The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-09-07

New York. Sept. 6-~Speculative sell
ing. induced by the belief that a reac-
zion was due on technical grounds,
caused a rather general recession in
prices to-day's stock market. losses OF I
70 nearly 8 points being quite numer.
<ous.
There was u;t,e outside news that
had a direct market bearing. although
publication OF an article in the organ OF
ShH Standard OIL Company. New Jersey,
Indicating higher investment losses Of
American companies operating in Mex
eco. caused advance selling OF Mexican
oil shares. which were forced down
large fractions TO further points.
NvNrage prices IN tho market have
'""1 an Increase for nine successive
l. - a sort ot tradition IN Wall
-. 90 'Nat no speculative movement can
T"""e-d far IN either direction without
a temporary Interruption. and profess
sioral interests apparently fer that the
time was rrop'tious 20 cat 4 halt 70 tne
steady upward trend Tho selling pro-
cssded IN an orderly ann and most
offerings were easily absorbed.
Mexican Petroleum moved within a
radius % only { points today. checking
NJ a net loss oc ~. but dealings were
quito extensive.
Weakness o. shipping shares probably
was ~accentuated by the recent cut IN
passenger rates. Marine preferred drop-
rirs ~ American International -
and Atlantic Gulr u. Equipment
shares s,umpcd perciritah!y a',cr an
early d!sr'av Of strength. Baldwin drop.
rims back ~ below last nights close:
American Locomotive - and Pullman.
after breaking through 70 n new high.
rsceded 4 ma fraction below Tues
days closing price,
Railroad shares failed % respond 20
tho moro favorable overnight news.
showing Increased car loadiugs and n
steady Increase In the number OF new
shoU workers engaged 70 replace
strikers Losses oc a po'n: or more were
registered by Union Pacific. Atlantic
Coast Line. and Canadian Pacific, Illi-
Hois Central Great Northern preferred.
|, LehjGh Valley. Missoul Pac.tis prefer
rod and New York Central.
S,ee's also were react,orary. despite
reports OF Increased production In week
" trade reviews, United States Steel
common sold of Aver a roirt with
slightly small losses n Cruc'ble. Rspuh-
nc. M!dvale and Bethlehem 3. Gulf
Stee, reacted more than 5 points.
S~tromberg Carburetcr improved
slightly on announcement OF a resumP-
ton % dividend payments. Other strong
spots ve-a American Car & Foundry.
Chicago Pnucma,tc Tire and CONSOLE
dated Gas all At gains Of 4 point or
more.
Total sales were 975.00o shares.
call none oTeaed and renewed Mt
~ PER con, but eased off 20 I IN the
"i-st hour And hcld At that figure until
/. the close Time money and commercial
rates continued firm.
Foreign exchange we're irregular. de-
r;7ad sterling decreasing frsct!onally
- A largo offering OF commercial bins.
French francs rallied in response 70 the
hrt,e- London rate but eased or slight
!" a. tho close. German marks I'M
proved slightly presumably on puhl!ca-
,'on % reports outlining the plan OF
Hugo SHINES. German financial and
industrial, baron for the restoration OF
French devastated territory with Ger
man Gcdos. Tho weekly statement OF
NE R~ichs Bank showed an l0cease In
SPECULATION Of $4,000. 900. 900 marks the
largest tcr-ease 20 date.