-
ling dropping IA cents to s4.64&;
French francs dropping 10 points to
e.67A cents, and German marks
dropped to another low record. being
quoted at 55-100ths of a cent q hun
dred, or more than $4,000 10 the Amer
lean dollar.
Prices snapped back a bit when the
early selling had slackened, Baldwin
being marked a point above yester'
days final figure and California Pc
troleum, Corn Products, Gulf States
Steel, Postum Cereal and Beechnut
being lifted one to two and a half
points. The large volume of st-~-Is
offered at the high levels discouraged
buyers and forced another reaction
during which investment railroad
shares were Offered freely. United
States Steel, Pan-American and stu
dehaker offered stubborn resistance
to selling pressure but Baldwin broke
from l3IA to 1.29A and losses of one
and a half to two points % place in
Atlantic Coast Line, Continental Can,
Dupont, General Electric and United
rails to give ground were Illinois
Fruit. Among the more prominent
Central. Canadian Pacific and Great
Northern preferred, all off at least a
point. Call money opened at 4 per
cent.
Buying of tho low priced domestic
oils and several OF the minor special
ties started a covering movement in
the balance of the list which ef1aced
much of the early losses. Beechnut
Packing advanced three points Rem
ington Typewriter IN, Computing
regulating and Recording 2 and Cos
den, Pierce OIL preferred. Philips
Petroleum, Texas Gulf Sulphur
owens Bottle and Atchison l to III
Pressure, however, continued at
iaolated points. Dupont dropping "a
woolworth az, and American Ice IA
The closing was steady; indications
that the bear position was
untenable in certain stocks were APP
parent in the late dealings when q
sharp upturn occurred in a large T
of the last. Baldwin, Studebaker'
American Can, Crucible. Corn Prod
ucts and National Lead were fore,
most in tho rally, he last named
rising moro than 3 points,