The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-10-17
PROFIT TAKING BY
RECENT BUYERS ON
ACTIVE BIDDING UP
Marked IrreguIarity Takes Place
In Later Trading With Sharp
Rail Advance.
fRp Associated Prose-

Now YORK, oct. 1S.-ActAve Kidding
up Of industrial shares, including United
States Steel common, which was car
Tied TO a nav high at II LIZ at the open
ing Of today's stock market, induced
recent buyers to take profits with the
result that marked irregularity took place
In later trading. Rail shares, which did
not participate extensively in the rather
sharp advances last week, came to life
today. and some material gains were
registered.
Traders who have been bidding up
stocks IN expectation OF stock dividends,
received a set back today when Ebert
II. Gary, chairman Of the United States
Steel Corporation, and L, j. Cornish,
president Of the National Lead Company
both denied that any distribution was
contemplated by their concerns, which
have been among those prominently men
toned in current Tumors.
New York Central crossed par again
today, but later fell back to 80 5-S as
compared with 90 at Saturdays close.
The advance of nearly points in Lehigh
Valley was accompanied by rumors of
an increase In the dividend rate. Other
strong spots in the rail group were At
lantic Coast Line. Reading, New Haven,
New York, Ontario and Western, nickel
Pate" second preferred, and Delaware
ana Hudson. the gains ranging from 81
to . points.
More than 100000 shares OF United
states Steel common changed hands dur
ing the day, the closing price. however
representing. a nat gain Of only a quar-
ter OF a point. Some Of the buying un-
d0ubtcdly was based on the theory that
the report Of the corporations business
for the third quarter will be more favor
able than generally. expected. Other steels
were Irregular Republic dropping ! l-2
points and Bethlehem ! IL while
CYucible improved slightly. Equipments
vcl', hard hit by today's selling. Baldwin
dropped Ia, American Locomotive l
RS and General Electric IA. The net
gain in these stocks last week ranged
from . to 9 points. StudebakeT also yield
ed to pressure, railing back points.
Violent fluctuations took place in the
hlgh priced oil shares. Mexican Petroleum
moved wlthia n radius Of nearly points
c,osinE at Il net gain of Ia while stan
dard Oil Of New Jersey which had touch
ed al8 IL. fell back to 213 IL or 2 Il
points below Saturdays final rate Ma
tional Biscuit again stood in the special
~ list with a gain Of 4 points. Other
strong spots were Manhattan Shirt, up
ia; Reynolds Tobacco UP Is; National
Enameiing up / SIS; Continental Can
IN . IL and Brooklyn Rapid Transit
up Is
Total shares, l,l9l,o0O.
Call money opened Al ~ pel eeIl'
but advanced to six before the close.
result of heavy Withdrawals IN connection
With mid month payments
Bankers are holding out for five per
cent for the longer maturities for time
money with 4 "a offered by borrowers
Commercial paper is quiet and fairly
firm.
Foreign exchanges were weak, partic-
uIarly the French and Italian rates.
Abaridonf1ent OF the consortiuTn found
expression in fthe sharp drop in Greek
exchange, drachamas falling to >2'++'
CansGIan dollars were SIN at premium
in this market,