The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-10-25
The Journals Market Ne1Us
GERMAN AND ALLIED
CONTINENTAL RATES
LOWEST OF THE YEAR
Stocks Are Irregular and Wheat
Prices Lower, But Prices for
Cotton Advance.

NEW YORK, Oct. 24.-Depreciation OF
German and allied continental exchange
rates to the. lowest prices OF the year
further receSsions in bond prices. an lr-
regular movement in stocks with a better
tone at the close. lower prices for wheat
and higher prices for cotton were out
standing developments in todays imam
cial markets
Published reports Of statement at
tributed to Chancellor Wirth concerning
the possibility of German bankruptcy
precipitated the drop in foreign eX-
changes, French francs falling to 7.06
cents, as against par Of 1913, Belgian
francs dropping to Gag cents and
Italian lire to 400 cents. German marks
approached nearer the vanishing point
Sterling yielded with the rest but prin-
cipaily in response to a heavy offering
OF grain and cotton bills.
The main effect of the German finan-
cial crisis Yin the stock market was
lessening Of activity There, was con-
tinuation of forced liquidation and some
short selling. but stocks generally show
ed better resistance to pressure than
they did yesterday.
The action Of Mexican Petroleum In the
face of new offer OF exchange for Pan
American was surprising to a number
Of traders. The first sale was 1000 shares
at 235, up and the best price Of the
year and the Pan-American 4 and c. B.
issues improved more than two points
each in sympathy, the basis Of exchange
being generally better than was expect
ed After this initia. display OF strength.
however Mexican Petroleum turned
weak, dropping to 229 and closing at
229i2, or fractionally below last night 5
close. Both the Pap-American issues,
however, closed at gains of approximately
a point. odd lot dealers sent out word
that they would not take any further sell
ing orders in Mexican Petroleum unless
q delivery Of stock could be made but
the short interest in the stock is not be-
lieVed to be very large.
Further accumulation of Reading sent
the price to S4i2, up ga and a new top
for the year, but the other railroad shares
did not do much. Norfolk and Western,
which was bought freely IN expectation
of the extra dividend disbursement, drop
ped nearly ~ points. The September re-
port of the Union Pacific railroad, the
first Of the big systems to be made pub
lie showed a decreased in gross earnings
Of 81, 800 900 under September, 1922, which
was partly explained by the local freight
rates this year. September gross. how
ever, was 81 600, 900 above that of Au-
gust. Union Pacific common and pre-
ferred were fractionally below yester-
days final figures.
Reports of improved retail business
found expression in the better prices for
merchandise shares, Manhattan Shirt
climbing 2 points, and United Retail
Stores one. Kresge, however, was under
pressure, slipping back five points.
Fractional advances on the day were
registered by such active shares as Stu
debaker, United States Steel common.
Baldwin. Consolidated Gas, continental
Can, General Asphalt, Sinclair and Chan
dler. Some of the individual weak spots
were Pierce Arrow preferred. Union
Tank, Jersey Central, Davidson Chemical,
Famous Player. Liggett and Myers.
Worthington Pump and Railway Steel
Spring.
Total sales were S52,1OO shares.
Call money opened at Az per cent and
eased off to 4. despite government with
CrawaIs from member banks of the Fed
cral reserve bank In this district. There
was demand for time money for and
six months at Az but all offering were at
6 percent. Commercial paper was firm.