The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-15
ACTIVE ISSUES ARE
OFF | TO 5 POINTS
IN STOCK MARKET
Failure of Large Brokerage
House Aids in Forcing Re-
cession in Many Issues.

NEW YORK, Nov. 14-Speculators for
| the decline forced recessions of 1 to
| nearly points in majority OF the ac-
| tive issues in today's stock market, being
aided by heavy liquidation on the part
OF DISCOURAGED holders of long stock and
the closing out of the accounts Of large
brokerage house, whose failure was an
Inounced this afternoon.
| The average price of both rails and
industrials in today's market was ap-
| proximately equal to the bottom Of the
! June break which marked the first SER
| ious interruption to the bull movement
| which began in August, 1921, for the
| tndustrials and a few weeks earlier for
| the rails. Slightly more than one third
of the maximum bull advance has been
cancelled to date.
AS in the case Of yesterday, there was
virtually nothing in the days news to
account for the acute weakness Of prices.
The election results, possibility Of unfav
orable tax legislation, the Turkish crisis,
failure of the Berlin reparations confer
ence, the weakness of foreign bonds and
the calling Of loans by some CT the large
banks, all have had cumulative effect
upon development Of bearish sentiment.
All recent efforts of bull operators to
rally the list have been futile because of
their inability to get the small investor
back into the market.
United States Steel. which established
new high for the year at 111h about
month age and came within point of
that figure last week, dropped as low
as 1929 today, later rallying to 1033s,
or IL points below last nights close.
Crucible continued to yield in reflection
Of speculative disappointment over the
annual report which showed a deficit of
approximately $500, 900, today's net loss
1,y
8 points, and Lackawanna yielded 124, but
the losses in Bethlehem and Republic
were held within fractional limits.
The sharp point break in North Amer
lean, nearly all Of which came in the first
half hour, was construed as speculative
disappointment over the form in which
another distribution Of treasury assets
is likely to be made to shareholders, one
report stating that another stock issue
was in prospect Consolidated Gas and
Columbia Gas broke more than points
each for the same reason.
Low priced rails were subjected tc
heavy pressure on the theory that their
market condition had become appreciably
weakened by the recent action. Erie issues
were particularly hard hit the common
getting down to 1o9s and closing at II.
a net loss of IL points and the second
preferred yielding is on the day. West |
ern Maryland second preferred fell back
nearly points and losses of l to more
than points were sustained by Western
Pacific Rock Island and st. Paul COM |
mon and preferred, Chicago Great West |
ern preferred and Missouri Pacific COM
mon and preferred. Dividend paying rails |
offered better resistance in the early |
part of the session later they reacted with |
the rest. New York Central dropping 2
points, Reading is, Northern Pacific |
3%, Atlantic Coast Line S, Lackawanna |
4 and Atchison ~.
Mexican Petroleum dropped 8 points |
on a turnover OF less than 1900 shares. |
Houston Oil continued in free supply, |
dropping nearly four yoints, while Stan |
dard Oil Of New Jersey, California Petro- |
leum and Pan-American issues were off
to 2 points. General Asphalt climbed |
point.
Some Of the additional weak spots were |
American Express, American Car, Amer |
lean Snuff. Calumet and Arizona, Jer-
sew Central, Dupont, Kresge, Sears Roe
buck and United Drug, the declines run
ming from four to ten points, Fisher Body |
was the outstanding strong spot, galningI
points.
Total sales were 100000 shares.
Call money opened and held at per-
cent throughout the day. Time money
continued at 5 percent with renewals
comprising most Of the business. Little
new commercial paper is coming into the
market, the bulk of prime names COM
manding Az percent. Wide fluctuations
marked the foreign exchange market,
early strength being followed by periodl
of acute weakness, particularly in con-
tinental rates. Demand sterling ruled just
under $4.47 while French francs after
touch 535, dropped back to 66S.