The Pensacola journal., 1922-11-29
DECIDED TURN FOR
THE BETTER TAKEN
IN STOCK DEALINGS
Much Of Impetus For Rise in
Prices Furnished By Bear
Operators.

| NEW YORK, Nov. 2S.-Prices took a
decided turn for the better in today s
dealings, gains in active shares ranging
| from one to nearly seven points.
| Much of the impetus for the rise was
| furnished by bear operators who wished
| to remain covered over the holiday. and
! by tie renewed activity OF pools which
| had ceased to function during the reac-
| ton which had spread over the better
! part Of five weeks. The rapidity of the
advance indicated that the decline in
some quarters had been overdone. The
higher prices attracted some outside buy
ing, but il has not reached sufficient
proportions to materially influence prices.
Lower money rates. another new high
for sterling exchange, q number OF divi-
dend resumptions and increases and the
publication Of more favorable railroad
October earnings reports all helped to
create 4 better atmosphere, but it could
hardly be said that the upward course
Of prices WAS governed by any or all Of
these. With professional spectators in
contro! prices Of late have moved in
seeming disregard OF outside news devel-
opments.
Standard Oil shares took a prominent
part in the advance. New Jersey gaining
: points and California &2s. The strength
Of California Petroleum, which was push
ed uD 5tt points. was founded on unco1-
firmed runlOrs OF it's being placed on
dividend basis next month reports Of its
possible absorption by Standard OIL OF
California Mexican Petroleum. very
little Of which IS outstanding, jumped IL
points on n turn over OF $500. shares
Par-Amcrican issues were strong, rising
over points each.
United States Steel. selling eX-dividend.
got up as high as 1O1%s, but reacted later
TO 1@05s. a net gain Of 1$s. Independent
stecls generally dragged behind the rest
Of the list on the upturn, although Beth
lahcm 3 and C;ucible closed at least
point higher.
Equipments made good recovery. Bald
win getting to 11S3a but dropping back
to HES for net gain of rs at the close.
While American and Lima Locomotives.
Pullman. General Electric and New York
Air Barhe were . to 3t5 points higher.
Persistent. nut unconfrmed reports
that New York Central will be placed
on Il seven percent basis next month re-
s-,lIt.d iii some good buylinS OF that stock,
winch closed at Q2it, UP 2hs. Moderate
Strength also developed in number Of
other rail shares, gains Of IL to nearly
n0ints being noted in Baltimore and
Ohio, Chicago and Eastern Illinois. Chica-
so and Northwestern, LackaWanna, Le-
high Valley, katy" common and pre-
ferred. Missouri Pacific common and pre-
ana
Sugars were strong, being helped byI
higher prices for the r ned product.
Studebaker, which got down to 1l4k
Yesterday, crossed 1f9 today and closed
at q net gain OF three points. Other IN
dividual stronG spots wEe American
Brake Shot. American Tobacco E, Lig-
gett and Myers, Manhattan Electrical
Supply and Pierce Oil preferred, the gains
ranging from to 10 points. The usual
selling" news caused slight loss inl
American Can, which announced an in
t!tial dividend Of $125 on the common
while Adams Express broke more thanI
) points on announcement Of resumption
of dividends, rejecting speculative dis
appointment at the 81 annual rate.
Money rates were easier. Call money
opened at AZ and eased off to 4. Therei
was a fairly active demand for timel
money at Al for all maturlties with al
few scattered loans being made on a
five percent basis. Out Of town institu-
tfons are the principal buyers Of com
mericial paper, the best names command
ing 434 percent.
Foreign exchanges were Irregular. De-
mand sterling got as high as $4.5212, but
reacted just under $4.52 later. French
francs sold as low as 6.95. Canadian eX-
change was again at par.