The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-12-15
wv SPECULATIVE
FAVORITES SENT
% LOWER GROUND
ms Outnumber Losses,
However, in Closing
Quotations.

Ew YORK, Dec. 14.-Professional
tators for the decline, acting on
belief that che recent advance had
ih overdone, attempted to unsettle
es in today's stock market, but
lle only partially successful. They
Z eeeded in depressing a few suec-
i've favorites, such as Baldwin
y Studebaker, but fresh buying
Ter in other quarters made closing
! es highly irregular with the gains
numbering the losses.
serling exchange. which has been
OF the features Of recent mar
because of its remarkable rise,
Z steady today around 4,63 SIS.
1hion of financial experts is di-
I'd as to whether British govern
. L manipulation was responsible
4 the recent jump but there is a
eral belief that the rate is head
back to par as result Of the con-
IL improvement in the British
10 balance and the sterilization Of
lain's domestic financial affairs.
leel shares were bid up in rapid
d lion during the last hour, buying
IL influenced by the encouraging
spects for business during the first
liter OF 1923, contained in the
ky trade reviews. Crucible was
ned up 4 points to 70, the rapid
II Of this issue being accompanied
reports Of renewed activity of the
,pool in that stock. United States
IN common touched 100 and then
bed back Is for a net gain Of 1-2
1.-THE day. Bethlehem 3 closed 1
higher. Reports Of increased pro-
tion by farm implement manu-
Iturers caused a furry of buying
I international Harvester, which
lped 4 points to 81 1-2. but cam
I'D half Of this gain before the
liked changes took place in the
road group, which was featured
The broadening demand for Read
] and Che sapeake and Ohio. Pub
Zion OF the eight months income
ement OF the latter, which showed
let profit after payment of the
dend Oh the new preferred stock,
hal to $50 per cent on the COM
j, or at the rate of IS per cent an
bly,, stimulated buying OF that
Tx, which closed at a net gain Of
IS points. Reading registered a
gain of ! SIS and Jersey Central
hh INDUCED in wide fluctuations,
! up 8. New York Central got
IN as low as 90 Ga but rallied to
1T the close, recent selling being
I'D on the failure of the directors
Increase the rgular dividend rate.
fthern Pacific dropped l SIS.
, bear raid against Piggy Wiggly
sed a slump of 10 points, half Of
oh was recovered later. National
"a, which had been bid up in spec
five anticipation Of a stock divi-
q dropped as low as 121 SIS, or s
below yesterdays high, when the
ctors adjourned today without
ing any stock dividends action. 1t
ed to 12i "a at the close, where
las off rs OF the Gay. Marine
serred registered a net loss Of 2
points on reports that the ship
sidy bill would he side tracked in
gress in favor of he farm credits
'sure. General Asphalt recovered
IS and the preferred 3 "a from
,erdays heaviness. Baldwin closed
blower and Studebaker half.
all money held at per cent
5ughout the session. Time money
slightly easier. few sixty and
.ty day mat mites being arranged
Us per cent, and per cent the
hg rate for longer maturities and
"a for the 80 day period. Com
,cial paper trading was quiet with
change in rates.
bench exchange was quite active
4 most OF the business being done
ind IT'S or eight points above yes
says price. other rates were ir-
ilar. German exchange improved
htly despite the unprecedented
.kly increase of $4,000, 900, 900
'ks in note circulation.