, 1923-02-23
STOCKS RALLY
NLAST HOURS
Bears Lack Support from Out
side in Selling and Prices
Improve.

NEW YORK. Feb. 23.-Early sell
ing in today's stock market rejecting
speculative apprehension over the adj
vanced locnl federal reserve Eedis-
count rate, was checked in part by an
uouncement of further increases in
the prices OF copper, sugar and oil
PRODUCTS. Buying was restrained.
however, by higher call money rates,
Sales Appropriated 100000 shares
NEW YORK. Feb. 23.-Opening
nrIces in today's stock market were
, irregular but the main tendency was
downward. Raising of the local fed.
eraI reserve banks rediscount rate re-
suited in some selling of h popular
Industrial shares, Baldwin, California
Petroleum and Stewart Warner each
opening a half lower. Famous Play
ers dropped a point. Gasoline prices
induced buying of some of h oil
shares, Producers and Refiners being
among the first to rise to higher
ground.
Selling pressure was most effective
in shares of coal carrying railroads,
foods, tobaccos and independent
steels.
CUT States Steel dropped An points
in reflection of speculative disappoint-
ment over the dividend while Strom-
berg Carburetor dropped 2S on profit
taking. Losses OF l to 2 points also
were recorded by Corn Products.
Jones Brothers Tea, United Retail
stores, Vanadium Steel, General As
phalt. Famous Players. United States
Alcohol and American Smelling.
Louisville and Nashville climbed two
points to 152. a new high record and
Illinois Contra improved fractfonally
but Delaware and Hudson, Norfolk
and Western. Reading and Chicago
Northwestern were heavy.
Among the few strong spots were
american Cotton OIL preferred, Inter
national Agricultural preferred and
May Department Stores. Foreign ex-
changes were steady.
While the raising of the re-d'scount
rate by the fedora reserve bank was
regarded in some quarters as n warn.
ing to the speculative fraternity sew
eral expert market observers never
the,ess construed it as a bull factor.
Pool operations, which were suspend.
cd in a number of shares at the start
OF the session in order TO determine
now much selling pressure would de
velop as a result of the higher re-dis-
count rate, were resumed before mid.
day and prices again tended upward
with Baldwin. S~tudebaker n Gulf
States Steel. ra'lying a point or more
from their lowest levels. Losses of
one to two were quite ommon among
both rails and industrials before the
reaction was checked. A few issues
displayed conspicuous strength. no.
tably American Locomotive, Ameri-
can Can, General Electric and Amer
lean Wooden. the last named ris 'ng
I1R points to 1854. a new high record
for the yea Call money opened at
5h per cent.
When it became evident that there
was little outside selling to help the
bear pressure. spectators on the .ong
side of the market began to buy free
ly. All OF the sugar shares were bid
up strongly in response to tho higher
prices for the raw and refined prod
ucts Inspiration moved up TO AZ
on its dividend resumption n stude-
baker, Producers and Refiners, North
American and Montana Power m
proved l 20 2 points.
Tho closing was irregular. PROBES.
stonal traders began to sell the Gus.
tomary leaders when call money was
marked up TO 6 per cent. "a number
of the s~pecia!ties. however. continued
strong. Eastman Kodak. up more
than Q points and Porto Rican To-
bacco up Y, being two Of the late
features.