The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-09-29

New York. Sept. :s.-Speculat!vs
operators renewed their attack Oh
prices In today's stock market. pe'hS
assisted BY the liquidation or some
weakened speculative accounts OF mo
viduals and few pools. The declines
however, were not as extensive as those
Of yesterday, and some extensive short
covering IN the flnal hour brought the
prices Of 8 few leaders above yester-
days closing quotations.
Cncasiness IN European f3anc'at CIR
cles over the Near Eastern situation
was reflected IN tho further weakness
Of foxeiEr exchange and the mark.ns
up OF call money to per cent aioeo
the bear faction.
However. evidence that the current
recent reaction was influenced more oT
technical considerations than by ue-
velopment abroad was apparent ny 'Ne
fac, that rumors OF clash between
the British and Turkish troops when
we're circulated through the financial
district IN the late afternoon failed 20
check-the rally then in progress. Ihere
were Indications that large interests
were accommodating some OF tho hish-
grade stocks on the down grade.
Good Support shown.
The principal declines today ;o"H
place in stocks which had been the
subject OF extensive pool operations, nu'
the market generally offered more STUD
born resistance TO selling pressure IN
dica,ing good supper, jus, beneath the
current levels. United stat" steer
common successfully wj;hS'ood the at
tack OF short interests, buying support
being attracted by reports OF unusually
heavy orders being received n the last
few days.
Republic Steel was under heavy pres
sure. dropping more than two points.
on circulation OF unfavorahie reports
Indicating the breakup OF the proposed
Republic Midvale-Inland merger.
C-ucible Steel tiuceuated within a
range OF three points. but closed trac-,
tlonally higher Rail shares were ir'
regular. but most OF the variations we're
less than 4 point either way. There
was a fair demand for the st. Paul
issues upon publication or the August
earnings statement showing = gain or
nearly s500.Oo0 In net income over Au-
gust. 1921. but the net gains Of both
the comy!on and preferred issues were
only fractional. New York Central sold
or point on a comparatively small
turnover. but elsewhere the changes
were unimportant.
Equipmsnt Strong.
Equipments came back strong afteci
an early display o. weakness IN some
OF The favorites. American and Lima
Locomotive adv anced one 10 two points
and Baldwin was up nearly a half. With
tho exception Of Mexican Petroleum.
which was of ~ on the day. most or
the oil shares held steady or moved 20
higher ground. Standard Oils Of Call
forn,a and New Jersey improved frac-
tionally and Pierce OIL preferred was
pushed up five points.
In the speciality list. Coca Cola was
quite active. registering a net gain OF
more than point. Dupont Powder
moved up Ave points and National Bis
cult ~. weakness OF American To-
bacco was attributed In part 10 losses
sustained by the company in Asia Minor
rs a result, OF the Smyrna fire and mill
tary DEVELOPMENTS in that area.
Total sales were approximately 1885,
go shares. Call money opened and re-
newed a. AZ per cent but jumped To-
1--WE during the noon hour. holding at
that figure until the close. The time
money market was quiet with virtually
no change In rates, but Increasing ac-i
t.vlty was noted IN the commercially
paper market.
Demand sterling hills broke rHder'
$3.50 today. the dcclin" being attributed
20 the heavy buying OF dollars IN Lon!
don and the disposition OF buyers on
this side 20 await developments in the
Near EaStbefore making any extensive
purchases. French exchange was quiet
and the-" were few Important nuctua-i
items in tho Other European rates.