, 1923-04-09

STOCK TRADING
IS IRREGULAR
Sears Succeed in Raids on
Some Issues but Others
Score Advance.

NEW YORK. April e.-Confused
price movements took place In today's
relatively dull stock market session.
Higher money rates, announcement Of
new financing by the American Wool
en- company and speculative disap.
pointment over the latest reports OF
tentative railroad valuations by the
interstate m commission in
duced some profit taking and short
selling but the net losses We're small.
Operations for tho rise were continued
IN other quarters with Indifferent sue
cess. Sales appro1imated 100000
shares.
NEW YORK. April 9.-Prices dis.
played a firm tom at the opening of
today's stock market. Multiple evil
dence OF business prosperity CON
tanned in weekly trade and Industrial
reviews encouraged a resumption OF
professional operations for the rise.
The initial demand was most effective
IN the oils, Mexican seaboard. Middle
States. Shell Union. the Pan-Amer.
lean issues and Producers n Re
fners all opening f~ractionally above
Saturdays closing prices.
Some irregularity developed after
the first buying orders had been dis
posed of but the main trend con-
tinued upward. Sugars were again
N good demand, Puntn Allegro lead
lns the advance with a gain of one
point. Erie first preferred advanced
a point but some of the dividend pay.
ing issues. notably New York Central
and Union Pacllc were heavy. With
the exception of Otis Steel the indie
pendent steel issues were slightly re-
dictionary. Computing Tabulating and
Recording. National Department
Stores, first preferred and American
Steel and Foundry all advanced a
point or more. Strength of French
francs. which advanced 14ls points to
6.74tS cents, was the feature of the
foreign exchange market. Demand
sterling held steady around s4.66la.
Further read5ustment of the mar.
ket's technical condition resulted IN
a mixed movement Of prices during
the morning. Trading was on a re
duced scale. speculative operations in
many stocks being suspended or con
siderably curtailed pending a more
definite trend OF prices. Sales OF
Cuban raw sugar at SIC a pound
the highest in two years. brought
fresh buying power into the sugar
shares, which showed consistent
| strength. Equipments also displayed
| a firm tone but some OF the oils, par
ticulnrly General Asphalt and othel
industrials were inclined to heavlness
Contraction of $50, oOo, 900 in loan!
shown in the weekly clearing hous'
statement was regarded as a con
structive factor. Call money opened
at 4A per cent.
Experiments by bears who were
trying to pick out weak spots tc
start general liquidation met with
some In the afternoon when
American cotton oil shares fell to
new low figures. Gulf States Steel
California Petroleum and feathers and
American Wooden were also weak
the last mentioned sagging on an.
nouncement of a new issue OF $40,
000, 900 preferred stock. Strength
however. developed IN General As
phalt. Phillips Petroleum.. Marland
OIL, Simms Petroleum. Martin Parry
American International and Amer
lean Water Works and Electric.
The closing was irregular. Marking
up OF the call money rate to "a pei
cent brought about further liquidation
in the late dealings with a resultant
sagging of prices. Atlantic Gulf
WHY'S Overland preferred and Barns
dali "a" were the outstanding weak
spots. Mack Truck was strong.