, 1923-03-07

on the optimistic value of the weekly
steel and iron trade reviews, easier
money rates and an increase in the
Stromherg Carburetor dividend. Spec
ulative apprehension over the posi-
bility of another increase in the
federal reserve discount rate caused
some heaviness during the morning.
Sales Appropriated 1900 900 shares.
, NEW YORK. March 7.-Resump-
ton of yesterdays selling in some
quarters coincident with fresh buying
in others impaired an irregular trend
to opening prices in today's stock
market. Domestic oil and copper
shares were among the FIRST to move
to higher ground. some of the early
leaders being California Petroleum
common and preferred. Cosden, Shell
Transport. Utah and American Smelt.
ing, American Agricultural Chemical
preferred opened two points higher.
New buying also was noted In the
rails. Reading opening u higher.
Further irregularity took place ir
the later trading but the main tend.
ency appeared to be upward. Cali.
fornia Petroleum converted its early
. fractional gain 10 a lost of TX but
General Asphalt advanced * to 52K.
a new high record. and Cosden rose
Genddle25anlspha% a -,
q. Some of the other individual
strong spots were Mack Truck first
preferred, Lima Locomotive. Savage
Arms, American Ice n Ann Arbor
preferred, all up a point or more.
United Fruit and Porto Rican Tobacco
each dropped 2 points. Rails turned
heavy. New Haven dropping IL,
Northern Pacific 1 and Southern Rail
way preferred and st. Paul prefer
~red largo fractions. Baldwin also
was renctionary. Foreign exchange
opened irregular. demand sterling
selling at 4.e9ss and French francs at
6,05M cents.
Mixed movements continued thru
out the morning. some of the selling
being attributed to speculative fears
Of another increase in the federal re
serve rediscount rate in h near flu
ture. Several specialties. which re-
Gently had been advanced in rapid
fashion, declined abruptly when the
pools began to unload. Professional
operations were continued. hcwever.
in other groups. Equipments and
rubbers showed moderate strength
but Motor Accessories shares were
weak. Buying of General Asphalt
and Cosden. which touched new high
records of sax and 60hu. respectively,
failed to check the reaction In other
oils, California Petroleum dropping
nearly two points on reports that
production of one of Its big wells had
been drastically reduced. Porto Rican
Tobacco cancelled its early loss and
advanced 3 points. Market Street
Railway second and prior preferred
stocks were strong. but Bosch Mag
neto, Kresge. United rrurt and Strom-
berg and Nash Motors were conspic-
uously weak. Call money opened at
Ave per cent.
A better tone attended the early
afternoon dealings. Evidence of over
sold conditions in certain stocks and
the announcement of a increase in the
annual dividend rate on ~Stromberg
Carburetor from 5 to Z per cent caused
the shorts to bid urgently for stocks.
Steels were more prominent. United
States Steel rising to 1857 and Cruel
be. Gulf States and Sloss Sheffield
gaining 1 to III. Stromberg rallied
over five points with its low figure
OF the morning.
American Writing Paper preferred
advanced 81, Maxwell Motor "A"
81, Associated Dry Goods and Amer
lear Locomotive az.
The closing was strong. Prices
rallied still further in the late deal.
ings In response TO tho brisk demand
for the equipment shares and other
popular industrinls. American Loco
motive sold 5 points higher. Baldwin
advanced Q points to 1875, a new
high record. American Car was up
a.t 49, a"