The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-07-03
GENERAL MARKET
q A|LS TO FOLLOW
UP RECENT GAINS
Siuggishness Characterizes
Movements of Leading
SpecuIatiyeL Leaders,
The WALL STREET JOURNAL

Inc WALL . ME- JUUhNHL'
NEW YORK, July 3. Stocks
opened higher today on a fair amount
of trading and all classes showed
some improvement from Mondays
closing levels. 1t was noticeable that
rails took up a considerable part of
the speculative interest. However,
trading turned dull shortly after the
opening and prices receded fraction
ally in leading issues. Overnight
political news of agitation for lower
rates apparently had some effect on
the buying of railroad shares.
First Hour
Rails showed no disposition to fol
low through on their strength of Mon
day, although none showed any par
tieular weakness aside from New Ha-
ven, which is under influence of a
nsparate situation from such as New
brk Central and Atchison. which are
rocked upon as low in price because
of earnings and dividends. Foreign
news of difficulty between Great Brit
ain and other allies on the reparations
question was believed to have caused
some liquidation of. stocks in the last
ten days.
- Second Hour
Notwithstanding some selling in
the smaller issues, which gave the
market the appearance of weakness.
the general list held firm in the late
forenoon trading. The opinion was
expressed that. selling in such stocks
as Atlantic Gulf, New Haven, Central
Leather and others was forced, and
while this Influenced operators to sell
some of the leading issues, little stocE
came out. At the end Of the second
hour such stocks as Studebaker. Pan
American. Consolidated Gas. Steel
common, New York Central anil
others showed but slight changes
from the opening.
Noon Hour
New Haven got down to a new 1923
low at liz in the noon dealings, but
rubber shares showed much better
tone while in several of the miscel-
Ianeous industrials there were evil
-dences of support, notable il Asso-
ciated Dry Goods. In banking circles
it-was regarded as significant that the
market showed such rallying power
ON Monday and earnings statements
seon to be made public are expected
TO strengthen general confidence.
Fourth Hour
$ After holding firm, the list reacted
in the afternoon with most Of the
leaders getting to or fractionally be-
low prices reached in the recessions
earlier in the day. The volume of
trading was light and in no way did
the selling in stocks equal that of
last week, as the wide declines were
limited 20 a few specialties. Central
Leather, under pressure, was off 8
points from Mondays high.
Closing Hour
Toward the close of trading the
whole list gave ground under impetus
of selling in special issues such as
Baldwin and Corn Products, not to
mention Central Leather, brought
about by news of further reductions
in the price of hides and prospects
OF. poor earnings for the current pc
Rod. Selling of low priced rails and
industrials, a number Of which touched
new low marks for the year, finally
communicated itself to the entire list,
with the result that recessions were
generally the rule.
Z Twenty active industrial stocks on
Monday averaged 1886, up 10 per
cent. Twenty active rails averaged
1910, up 1.55 per cent.