The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-09-15
DESPITE WALL
STREET Rail
issues RISE
Extensive Buying of High Grade
Railroad Shares Outstanding
Development of Day.
INDUSTRIAL GROUP
FEELS A REACTION
Excellent Gains Recorded Again
By Domestic Oils-COlumbia
Gas and Electric Gain.

NEW YORK, Sept. 14.-Extensive in
vestment buying of high grade railroad
shares, many of which showed gains OF
1 to points, was the outstanding devel-
opment in todays stock market session
Despite Wall street protested indiffer-
ence to labor disturbances, the strength
OF these issues was generally ascribed to
the reaching of partial strike settle
ment between striking shopmen and in
dividual railroads.
Opening prices were generally firm but
reaction set in, especially in the in
dustrial group, following sharp break
in United States Rubber first preferred
which dropped nearly II points before
buying support set in. The subsequent
rapid recovery, which wiped out two
thirds of the loss, indicated that the de-
cline was of professional origin. Liqui-
dalton of four thousand shares by small
insurance companies accelerated the re-
action, which unsettled the entire list.
Buying Of Atchison by outside interests
turned the course of the market upward
again, this stock touching 10S IL, a new
high price for the year. New highs for
the year also were made by Pennsylvania
at 49,, New Orleans, Texas and Mexico
at II, and Rock Island at so. Union Pa
cific, Southern Pacific, Canadian Pacific
and New York Central also made marked
progress.
United States steel common gained
nearly point on announcement of an in
crease Of SO a ton in the price Of rails
and some of the independent steels, no
tably Bethlehem B, and Republic, did
even better
Some excellent gains were again re-
corded by domestic oils lately associated
with merger rumors, despite the an
nouncement Of the Standard Oil Company
of New Jersey that it was not negotiat-
ing for any of the companies mentioned
in that connection. Cosden climbed IL
points; Houston 1 3-S and Texas Gull
Sulphur 7-8. Mexican Petroleum see
sawed during the most Of the session,
closing at slight fractional gain.
Columbia Gas and Electric, with gain
Of points to a new high led the advance
in public utilities, other strong spots In
which were North American, American
Water Works per cent preferred, Peo-
pies Gas and Pacific Gas and Electric, the
advances ranging from 1 to nearly
points. Tobaccos were weak. American
Car broke points but the other equip
mentS held firm at recent high Levels.
Total sales were approximately 100000
shares
Withdrawal of $46,5oo,ooo for govern
ment account from local banks caused a
moderate furry in money rates. Cal
loans opened at 4, rose to IL at mid
day and to in the latter part of the
session, where they held till closing.
Time funds were unchanged from recent
quotations and mercantile paper was
bought by local and interior banks at
prevailing rates.
A firmer tone prevailed in foreign
exchange rates, offerings of grain and
cotton bills against export shipments be-
ing materially reduced. Both sterling
and francs opened weak, but recovered
substantially later. Weakness also was
apparent in some of the South American
currencies.