Show CUTS SELLING CUTS QUOTED VALUES r shOrts Shorts Buys as Frightened Investors Throw Hold Hold- Holdings Holdings ings Over I i NEW YORK TORE Jan Renewal 16 16 Renewal of short pressure ro com combined with exten- exten SITO selling on the part of frightened investors because of threatening corn com complications com complications In Iu the tb German reparation situation resulted In a II further farther material impairment of quoted values i in to- to tod's today's to today's days day's stock stack market The declIne which ranged from one ono to thre three points In standard shares was conducted In Inan Inan an orderly manner the tho course of the InI I market Indicating substantial support support- support support-inic I lag operations In various arious quarters by bv I Insiders Sales approximated sh shares hares s I A largo volume of overnight WIling orders Imparted a a reactionary trend I IA to prices at the th opening I and Chile each sold off on publication I of the tho terra terms termo of tho proposed merger r thc tho former dropping a point and the tho rI I latter half a point A downward donward ten ten- tendency ten tendency dency also was nas noted In iii the Independent independent dent steels tee Is low priced rails and some of the specialties hat after the selling orders had hall been ab- ab absorbed absorbed ab and fresh buying power made madUs appearance In a number of shares Kresge Kresce was pushed up 2 point and gains rains of 1 to 1 were re- re recorded recorded corded by ramous Famous Pia Placers preferred corporation Steel S S- Tube preferred Houston OU Oil and Indicott Gulf States Replogle and Crucible Steel Steels also alto mo cd to hl her ground but Bethlehem B continued reactionary Chicago s J Kastern hill Illi- IllinoIs nola noIs dropped a point and fractional recessions were noted In St SI Louis Southwestern preferred Chicago Northwestern end and New Ha en but New York Central advanced ad a half point Baldwin and Cosden Foreign exchanges were easier demand sterling opening 8 at 4 66 and then ng back to t 4 24 68 2 an overnight loss Joss of U of a cent Francs dropped 5 points to tt 6 German marks established est an- an another another an another other new low record being quoted at 61 l of one cent a hundred or more than 1 00 to the Am ric n dol- dol dollar dollar dol dollar lar larI larThe I The Th market presented a spotty ap- ap appearance ap appearance throughout the tho morning with the major activities on the tile I I downward side tide Special buying In Kresge which extended Its It rain to 8 r points and In Gulf States Steel Corn Products International Intern Paper and nod the American Water ater Works Yorks Issues up 1 ho lo 3 points temporarily held the reI reaction reaction re- re rel I l action Tho The general busing PO poser po cr however was limited and when pres- pres 1 t prest sure sore oro applied again to the copper shares shares tha Bethlehem B and Republic Steels and Baldwin Bald In all oft off 1 I to I 2 point points and and Tidewater Tlde Oil off oft 7 the I market began to sag sac acain ln f lear ear of I more serious complications In the Ruhr Buhr R alley talley alley and the concurrent soak eak ness ness Dess of foreign exchange and french I bonds caused 1 selling t on the part ot of small 10 investors estors and a contraction in pool operations In many stocks California Petroleum made a sudden Pur of 1 points but the other ac- ac ac live tive issues showed little recuperative at midday Call money opened at t 4 per cent but cased eased to 3 before moon noon Traders who also ho were ere con convinced that thaI the tho Immediate course of prices wasI was downward put out shor shore lines fl I during tho the afternoon and a number of the popular shares dropped a point or two WO below Mondays Monday's final figures Losses in few Cew Instances a we i more severe Liggett S S- SMyers S Myers fell oft off 7 Coca Coca Coh Cola 3 and Famous 13 12 points California Petroleum was marked Up lp 3 Sit 4 American Radiator 3 Beech Beech- Beechnut Beechnut Beechnut nut Packing 2 and Standard Oil ot of California Tobacco E 71 B antI L 1 S Alcohol 1 to 11 before react react- react lug ing reacting in S with nith tho thin y hea sell sell- sell sell-jn ing selling elsewhere The closing was weak uk s lof ef stocks continued to flow into th market In the late lato dealings and alues melted Incited a away ay rapidly In a number ot of e shares American Car broke 4 points and Baldwin Studebaker Allied Chemical Canadian Pacific Consolidated Gas Gns Republic Steel and I Irth andI rth Am American eldell 2 to nears near's I 3 points |