, 1923-01-22
STOCK TREND
IS IRREGULAR
Early Morning Slump Fol-
lowed by Recovering in
Some Issues.

NEW TURK, Jan. 2.-1he Euro
pean situation again became an I'M
portant factor in the stock market
prices declining over a good part OF
the list in response to the further
depreciation of foreign exchange
rates. Short selling and profit taking
was apparent in a number of leading
industrials but the volume of stocks
brought out was comparatively small.
Sales approximated 5000 shares.
NEW YORK. Jan. "a large &C.
cumulation of weekend selling orders
impaired a weak tone to prices 1t the
opening of today's stock market, but
most of the early losses were limited
to fractions. Selling pressure was
most effective against the minor oils
and such speculative favorites as
Baldwin and ~Studebaker. Reynolds
Spring dropped two points. Califor-
MIA Petroleum. up a point was n Of
h few early strong spots.
The downward trend continued as
trading progressed, but the volume Of
sales was relatively small. Baldwin
extended It's loss to n point while
Pressed Steel Car preferred dropped
two points and then recovered its
loss. Losses Of a point each also were
recorded by Pullman. United States
Alcohol. American Ice, woolworth
and Pan.American while fractional de.
clines were noted in Continental Can,
Reading. Southern Railway, st. Paul
preferred, Pacific OIL Allied Chemical
and American Sugar. Stewart War
ner advanced two points on weekend
announcement OF an increase in the
dividend rate. Associated OIL regis
tered a gain of a point. Foreign ex-
changes opened. easier and then
gteadied. Demand sterling being
quoted around $4,65&. French francs
6.43 cents and the German marks at
.oo47 cent.
Except for bullish demonstrations
IN certain food shares prices generally
continued to sag in response to shor
selling and liquidation by recent buy
ers. Finding hat the bidding up Of
new leaders failed TO steady the list
traders began to offer stocks more
freely around midday especially Bald.
win, Studebaker, international Paper.
Allied Chemical, Pan.American,
United States Alcohol and New York
Central all Off / to nearly 2 points.
Steel and Tube preferred advanced a
points on revival of reports that ii
soon was to BIO retired at ITO while
Reynolds Spring broke 3Es points on
announcement of increase of capital
stock. international Agricultural
Chemical preferred dropped 3% points
and woolworth 3 with a score Of other
issues showing losses Of a point or
more. Call money opened at 4 per
cent.
The customary leaders were in
ciined to stifren in the afternoon when
concerted buying of California Pctro-
leum. Pan-American, Sugars, Peoples
Gar and Interborough Rapid Transit
lifted them 1 TO 3h points. Liquida-
ton, however, continued in other
quarters. Fisher Body dropping SAi
Hartmann corporation az and Asso.
ciated and Tidewater Oils, Chicago
Pneumatic Tool. UnItsd states Realty,
Central Leather, Republic Steel and
Southern Pacific and Canadian Pacific
i to Il.
The closing was heavy. Prices
underwent another sinking spell late
In the day when active selling was
resumed in a number OF the specula-
tive favorites which were depressed
one to two points below Saturdays
nnaI quotations. Partial recovery en-
sued when Ran-American was run up
two points.