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Show STOCK MARKET DISPLAYS A REACTIONARY TENDENCY Initial Prices Show Fractional Gains; Reaction Follows Professional Short Sales. By BROADAN WALL. By International News Service. NEW YORK, Sept. 23. Rumors that a snajf had been struck in the big loan negotiations ne-gotiations were offered as an excuse for the reactionary tendency displayed by the stock market today, but tlie real reason was the high prices recorded on Wednesday Wednes-day which Induced profit-taking. As a veteran broker declared: "This is a big market, and people must expect further fluctuations." Speculators and investors have become so accustomed to large advances that a slight natural reaction surprises them. The upward movement of the previous session was carried over into the early trading today, initial prices showing fractional frac-tional gains. Long stock, together with short sales bv professionals using the reported re-ported hitch In the loan as their basis, appeared during the first half hour and continued up to noon. Steel declining nearly 2 points from the high figure or 7SJ established at the opening. Other shares suffered In proportion. A better feeling developed in the afternoon and more than half tho losses were recovered, but in the last quarter of an hour a secondary sec-ondary reaction occurred which left quotations quo-tations around the lowest. Advanced Ten Points. International Nickel celebrated its enlistment en-listment on the stock exchange with an overnight advance of 6 points, which was subsequently increased to nearly 10 points. Net earnings for the four months ended July 31, after paying the preferred dividend, divi-dend, equaled 9.3 per cent on the com- mon, or at the annual rate of about 28 per cent, according to the earnings statement state-ment filed at the stock exchange. The collapse In Tobacco Products common com-mon stock on the curb market from 9 to 2'i on Wednesday resulted in reports iliat the break reflected a change of control and that George J. Whelan. one oi the organizers, had disposed of his holdings. Another rumor was that a certain banker had taken a large block of tho stock at 20 A director of the company told the wrlterwriler today that there was no truth in the reports of Mr. Whelan having sold his holdings or that there had been a change of control. He also added that the company was doing very well and that .the cigarette business is increasing. Deal Under Way. Reports current also said the Schinasi Brothers' business had been acquired, but this Is denied by a director. A deal, however, how-ever, of some kind is under way, in which the Schinasi Brothers are participating. Tobacco Products opened with an overnight over-night gain of S points, but dropped again to 26j and recovered at 34i, where it closed. Insiders say high prices of 69 are fictitious and not justified. The wide fluctuations have a distinct flavor of rank manipulation. Several months ago, when the stock market began showing evidence of public participation, a pool was formed in Tobacco To-bacco Products by some young men who were very ambitious. .They began ac-( cumulating the stock and had ideas of where It should. sell, but shortly afterward the market for the stock disappeared and nothing has been heard from the pool since. |