The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-28
The Journals Market NelUs
CONTINUED LACK
PUBLIC SUPPORT
INDUCES SELLING
Bear Selling Carries Several
Representative Shares To New
Low Record.

NEW YORK, Nov. 27.-Continued lack
| of public support induced further bear
selling in today's stock market, several
/ representative shares touching new lows
on the current reaction. Indications OF
] heavy selling by disappointed pools We're
apparent during the day and there were
reports of forced liquidation throughout
by banks particularly in Boston and
| Philadelphia.
Prices moved with seeming disregard
of outside news developments. which
| in the main were favorable. Call money
which opened at ga, eased off to 4
] percent and a slightly easier tendency
was noted in the time money market.
Demand sterling got up to ASP, the high
est price since 1919. Publication of ad-
ditional October earnings statements re-
suited in more favorable general show
| ing than was expected when the first
reports came out.
Opening prices today were spotty, short
covering in number of representative
shares giving them the appearance Of
strength. Independent steels were
among the first to give way and then
pressure was conferred on Studebaker
and Baldwin. the former getting down
to ia IA but rallying later to 116, or
is below Saturdays close, and the lat
up to 115, where 1t represented a net
loss Of 3S points. United States Steel
common dropped within Is of par clos
ing at 100 LIZ for a net loss of l IA
points. Bethlehem B broke below sixty,
closing at net loss of l point while
declines of l to nearly 2 points took
place in Crucible, Gulf States. Lackawan-
ma, Republic and Replogle.
Other prominent weak spots in the in
dustrial list We're American Ice, American
Sugar, Dupont, Fisher body, Iron Pro-
ducts, Marine preferred and Pierce Oil,
all off two to three points. Heavy buy
ing Of California Petroleum, which was
pushed up nearly four points, accom-
panied rumors of it's closer affiliation
with Standard Oil of California, which
improved fractionally on the day. Stan
dard Oil of New Jersey closed slightly
higher after touching 1885, or nearly 20
points below its high of the year.
Mexican Petroleum and General AS
phalt each closed more than 8 points
higher. Continental can was another
outstanding strong spot, gaining two
points
Rails were hard put during the early
part of the reaction, but most Of the
standard shares made good recovery, a |
few closing frantically above Saturdays |
final figures. Atlantic Coast Line was
one of the really weak spots dropping
3 IL points. Northern Pacific touched |
rs IA, a new for the year, but rallied |
a point before the close.
Sterling's advance to a new high rec
ord was the feature of the foreign ex-
change market. heavy buying being re- |
ported in London, Paris and this center. |
Buying here was largely for the purpose !
of meeting payments on imports, which |
have been rather heavy of late. Balanc- |
ing Of Great Britain's budget and the |
beginning of service on her debt to |
America had a bullish effect on senti- |
ment. Swedish and Dutch exchanges |
also made new high records for the |
year but French exchange was heavy,
checks being quoted at 1903, off about
IL points.