Evening star., 1923-01-04
WALL Street LIST
TURNS|RREGULAR
Many Stocks Gain, But
Heavy Selling Is Noted in
Others-Money Easy.
BY STUART p. WEST.

Special Dispatch TO The Star.
NEW YORK, January Again to-
day it could not be said that the
European news was causing serious
concern in any of the markets.
Disruption of the Paris conference
throwing the whole question of Ger
man reparations up in the air once
more, seemed almost certain, yet home
security markets refused to be dis
turbed over the prospect. Outside
of a further decline in the conttnea-
tai exchanges there was very slight
response in any other quarter.
Stocks Very Uneven.
The stock market pursued a very
uneven course. For an hour or so
after the opening heavy selling came
in from the speculative element which
had been following the rise of the
previous day. The market absorbed
these offerings, and then turned up
ward under the lead of United States
Steel common.
The leadership or the steel shares
proved effective for while in steady
ing the balance OF the list. Yet, at
the same time realizing sales were
quietly in progress in other OF the
speculative favorites, and this sell
ing began to show more as the after
noon went on.
This irregularity was the normal
characteristic of a market In when
speculative profits have accumulated.
The pools and other interests com
mitted to the side of rising prices
showed their command OF the sltua-
tion by bidding up a number OF Sc,
lected stocks in face of the partial
reaction in other directions.
Call money was very easy again de-
spite the announcement that the Treas
ury was to withdraw S4O,OOO,OO0 from
banks in the New York district on
al r~nf q q
per cent, and new loans were freely
made at 31s. This evidence of an easy
credit outlook, along with the increas-
ingly favorable reports from trade CEN
ters, especially from the steel indus
try, continued to count more than any
anxiety over German reparations or over
the threatened clash in Augora.
Steel Commons Action.
It is a speculative practice to bring
Steel common to the front when the
market needs a steadying influence.
This is what apparently happened to-
day. Some observers thought that Steel
was being put up to hide important SELL
ing in other directions, especially in
Etudebaker and the equipments
But at all events the early profit
taking had been heavy enough to un-
settle the general list. 1t was then
that heavy buying orders were
thrown into Steel and the stock
pushed across 1OS. The logic of this
States Steel common had hung fire
for several days, while the independ-
ent steel shares were rising sharply.
The former had right to get its
proper amount of benefit out of the
highly favorable trade reports. par
ticularly the statement that the De-
cember production of steel was the
largest of any month since October,
1920.
Mack Trucks Earnings.
Confidence that the earnings per
share of Mack Trucks common will
approximate $40 in 1923 has been be-
hind the strength in the stock during
the past week.
This estimate is made on the
ground that the company's business
has become more than merely the
production OF motor trucks for scat
tered industrial use, but rather has
grown to be a supplemental railway
service: Operation of motor trucks
for short hauls is increasing at
rapid pace and Mack Trucks Is now
rally an auxiliary equipment
Ipary. The last quarter of 1922
s as profitable is any other of the
ar, with earnings for the full
~%elve months at least SO on the
common stock.
Both the old and new stocks of
Continental Can Company were active
and strong today. Their advance, like
that in American Can during the past
few days, was based largely on the
exceptionally good earnings situation,
which Is, however, well known. Con-
tinental Cans net income for 1922 on
the old stock amounted to about $27
a share.
Motors Lead Late Trading.
On the stock exchange motor stocks
held the center of the stage late in
the afternoon. Their strength was
to be set down as the traditional dem
onstration on the eve of the annual
New York show. Some of the tobacco
stocks-Retail Stores particularly
developed special strength. In the
majority of instances, however, offer
ings of stocks were large enough IN
the last hour to check any further
rise and to bring about an irregular
reaction.