, 1923-02-14
MORE STOCKS CD
Up MARKS CLIMB
Oil, Tobacco and Sugar Join
in New York Stock EX-
change.

NEW YORK, Feb. .-Heav pro-
fessIonal selling, based on speculative
belief that the recent rise in n num-
Der OF issues had been over done and
accelerated by higher call money
rates and unconfrmed reports OF the
sinking OF a French torpedo boat at
Smyrna, impaired n reactionury trend
TO prices in today's stock market.
Losses OF one TO three points were
noted in virtually all standard groups
at the close. Sales a~pproXimated
1.40o 600 shares.
NEW YORK. Feb. 14-Opening
prices In today's stock market were
irregular but tho main tendency was
upward. The initial demand was
limited to a select assortment OF steel.
public utility and dividend paying
railroad shares. North American
was pushed up Il to a new high level
for the year. Baldwin was heavy,
dropping ~ points to 1873.
OIL. tobacco and sugar shares also
Joined the upward movement. gains
OF one to three points being recorded
ny Houston Oh. United Cigar Stores,
American Sumatra Tobacco. and
Punta Allegro Sugar. Federal Mining
and Smelling preferred advanced W
points in esponse to the higher dlvi-
dend rate. Brooklyn. Edison and
American Can each rose one point.
Marine preferred dropped IL points
in reflection OF speculative disappoint
ment over the side tracking OF the
ship subsidy bill by tho United States
senate yesterday. Heaviness also
was noted in American Wooden. Cen
trail Leather preferred. and Stude-
baker. Foreign exchange opened
easier. Demand sterling fell below
SA.6s and francs were quoted just
above six cents. German marks con.
tinued to climb, being quoted ut
.o093A Us compared with their recent
extreme low Of .OO2O cent.
Marking W OF the call money rate
TO 8 per cent sent a wave of selling
riders into the market and prices
nagged throughout the list. Profit
taking and bear selling OF the sugar
ssues on the maximum break OF 100
points IN raw sugar futures after
opening % to ~ points higher. caused
Losses OF ! to 4 points in those shares
Oils, equipments, independent steels.
some OF the rails and n number of
the s~pecialties also were offered freely
giving the market a weak appear
ance. Baldwin got as low as 1917
n S~tudebaker dropped below 119.
Independent strength OF American
Can and Columbia Gas and Electric.
each of which advanced two points to
nav high records for the year and of
New York Central, American Hide
and Leather preferred. and n few
other individual issues eventually
stsadied the list and prices turned
upward again around noon.
There was a partial revival of
hullish interest in n varied assortment
Of stocks in the early afternoon espe-
cially Cosden, Famous Players, Rep,
logic and Vnnadlum Steels. Laclede
Gas and Motor Accessories issues,
which improved / TO 3 points. These
gains were modified later when heavy
selling OF the customary leaders was
resumed. Baldwin got down to near
1876 and CruCible, United States Steel,
Studebaker and the sugar shares
gave way in a rapid manner Further
e~tiffening In the rates for call money
which touched 81. encouraged ag-
gressive short selling.
The closing was irregular. A num-
Der OF popular shares, including Bald.
win, American Locomotive, Gulf
States Steel and American Beet Sugar
were depressed Q to 4 points before
The decline was checked by the bid.
bind up of American Can which rose
five points TO 9Ah and some OF the
public utility Issues.