The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-01
The Journals Market Neus
CONFLICTING PLAY
In STOCK MARKET
ALL DAY YESTERDAY
Shorts Finally Obtain Inn.
Hand and Succeed in Forrrig1 ,,
Shading of Quoted Yaluss

NEW YORK. Oct. 3I-St.-..
| moved in a conflicting name -'1sF
days market, rejecting the r,a~ -. HE
I posing speculative forces. bu, ,s--. .'
terests finally obtained the upBs- ~
and again succeeded in forcing = ..-.
ing OF quoted values, losses q. 80
points being quite common.
, Opening prices showed a bette g.
! and indicated IA relaxation Of r-ofssz..-
pressure but the failure OF the de-
| Of the Studebaker Motor cgnrs-r
declare another extra dividend nm o..
common stock provided an excge. w.
another bear attack which was ..s.,
by a heavy liquidation in domes+,r ~.
shares, apparently the closing on.
weakened speculative accounts S,,,=-
baker registered a net loss ~ -,
points on the day.
While the quarterly report - o..
United States Steel corporation vac de
appointing to many traders. who er,s-.
ed that the dividend on the cor,r,--
would be earned, the showing. IN Viz
of the fact that 1t covered the vro~s
period Of the coal and rail strikes n
construed as an indication that the STE
industry was on the mend The balarr.
OF s11,31.osS applicable to dividends
showed that the corporation earned al
the $6,304, e19 necessary for the rro
ferred and all but s1,339.60 Of the s.
35S,7 Sl needed for the common
United States Steel common closed q.
104 7-S. net gain OF Is, after hay,ps
touched log IA during the day OH.
steel shares We're inclined to weakness
Lackawanna dropping 2 points, BETH.
hem B. 3-4; MidvaIe. 3-s. and Repgb.
lie. Is. Crucible was unchanged and
Gulf States was fractionally higher
Domestic oils weakened in Response "a
sharp break in Pacific Oil, which rsr.
istered a net decline of 3I-2 p7f7.s
Losses of l to nearly points were sgs.
tanned by Associated, Cosden and Tide.
water oils, Phillips Petroleum and Pro
ducers and Refiners. Foreign oils ais,
were heavy. Standard OIL Of New Ja-
sey falling back 31-2 points: Geners.
Asphalt, common and preferred. l14
and points, respectively, and Mexico
Petroleum 1.
Equipments slipped back in the fsr,
Of further announcements OF huge q.
ders, Baldwin dropping az rof-t,
American Locomotive, Is, and Amsr-
lean Car, 1 Ia. Changes in rail shsr.s
were mixed, a APPOINT drop in Delaware
& Hudson and a loss Of 3-s ra North
ern Pacific being the two OUTSTANDING
features in that group.
May Department Stores was the i-
dividual feature. being pushed up FOR
net gain Of 1-2 points on rumors ~ 4.
stock dividend at the next meetfrs
Some Of the individual weak spots NE.
Adams Express, American Steel four
dries. preferred. Remington Typewr.,e.
United Retails Store and wSolworth. !.
down 1-2 and 3 1-2 points
Total sales were 1,OS9.OO0 shares
Call money opened at per cent aa5
then advanced to 8 1-2, holding a. thu
figure until the close. Stifening of d.
rate was due TO the withdrawal from
local banks of S13,0OO.OOO in goyerume-
funds and the calling Of loans Tin
money was quiet with no change p.
rates and fairly good business Wa
done in commercial paper with the beH
names selling at 4 i-2 per cent.
Covering Of speculative commitmeH,s
and improvement in the italian polite
resulted in a fairly good r.
covery in continental exchange rate
the volume of business being quite laTE
Sterling held steady around S445 if
there being a noticeable decrease in q
volume of commercial bills, due par
to the high prices Of cotton restriCt7-
the export movement TO the actual p
qurements abroad.