The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-10
GAINS WIPED OUT
BY LIQUIDATION IN
CONCLUDING HOURS
Early Gains Range From l to 3
Points but Number OF Shares
Close at Losses.
CBv Associated Press

NEW YOK, Nov 9.-Nidespfeao hqul-
dation in the final hours Of todays mar
ket precipitated by sharp break IN
c.aperal Asphalt issues, wiped out the
fairly substantial gains made in the
earlier part Of the session and caused
losses Of 1 to points in number OF
active shares.
Publication of an encouraging resume
If business conditions by the federal re-
earve hank, higher foreign exchange
ra+as and an active resumption OF poor
activity in special stocks brought good
volume of buying orders into the market
during the morning. early gains ranging
from 1 to nearly points. New hsh rec
! ords for the year were made on inns
rovenent by May department stores
Van Raalte silk, Remington Typewriter
first nreferred, National Biscuit, Cnder-
wood Typewriter preferred, ana Arnell-
can Smelling securities A
e,bort covering also was an important
factor in the early advance, some soou
GAINS being made by domestic OILS SNIP
ming. rubbers and tire stocks IN WHICH
fairIv large short interest is supposed
to exist These gains were cahCe'ie''
however, in the final reaction
Weakness of General Asphalt was at
| tribrted to the circulation OF report thdl
| the earnings of the company might no.
| he sufficient to warrant continuance VI
+he preferred dividend and that II was
t,a,,i,o difficultv in obtaining a loan, but
these reports were later DENIED anu ~ ~
stocks recovered part of their loss. Inc
cor,,,,on was down SIS points IN the
day and the preferred Ia.
Independent steel shares were nv
ratb4r hard in the final selling Gun
$500 stael dropping SIS points below
lost nights close; Crucible two ana ne
n,,blic and Midvale one each. United
c+a+es Steel common, which was within
h ,,oint of its years high during the ant
| a,noon later cancelled its gain ana
dronned a point below yesterdays INA
f;orres Fouipments also proved Vui-
,orah,e target, American Loconottn
Yielding . IL points and BALDWIN fuli-
man and Lima 1 to l 3-S-
| Nrexican Petroleum. the conversion
privilege in which expired last night w.,
Considerably less active TO-DAY, game
; four poi.ts on a turnover Oh re- :;
| ! non shares At the company Oh
| 49,. a,po,,nced that 72,54G shares 'Idu
ttan converted for Pan American
a+onl, 1aavins only $4,000 shares III 'It
hands of the ruhlic. lr some qu"l
II was believed that the Ne" Aol =
Exchange might decide that
is.nc,, was outstanding 70 insure -"
ouired free and open market ~ 49,
announcement was forthcoming too"'
Among the number of active S',Hl a.,
which fell victims to professlol4ai
measure were Studebake!' 49,,
ros american Can, American "o' 'ei
Z
,,+I1 down nearly 5 points
rlnc,aration of a quarterly DIVIDEND o
oan+s instead of the usual montI'i2
s;,.;da,d If that amount by meAiea'
Caohoord and Seaboard, was retieCteu II
decline Of nearly / IL points, III"
Stock now selling slightly ABOVE &c q
isbara. &. S. Kresge failed 10 tespo.,o -
tho announced plan of the oi' go am
:oraasa the capital stock from SZ"'VoV'
inno IN $50 o0o. 900 apparently IN u
j+ior for another stock DIVIDEND
posumrtion of dividends on Kemiiis
+or first preferred at the next l!'eT ~,
rasr1ted in strengthening ol o0''
classes Of preferred STOCK. col
| Total sales were 1,ooS'ooo sii"t ,,..,,
,o,e1, held steady at per cent throusIi
Tout the session. Time money o,,,
t;,,ad firm with trading quiet Olli'
,au srnount Of new commercial pa
asr is coming into the market the bull
~ the prime names moving at 0-4 pc
cent. ...o;,aa in to
much stronger tone preNa1ieo Il, ~
DAYS foreign exchange market
ing rates improved fractonahE oeSp.s
a rather heavy offering OF gram S o.,
a.++o,, hills French. Italian ana BEL
~,a,, renittances. particularly the tw
latter. made good recovery from Ees'el
Idav,s pronounced weakness