The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-07
SPECTATORS FORCE.
STOCK PRICES DOWN
FROM | TO 3 POINTS
Take Advantage of Weakened
Condition and UnfavOrable
Near East News.

NEW YORK. Nov. C.-Speculators for
tho decline finding the stockmarNet IN q
weakened technical position as result
OF the rapid advance of last Thursday ana
Friday, today took advantage OF the uil-
favorable Near Eastern news ana the
unwilltngness of traders, to carry stocks
ever the holiday. forcing down prices
10 5 points. , -,
Uncertainties regarding the outcome Oh
tomorrow's elections and the disposition
OF traders 10 await more definite deNe,op-
r,,ents in Turkey before extending tnelT
commitments resulted in consldeFaolF re r.''
activity. total sales aggregattng only to4'-
600 shrase, as against the million snare
average Of the last. few weeks
The reactionary movement eNtehoeu
over most Of the list, but pressure was
concentrated in the last hour on the Eric
issues on reports of strike OF ehP'oS CO
OF the Pennsylvania ccal company oLe
Of It's principal coal properties IL &c -
nreferred was the hardest hit, droppins
= .noninfs. the common yielding 2Ss ana
tbe recond preferred ga. Other low pric-
cl rs,ls reacted in sympathy, losses OF
Isroe Fractions to points taking place IN
81 paul preferred. Rock Island, missouri
Pacific Il and c. and New Haven
Announcement by the American KAN
wav Association that the demahu 1o
,r,,t,e facilities had caused the Creates
.ar shortage in history failed TO cheek
tho decline in standard rail shares, losses
~ n roint or more being sustained by
Reading. Atlantic Coast Line, Chesapeaihe
and Ohio. Great Northern preferred Lane
Erie and Western preferred ana Chloi'
Pacific. .4;.,,s.+o
There were few notable exceptions TO
the downward trend. Chain store shareS
v.ere bid IN in spirited fashion on reports
NJ better business and possible extra
dividends disbursements. "ool"orti
crossed double par, closing at 2O41g' net
gain of II points on the day, hresge was
pushed IN Ii2, closing at 49, anu 1HaS
DeDartmCnt Stores established ne" mig II
at 1914, then slipped back on pIol'e t>,[,
ing to l64bS. at which price 1t was nearly
= noints above Saturdays close. Dupont
Powder and Otis Elevator also were I'M
usually strong gaining six points eacn'
Conner shares were strong Yin early
dealings but they forfeited most OF thelr
gains in the final reaction, a shght sun :
fleming of copper prices was noted do :,
result Of the large volume OF mstd
bought for domestic shipment in the iast
few DAYS. Chile and Cerro de Pasco each
sold at least a point above SATURDAY
fina1 figures but later reduced their gains
n fractions Dome mines established
new ton at 46la in speculative expectation
81 an extra cash dividend, but II sIunlpeu
later tc 43. or 21a points below SATURDAY
close. -. :. ~,
Profit taking and short selling in the
oil shares caused some substantial recess
gions. Mexican Petroleum dropping near
Iv 2 Doints, and losses Of ! TO oeins
sustained by Standard Oil OF New Jer
sey. Royal Dutch and General Asphalt
steels offered better resistance to pres
sure most of them yielding only fraction
auy Baldwin and Studebaker each lost
over IA points. . .,5
Cali money opened at percent an: and
then advances to SO. where II closed. Ine
+jr,o money rate held at percent with
comparatively little business being trans
acted. Only relatively small amount OF
new commercial paper is coming into the
market. the rates for which are un-
changed. ..,.i~
seriousness OF Near Easern sltualor
was reflected in the heaviness Of foreign
exchange rates. French francs and Ger
man marks dropping to new low loveIS
for the year. Demand sterling also reacted
more than one cent to s4,44Ns, large
volume OF grain and cotton bills oelns
contributing factors