, 1923-01-18

tlcularly OF general merchandise, re-
sumption of dividends on Republic
Steel preferred and continuance of
low money rates. Sales appropriated
III. 900 shares.
NEW YORK, Jan. is.-Resump.
ton Of yesterdays short covering OPP
erations impaired a firm tone to
prices at he opening of today's stock
market. Demand was most effective
in the steel, copper and public utility
shares. Republic Steel preferred
gained n point in reflection Of a
resumption OF dividends. Beechnut
advanced q to a new high record.
Moderate gains also were recorded by
United States Steel. C~ruclble. Ma
tional Lead. American Smelling, Pub
lie Service Of New Jersey and Stude.
baker. United States Realty ad.
vanced IL and Tidewater on 2
points.
There were a few weak spots IN
the initial dealings but the usual
leaders were all selling above yester.
days closing levels. Anaconda was
depressed TX points on overnight
announcement that the common stock
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the company's new financing pro.
gram. Union Pacific and Utah and
u. s. Rubber preferred declined frac.
tionally. Republic Steel common was
pushed up tx and Crucib,e and
s~tudebaer extended their gains TO one
point each. Pggly wlggly advanced
tour points. Foreign exchanges open
ed weak. rallied slightly and then
h.---I A--V. Nr-z--H 80
tanned an overnight drop OF IS
cents, being quoted at S4.s3%- French
francs dropped c points 10 .65s cents.
The German marks were quoted at
t2-lo0ths OF n cent or approximately
s3.s00 to the American dol'ar.
Prices continued their upward
rourse throughout the morning. the
sharp advances in a few issues re-
1ecting the competition for stocks ue-
tween short intsrrsts and-tTaders who
have been operating on the long side
Of the market. Little attention WAS
paid to the liquidation OF Anaconda
Copper which extended It's less to 8
points and TO the further depreciation
Of foreign exchanges and French and
Belgian bonds. Bullish interests found
~encouras ement in the steady improve.
AAVAA AA NcAAANlNA% AAhAhS N~AA--N-NAAR -
reflected in higher crude oil prices,
heavy car loadlngs of general mer-
rhandise, increased steel operations
and a stiffening price tendency in that
Industry and low money rates. Rail
road shares fuctuated within narrow
limits except the coalers, which were
strong. Baldwin IN TX led the adj
vance among the standard industrial
Issues. Republican Steel preferred
md American Tobacco advanced. Call
money opened at 4 per cent.
The failure of any material volume
of offerings TO materialIze at tho
higher levels provoked more general
buying in the afternoon. with the de-
mand limited to a large extent to the
incustrials and s~pecialties. Motors
and the accessory shares. equipments
Independent steels. feathers. oils. cans
and public utilities were in demand
at considerably higher levels. Anon
the moro noteworthy gains were Ohio
Fuel, six points, Continental Can and
Central Leather preferred 9 n Chi
cako Pneumatic Tool, Lehigh Valley.
Coca Cola, Studebaker and Sloss
sheffield Steel preferred 2 to 2iA.
Profit taking in United States Steel
after II crossed 106, forced It back to
y~,esterdays' closing with he balance
NJ the list continued to work higher
Tho closing was strong, The
further in prices took place
IN the late dealings In response to
aggressive buying operations IN spe-
eiai stocks. particularly no tobacco
shares and some Of the Independent
Aa