The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-08-16
MODERATE gain
wipes OUT The /
TUESDAY / LOSES
Industrial Issues Strengthened
BY Breaking Up Of The Soft
STEEL SHARES SHOW
: SOME IMPROVEMENT
Union Pacific Sets New High
For Year and Features
Baldwin and Studeb aker Up.

NEW YORK, Aug. IA moderate
advance in prices took place in today's
stock market, most of yesterdays loss
ses being wiped out in short covering
operations combined with some buy&
ing from western points. ?
Industrial issues were strengthened
by the breaking up OF the soft coal
strike and the bright outlook for peace
in the anthracite fields. Rail shares
showed fairly 'firmness indicating the
financial community's belief that the
strike crisis was waning, but the an
nouncement that President Harding
was to go before congress on the rail
situation caused some irregularity. y,
Steel shares showed considerable i'm
provement, probably on the assumption
that the settlement of the coal strike
would benefit that industry more than
any cher. United states steel common
was up point, Lackawanna rose 81
Republic 1s1-2 and other independent
issues in sympathy. The individual
feature in the group was sCrucibie
which scared 2 81 points ION reports
that dividends would be resumed short
ly. '-'''''5 = - ''- s's AVE '-''
Several New Highs
Union Pacific, which was up nearly
2 points to a new high for the year,
featured the carriers other strong
spots III which the chesapeake and
Ohio, New York, Central, Chicago and
Northwestern, Norfolk and Western
and New Orleans Texas and Mexico,
all of which adVenced L toy points.
Several more new highs Were re-
corded during the days trading, nota-
bly, by Famous Players. International
paper, Pittsburg coal, and United
States Realty Mexican Petroleum
moved within comparative narrow linn
It's today, closing at net gain of 3-8.
Baldwin and sStudebaker,, the other
speculative favorites almost moved TO
higher ground. '' - r't"- =, ri
Total sales were $4,000 shares.
The cali money market was easy,
opening and renewing at 3 IL percent
ana thence declining to 8 where it
closed. Somewhat more activity was
noted in the time money market but
the rates were virtually unchanged. !"
9 German Extremely Low
Reports of heavy selling in European
centers caused a reactionary trend to
the early dealings in foreign exchange.
French francs sold off to 7.96 S1-2 as
against 500 yesterday, but recovered
to 500 before the market CLOSED and
We're quoted as high as 800 later. Ger
man marks were down to ten for" a
cent an extreme low record, following
the announcement Of the German cab.
met that it could not pay more than
s.. 500, 900 of the $1O,OOo,O0o demanded
by France this month as payments on on
account of debts to the allied nations.
Canadian exchange was VIrtuaily
a mar, the Canadian dollar being
quoted at 90, 81, 90 cents: Cessation N
If coal imports from the Unitsd states e.:
Is believed to have been q contri6 0,l1g
factor to the increasing lower discou =
II the last few days. @Czheco- siovak-
ian crown checks We're quoted at z'sV' a
new nov btsh record. Eoreign EXCHANGE xet
dealers report: that speeYlaa tors tors N II IN
+forlaa currencies have Of late oee et
t',rning their attention to Gsl1ec92 -s 20
va va t- -, and Roumanian remit&asnace 3
scco1nting in part for the lncreaa Sc Sc IN n
those Yates.