, 1923-01-30
RAILS FORCED
STILL HIGHER
New York Trading Centers
on Issues; Other Stocks
Stronger.

NEW YORK, Jan. 31.-Continua-
ton Of yesterdays buying of rail.
road shares combined with marked
weakness in o number of Industrial
issues gave today's stock market an
irregular appearance. Foreign ex-
changes were weak, francs dropping
TO tho lowest price in TWO years and
German marks slipping from t95 to
S7t a million. Sales appropriated.
100000 shares.
NEW YORK. Jan. soe-F1uetua.
tons at the opening OF today's market
were trifiing. with d continuance OF
the recent demand for low priced
railroad shares, especially ST.. Paul
preferred. Southern Railway, Missouri
Pacific and Pere Marquette. Special.
ties were In the main better but some
profit taking showed in the public
utility group. particularly for Adams
Express, Consolidated Gas, new
stock. and Columbia Gas and Electric.
Secondary operations showed a re-
sumption Of yesterday's bear selling
OF particular issues, Pan.American,
6tudebaker and Baldwin sagging a
point or moro with General Asphalt,
<EIlCIlCAu IlIuE anu LL6dLIc pIClNIISdg
Crucible Steel. Goodrich and General
Electric receding large fractions.
Meantime. absorption OF railroad shares
was on an increased scale. particu.
lArly Chesapeake and Ohio. which ad.
vHnced to a new high figure for the
year at 76%. Chicago and North
Western and Illinois Central also
were In demand at substantially high
or figures. Steel and Tube preferred
mounted as TO 10Sh, which com
pares with yesterdays low figure OF
%, to which the stock dropped after
ending Saturday at 104A. California
Petroleum. American Tobacco. Rey-
nolds Tobacco 'R," Continental Can
and Pacific Gas and Electric were
advanced l TO Ia points. Foreign
exchange rates we're higher with
sterling up IA cents.
Efforts to bring about further H.
quotation OF Industrial shares by bear
attacks against special Issues were
ffutrated by the steady absorption Of
the investment rails. Decline OF a
ONT or so had boon regiateTed by a
number Of popular industria.s but
these were recovered to a large extent
before midday when the demand for
all the carriers became more general.
Omaha preferred was pushed UP SA
points and Chicago & Northwestern
~. Substantial gains also were
made by q number of specialties.
LfGgett.Nfyers rising TN points. RNn.
inston Typewriter first preferred 8
and California Petroleum, General
Electric, Westinghouse Electric.
Packard Motor preferred end Nath.
iescn Alkal ? each. Atlantic GUT
dropped 4 points. Call monay opened
at AZ per cent.
The bulls cotinued to rivst their at.
tention on railroad stocks but even
there a few shares succumbed to
profit taking. notably Baltimore and
Ohio and Norfolk and Western. ~Ad-
vances of l to 3 points were accom-
plished. however. in Omaha, Reading
first and second preferred, Pittsburgh
and West Virginia common and pre-
ferred. Union Pacific and Missouri
Pacific Textile and gas issues ruled
considerably higher, also United
States Alcohol. Kelsey Wheel. Lima
Locomotive. Postum Cereal and To.
bacco Products "a" Free offerings
--e domestic oils, BALDWIN. Stude-
baker, Crucible Steel, Anaconda and
North American val resumed, these
shares declining 1 to 2 points.
The closing was irregular. More
weak spots were uncovered in the
late dealings, Reading dropping
Sharply. Baldwin was pushed up
more than two points and then fell
hack again. but New Haven. Chicago
ana Dastorn Illinois preferred. Pierce
Arrow preferred. Barnsdall "A."I
Jones Brothers Tea and Jewel Tea
preferred were bid up vigorously.