The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-09
PRICES CONTINUE
UPWARD MOVEMENT
IN STOCK MARKET
Experimental Short Selling Inn
parts ReactiOnary tone to
Opening Prices, but List Raj
lies.

NEW YORK, Nov. S-EXcept in a few
issues which had a direct interest at
stake, pricesiu today's stock market cen
tinued to move TO higher grouhu VIII.
little apparent regard OF the resultS Vi
the election. Experimental short seHihs
Unmarried a reactionary tone tc opening
prices. but spectators for the advance
soon obtained control of the market anu
rallied the list after staging n series o.
buI1ish demonstrators in few lndlVldual
shares.
Chief interest conferred on sharp 100
nOlnt rise in Gotten, prices and the lur
tber depreciation of French, Belgian and
Carr,an exchanges to new low levels for
the wear. The Jump in cotton, which was
couivelent to So a bale, followed pubIlca-
lion OF the governments ginning report
showing S139, S39 bales ginned tc Nov l
The sharp break in the allied continental
exchange was attributed to the lncreaS-
ingIy serious financial and economic out
look of those countries, as a result 81 the
failure of the Berlin reparations conner
once to effect a satisfactory method OF
,avpent French francs dropped nearly
half n cent to 610 cents each as compared
with 7O3 a week ago and Belgian francs
dropped even more, to 5.o9 cents each
as against 6.55 last week. German marks
continued their course towards the van
ishing point. being quoted at 1910 cents
q hundred.
rising to S446. a gain of l3s cents ever
Monday night. The elections greatest
SUNRISE to Wall street was the extent
Of the democratic victory While TINS
WAS interpreted as due, in part 10 ais
satisfaction with the tariff, stocks OIL
cnmpanies mostly benefited by TINS eN-
change failed to be appreciably lnfluenc-
ed.
Speculative issues were among the most
theory
that. with the election out of the way
several companies can now go ahead with
their decentralization plans. Consolidated
Gas and Columbia Gas, each OF which mas
been purposely withholding plans unui
after election, advanced "a and "a re-
spectfvely The Columbia Gas plan is saiu
10 involve the declaration CT fitty per
ecent stock dividend in 7 per cent pre-
ferred stock and the Consolidated plan
"a renorted 10 include the distribution
az some of it's New York Edison mold
ings.
Market Street Railway shares were
strong en- the strength of early returns
from California indicating adoption OF al
amendment to the state constitution per
uniting the acquisition of the line oS
tho city of San Francisco.
Copper shares continued to give goou
account of themselves. holding up Wen
in the face OF early Selling ~ S'''''A~' :,
of l to points were reported oy me
chino and Arizona and Anaconda. Utan
and Butte and Superior improved 1rac-
tionally, while Kennecott yielded shghty
steel shares became quite active TO-
wards the close in response 10 a orlSN
rally in United States Steel common
which carried II 3 points above Monday
closing level Slightly smaller gains were
recorded bv Crucible, bethlehem b, Re'
,,,,bric and NIidvale, While Gulf States
climbed 3as Baldwin and Studebaker, II
which, a large short interest is supposed
"a exist. also made good gains in tht
final hour Some of the specalties Whlcf
got into new high ground were Wool
zrortb Nav Department stores ana FISH
or Body. Railroad shares showed mlXe'
changes mainly unimportant, out ser
Lev Central closed at a gain OF l212 points
There were a few weak spots, notably
General Asphalt, which was offered freely
Lccauso OF its reported unsatisfactory
earnings outlook, dropping more than
points.
Total sales we're $50, 200 shares.
Call money opened at percent eu
advanced at 5ia and then to 9, where l
n closed. Stiffening of the rate was at
tributed to withdraw walls by interior banks
who are finding a profitable use for thel
funds in financing operations in connec
ton with tho holding back OF crops D!
wheat and cotton growers for highe
,,r,ces. Plenty of time funds were avail
able at > percent for the shorter matur
tiles. The bulk of commercial paper wa
disnosed of at the asa percent rate.