The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-04
The Journals Market Men,.
PRICES CONTINUE
UPWARD CLIMB IN
THE STOCK MARKET
Movement Is interrupted at
Times By Extensive Profit
Taking and Short Selling.

NEW YORK, Nov. 3.-Prices contfn
Iusd to move TO higher ground in today's
stock market but the movement was in
tterrupted at times by extensive profit
taking and experimental short selling in
an attempt 70 uncover weak spots.
| Announcement of an increase Of prices
by the Studebaker. corporation checked
the realizing sales in the late afternoon
and brought about a rally. which carried
a number OF stocks to their highest
levels for the day. Studebaker gaining 8
points. United States Steel common was
pushed up more than points to 107 is,
all offerings being readily absorbed.
l. The advance Of the last two days has
brought about a substantial reduction Of
the short interest, but the volume Of
sales, which totalled' only $4,000 shares
| today, indicates that the covering opera
tons are far from completion. Profess
sionaI sentiment continues bullish and
pools are again beginning TO operate in
special stocks.
Railroad shares enjoyed burst Of ac-
tivity in the mid session, but extensive
profit taking cut heavily into their early
gains The stocks which managed to
register a net gain Of a point or more
included Lackawanna, Erie first pre-
ferred, Chicago & Northwestern, Della
ware & Hudson, St Louis Southwestern
preferred, Union Pacific, Texas & Pa
cifc and Wheeling &, Lake Erie.
+ Independent steels were pushed up in
sympathy, with United States Steel,
gains Of to nearly 2 points being re-
corded by Bethlehem B. Crucible, Mid
vale and Republic. Equipments. which
were among the leaders yesterday, fell
under the weight of realizing sales to-
day, but Baldwin and American locorno- |
tives were later able to rise fractionally |
above yesterdays closing figures. while |
American Car improved l point.
A better domestic demand for copper |
and higher prices for other metals found |
expression in the increased activity and |
higher prices for copper shares, Aneri- |
can Smelling, Chile, Kennecott, Butte |
and Superior and Inspiration rising ap
point each. |
Some gains were made by motor ac-
cessory shares, Fisher body jumping Z |
points, and American Bosch Magnetic. 5.
shares also showed
marked improvement, particularly Asso
ciated Dry Goods and May Department
Stores. |
Mexican Petroleum again assumed |
leadership in the oil group. with a net
gain of nearly points, but the allied
Pan American issues were heavy. drop |
ping more than a point each. Standard
Oil Of New Jersey preferred improved a
point but the common and Standard Oil
Of California declined fractionally.
Call money opened at per cent but
ga sed off to 4 ga and then to 1-2,
where it closed. A large volume Of time
money is being placed at per cent, the
bulk Of the loans being made for three
and four months maturity. Out town
3anks are the principal buyers Of COM
nercial paper, the rate for which con-
inues at 49, per cent with few
James, selling as low as +1-2. L
Foreign exchange rates were irregular.
Sterling advanced slightly. despite
leavy offering OF cotton and commercial
bills, while. heaviness was noted in the 7
french rate.
German marks dropped to another new I
ow record at 9-16 cents a hundred n
tut rallied later to ! ga. Swedish ex-
hange established new top for the
ear, selling as high as 1888 but yield
ng in later dealings. Canadian dollars
we're still selling at a slight premium