The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-22
STOCK MARKET IS
AGAIN MARKED BY
A DULL SESSION
Opening Prices Generally Firm:
But List Turns Heavy By End
of First Hour.
(Bv Associated Press)

NEW YORK. Nov. 21.-Dullness again
characterized the trading in today
stock market, prices moving in con-
fused manner and operations being al
most entirely Of professional character.
Onaning prices We're generally firm,
hut acute weakness of General Asphalt.
common and preferred. and United
states Rubber caused the list to turn
heavy before the end of the first hour
and thereafter prices bobhed up and
down. generally within narrow limits,
short selling against some of the stan
dard issues giving the market the APP
pearance Of weakness at the close.
Renewed activity was noted IN the
sugar shares apparently in speculative
authorization of favorable earnings state
mcnts in the forthcoming annual re-
ports American Sugar crossed II but
closed Just under that figure for net
gain of / ga points. Cuba Care and
Punta Allegro sugars improved nearly a
point and Cuban American Sugar COM
pany are expected to reach decision to-
morrow regarding the C3mpany's $19,-
600 900 Surplus.
Standard railroad shares generally
showed slight recessions on comparative
ly light turnovers, neglect of these issues
being attributed to the uncertainty con-
corning the railroad legislative program
of the present congress. The first of
October railroads to make their appear-
ance was the Kansas City Southern,
published today, which showed an in
crease on both gross and net revenues
as compared with September, but de-
crease as compared with the same month
last year. However, this was not ger
orally regarded as representative case
and was not as closely scanned by the
financial community as will be the re-
ports of the larger trunk lines. PrcSl-
dent Wizards declaration to stoc!lhoid.
ers that the shopmen's strike cost the
Baltimore & Ohio railroad between SO
100000 and Sill 900 had bearish eff
feet sentiment as regards the rail-
road shares.
cessories, chemicals and textiles all
showed up we'll at the start but final
prices presented a varied assortment Of
changes. Early buying Of MidVaie, which
touched 30, revived reports of its pos
sible absorption by Bethlehem but it
sold off later to PITS and then rallied
to so 5-S for a small fractional net loss.
United States Steel also eased off nearly
a half while Bethlehem B, Republican
and Nanadium yielded at least a point
each.
Baldwin, Studeballer and Corn Prod
ucts enjoyed a brief period of strength
but crumbled under the short attacks in
final dealings, Baldwin and Corn Prod
ucts dropping Is and 1-2. respec-
lively, while Studebaker yielded a good
sized fraction. Reynolds Tobacco 3
moved up is points in response to the
80 Is per cent stock dividend and a
similar gain was registered by American
Can in brief buying demonstration in
the last half-hour. Consolidate Gas
shook off some of its recent heaviness,
advancing more than . points.
Publication of President Harding's
ship subsidy message breathed a little
life into marine issues, which advanced
slightly and then fell back. Marine COM
mon and preferred and American Inter-
national closing a slight fractional losses
while United Fruit sold off more than a
point
CAN money opened and renewed at
4 1-2 percent, advanced to and thence
to 1-2 per cent, where it closed. Busi-
ness in time money continues on per
cent basis. Trading in commercial pa
per was moderately active, the ruling
rate for prime names being 4 ga per
cent.
Foreign exchanges opened firm in re-
Election of the high London quotations
but later developed marked weakness.
Demand sterling. which touched S449 1-2
yesterday, eased off to s4.4S 3-8 today
while French francs slipped from TAI
TO 10