, 1923-03-06
STOCK PRICES
BREAK IN MART
Speculative Sources Behind
Heavy Selling Movement
on Exchange.

a1Hhs eaies among recent speculative
favorites combined with a switching
OF professional interest from one
group to another, gave today's active
stock market n spottz appearance
During the morning the main trend
was downward but subsequent con
centrated buying OF the domestic oils,
equipments and textiles turned the
course Of prices upward again in the
afternoon. Sales appropriated 1885,
600 shares.
NEW YORK. March s-Prces dis
played a firmer tone at the openins
OF today's stock market. The initial
demand was most effective in the
equipment and steel shares, Baldwin
rising III points and American Loco
motive one, and Crucible and United
States Steels ~fractionally. An i'm
proved tone also was noted in auto
motive stocks. Chandler rising a
point. Rails were mixed. Delaware
and Hudson. St. Paul and Chicago
and MISUNDERSTANDING higher and
Southern railroad and Missouri Pa
clfIo losing ground.
A bullish demonstration in the
equipment shares resulted in Baldwin
extending its gain to az, American
Locomotive to 1w and Lima Locomo
tive TO a point. Motors also were
heavily bought. gains of 1 TO nearly
? points being recorded by stude
baker. Maxwell A. and 'B" and
Stromberg Carburetor. Stewart War
ner dropped n point on profit taking
Other individual strong spots included
Reynolds Spring, Industrial Alcohol,
Tobacco Products B. Remington
Typewriter. Sears Roebuck. and Uni
ted Railway Investment. all up a
point or more. California Petroleum
and United Railway Investment pre-.
ferred yielded slightly on realizing
sales. Foreign exchanges opened
easier, demand sterling getting under
40 and French francs under Clio
cents.
Heavy realizing and short selling of
some of the speculative favorites at
the higher levels and tho competition
OF new buying at other points caused
highly irregular movement OF prices
during tine morning. Equipment
shares showed the most consistent
strength. Automotive issues also sold
substantially higher put this group
yielded somewhat in sympathy with
the violent drop in Stewart Warner.
md Stromberg- Stewart Warner fellS
from 121 to 15t and stromberE con
verted an early gain OF two points
into a loss OF 3k. United Railway In
vestment preferred also broke five
points, United States Realty 3 and
California Petroleum common and
preferred. General Electric, Adams
Express and American Tobacco "B"
/ TO III. Among the most conspic-
uous advances wero Bosch Magnetic
6%, Pressed Steel Car 81; Porto RI
can Tobacco G: Kelsey Wheel Az;
Market Street Railway 4. the seodnd
preferred 81: Iron Products az and
BoIdwin ,. Call money opened at 8
per cent
Selling from highly speculative
sources carried the market Town
sharply IN the early afternoon many
Of the early strong stocks r~elinquish-
ing a considerable portion OF their
gains. Railroads were freely offered
also the independent steels. food. cop
mar. oil and American Can shares.
Subsequent accumulation of Allied
Chemical, General Asphalt. Standard
on OF California and Phillips Petrol
eum arrested the decline, and prices
began to move upward again in a hes
itatinK fashion. C. C. G. and 81 Louis
advanced AZ and Computing Tabu-
latins and Recording sh points
The closing was irregular This ef-
feet OF buIlish demonstrations IN in
divtduai shares in the later dealings
was minimized by the sluggishness OF
the usual leaders. General Asphalt
common jumped five points and the
preferred 3, each to new high records
for the year, while Atlantic Refining
and Nash Motors each advanced more
than -four points.