The Washington times., 1923-01-16
STOCKS DISPLAY
IRREGULAR
TONE
Prices Show Downward Trend
In the Early
Trading. :.
By w. s. COUSINS.
BY CosmODOlItan News Service

NEW YORK, Jan. 16.-Still under
the influence Of yesterdays selling
movement and subsequent declining
prices, the professional element
came down to business this morn.
ing in a bearish frame of mind. re
Elected in lower values in most sec
lions of the list. It became soon
apparent, however. that operations
for the decline could not. lislodge
any real holdings This was the
sign for quick Curnabout and be,
fore the session had materially pro
crossed, the market had retracted
the lost ground. Soon after q hest
tant tone developed, due to the un.
certain behavior of cotton and the
foreign exchanges. ContinentaI
rates were easier with marks
tumbling to new low OF 16.5OC
marks to the dollar.
Traders were inclined to watch
foreign events before taking q
definite stand on either side Of the
market and their aloofness account.
ed for the prevailing duIlness.
Steel stocks distinguished them
selves by their steadiness through:
out the morning session and appear
to be under constant accumulation.
United States Steel after opening
fractionally lower, rallied quickly
half a point to 1864. Gulf. States
Steel featured the i,n0Apendent
group and gained nearly 8 points
on expectation Of an excellent
earnings report for the last uuar.
ter of 1922. Crucible rallied nearly
point, selling at 7O1s. Vanadium
Steel improved one point to. 81.
The equipment group displayed q
better tone, with Baldwin nj the
lead at 134A, q gain Of / point.
American Locomotive sold uY, 10
122k. Prospects for these com.
panies continue to be favorable. as
large orders are soon expected to
be placed by various RAILROADS.
Fluctuations in the oil division kept
within q narrow scope. Advices
from Pittsburgh as to an increase
OF 10 cents in the price Of Pennsyl-
vanit crude Oil did not go very far
these stocks. California Petroleum
gained a good fraction at 1914:
Standard Oil of California recov-
cred nearly point, selling at 59Sk;
Royal Dutch sold down to 81, a
loss Of point. Offerings for for
eign account was responsible for
the decline in this stock. ).
The official publication of the
Anaconda-C Chile merger naturally
focused a great deal Of attention on
the market action of these stocks.
Apparently traders misconStrued the
plan resulting in declines. both in
Anaconda and Chile. The former
lost about a point in the early trad
ing, but came back in the second
hour. Chile, after selling down
fractionally, also recovered it's loss.
Utah Copper was down point, at
62ss. Motor and tire stocks were
featureless, but the leaders were
quoted higher. Studebaker sold UP
to 114ss. a gain of point. United
States Rubber and Kelly Springfield
appreciated a good fraction at so
and 50A, respectively.
International Paper stood out
prominently among the specialties
selling up to IS, gain of two points.
Endicott-Johnson spurted over a
point as a belated recognition Of the
stock dividend announcement. Nay
Department Stores was up one point
at 1914 and Kresge up 5A points
at 191.
The trend In all departments was
aimless, with fractional gains and
losses about evenly divided. South.
ern Railway kept firm around last
nights closing level. New Haven
was again in supply and went down
to IN.
Around the noon hour the market
became extremely inactive, but
prices were well sustained.
Call money renewed at per cent