Show BEARS EARS FORCE 4 FINAL DECLINE I Breakup Breakup of Reparations Conference Has Weakening Weakening Weak- Weak Weakening I ening Effect i NEW YORK Jan ConflictIng 4 movements characterized today forthe active stock took market speculators speculator for the decline finally forcing a II general fn recession of prices price on announcement o a breakup of the tb allied premiers conference on reparations and the th clr- clr cir clr circulation of or reports that the tho th Mci-Ican Mci Dutch company was dotIng dong Its Met Met- Jean refinery because of oC a lack o ot of ill 11 duo to the salt gait water ater Invasion o of Its Bullish operations operation nero ero ner con con- con ducted conducted In a number of shares earlier ho tile the day isy but these gains pains were wre no well maintained Pales Kites Ies approximated shares Sr Industrial stocks show show- showed ed 1 a strong tronc tendency at the Tho share shares and the th sm lIer steels were easier easler while U S Steel end Standard Oil of o New Jersey show show- showed showed I ed cd weak eal tendencies Somo o of the th appe toppers public utilities and specula specula- 11 tio e railroad Issues exhibited strength Oil advanced two tao points point while U S Steel preferred and In- In In Paper gained s closIng Advances of oC 1 o point or more acre ero made by Colum Colum- Columbia Columbia bia bla Gas d Electric Replogle Ste Stel I I I and C P Petroleum r Presed n t I Steel Ste l Car was nas weak eal falling ot of four Cour fourpoints fourpoints points while Canadian Pacific Amer Amer- American Amerlean American ican lean Tobacco New York Central and Kaser Hayser declined fractionally For For- Foreign eign elgo exchange rates all alt ere acre TV ere easier casler sterlIng about a quarter ef cf a cent The Tho early hesitation and irregular irregular- lIt it of the tho market was succeeded atI at atE midday by a definite trend E I although sellIng continued a a time tim in local public utilities to- to tobaccos tobaccos to tobaccos Chandler Motors Stewart Stewart- Warner Stewart Warner Speedometer and American The Tho general trend of tho th was strongly upward There as a heavy accumulation of the stee te equipment and can shares which gave to the th remainder of or the ho buying Included a n number of ot In- In In Industrials and specialties Pressel Steel Stoel Car regaIned three points of ot Its earlY arly four point decline on announce announce- announcement ment of a a new financIng program UnIted States State Steel touched and lad anCeS of or 2 8 to 3 32 points were ere made by Pullman Columbia Gas S t DIce Elec Electric trio Replogle Steel Steel Louisville d I t a Eastman Kodak United States and American Radiator I Call money opened and ed a at I 4 per cent I I Price Pric mo movements became e confusing a ar ia n nIn In In n the early afternoon Weakness 0 of General A A- A I As-I I t phal halt common and preferred Pan Pan- Pan American I American A and B B Bethlehem Steel B Standard Oil of California National Lead and ani Stromberg Carburetor contra contrasted ted with I energetic tlc buying of American Cat Ca I Mack Truck Truck California Petroleum Woolworth Wool Pierce Oil preferred Du Pont Font and Chicago Pneumatic Pneumatic matic matte Tool tho variations In these stocks lock ranging from one on to J either way United States Steel reached and a block of oC 1 shares hares of- of of General Motors chan changed d hands at 15 The was weak Bidding up or of Consolidated Gas Continental Can Maxwell axwell Motors A and Band B 13 and Willys Overland Willys-Overland preferred from Crom 1 to 3 points was waa followed lJ by a selling I move move- movement o t I I I mont ment when ahen It t became e known n that the reparations 3 conference had been brok- brok broken brok broken en oft off without an agreement having b been Cn reached Baldwin Bald dropped 4 I points below Wednesday night s close and United States Steel American Can Gan Studebaker and antI a n number o of h lother other r acU acUe e Issues 1 1 to o 0 points from earlier D high hisa levels level I I |