The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-02-08
Sterling Is Unchanged by
Work of Adjustment
Started by Traders,
SPECIALTIES OPEN LOWER
Rails Are Generally Higher
Due to Extraordinary Car
IoadingS in January
By Wall Street Journal

ordering of additional allied warships
to Symrna and the extension of the
French war-like program. sterling vir-
tually was unchanged at the opening
Of the stock market today and the
market went ahead with the work Of
correcting its internal position in
progress at the previous close. Specu-
lative leaders like Baldwin, Chandler,
American Can and California Pete
opened at levels which represented
good sized recessions from Thursdays
highs, although the changes from the
previous final figures were slight.
Rails generally were higher re
flecting further the extraordinary
showing made in January for car
loadings which eclipsed all records for
the month.
First Hour
News that the United States had
Joined in the protest against the Turk
ish ultimatum ordering the Allied
warships from the Smyrna harbor
added further support to the theory
that the Angora government was too
keenly aware Of the odds against it
10 risk possibilities Of a war.
Stocks threw aside the early If
Irregularities before the end Of the first
hour and many sections Of the mar
ket swung into a renewal Of the for
ward movement
D. L. & W. and L. & \. led the
rails while oils were featured in the
industrial group under influence Of
sharp gains in Pan-American. Selli.s5
without the twenty per cent dividend
in "B" stocks, Pan-American Petro-
Ieum "a" gained more than two
points at 8OA while b moved up
about IL to 72A.
Consolidated Textile continued &C
tive, reaching a new high on the move
at 1914. Publication Of the untitled
orders Of Consolidated Textile reveals
there IS a market improvement in the
trade. Forward contracts now total
S,465,0O against 3,9s3.OOO a year ago.
Second Hour
Secretary NellcA's optimistic state
Inent regarding TIE outlook for spring
business gave renewed impetus to the
whole market. BuOyancy was the
dominant characteristic of the market
in the second hour. Sharp advances
took place in n Imerous specialties like
Woolworth. G. neral Cigar ana Rem
fngton Typew ritter while the main
body of stools was unusually active
around the btst levels on the current
move.
Third Hour
Steel com1.on. was the real leader
of the market recovering a point
from the low Of 1865. U. s. Steel's
January unified tonnage figures will
be made public Saturday. Wall Street
looks for q slight increase but a
change either way viii be small.
Demand for steel is about as good
as it has ever been and the corpora
ton has been forced to decline large
amount of business. One reason is the
advancing tendency of steel prices.
Steel companies are not inclined to I'LL
their books with low priced orders.
Automobile and tire stocks were
again in fsvOr. From now on, the
automobile companies will report
large earnings as they are entering
their active season. Packard earned
at a rate C nearly SIS a share an
nuaIly on The common in January.
Studebaker is expected to make a
favorable showing in the first quarter
this year. Certain large interests
identified with the recent bull moves
in Studebaker are reported to have
lost their masket. Recent advance was
said to be due largely to outside
buying.
Twenty active industrial stocks
Wednesday averaged 1O1.O5. up .O4
per cent: twenty active rails aver
aged $3.50. off .13 per cent.