The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-23
SPECTATORS FOR
DECLINE RIDE ON
TOP OF The MARKET
Trading Largely In Hands Of
Professionals But Some Sell
ing Comes From Small Opera
TORS
IRv Associated Pressl


| NEW YORK, Nov. 22.-SpeGula tors for
, the decline again rode on the top of the
days stock market, bringing about more
extensive liquidation CT long stock and
hammering prices down 1 to points.
Trading was again largely in the hands
of professionals but some of the selling
came from disallusioned small operators
and investors who had bought recently in
the belief that a turn for the better was
imminent.
Railroad shares, which heretofore had
not been liquidated as freely as the in
dustrials, proved more vulnerable today,
non dividend paying stocks being espec-
tally weak in the afternoon reaction. st.
Louis San Franciso preferred broke be-
low 50 for a net loss of more than points
but rallied to So at the close. Baltimore
and Ohio dropped more than Az points.
selling pressure being influenced by
President Willlard's declaration that the
shopmen's strike cost more than 100000,
900 and the intimation that the prospect
for resumption of dividends this year
was none too bright. Expectation of an
early resumption of dividends on ST.
Louis Southwestern preferred sent that
stock soaring to So for net gain of nearly
4 points, the common improving fraction
ally.
Investment issues also fell under the
weight of the selling movement, Union
Pacific preferred yielding nearly IL,
while losses of point or more took place
in New York Central Chicago and North
western common ana preferred, Della
ware and Hudson, Great Northern pre-
ferred and Northern Pacific, the last
named sagging 23s.
Outside news developments were large
~ favorable. These included reports
showing the steel industry to be operat-
ing at so percent OF capacity, announce
ments Of additional stock or increased
dividends and preliminary figures on Oc-
tober foreign trade showing exports of
s372, 600. 900. the preceding month and
1902. 100000 in August.
Steel shares offered a little better re-
sistance, although United States steel
common broke below 103 and then rallied
to 103ss for net loss of a. Gulf States
Steel yielded III but recessions in Beth
lehem s, Crucible, LackaWanna and Re
public were limited to a point and less. !
Baldwin, Studebaker, Corn Products and
General Asphalt all fell 1 to 2 points
while Pan-American A broke 81 and the
B 2A.American Cotton Oil established a
new low 1922 record at 1881, closing at a
net loss Of nearly points and the pre-
ferred receding nearly points, reflection !
OF speculative disappointment over the !
last annual report Some of the other
outstanding weak spots were American ,
Famous Players, Kresge, Mexican Petrc !
leum, Otis Elevator, Lcrillard Tobacco, |
Standard Oil Of New Jersey and Woo |
worth, the loss ranging from to points. |
There were a few exceptions to the |
downward trend. Continental Can being |
pushed UP nearly points to 103A. a !
new high record for the year, and Sterling
Products establishing new peak price at !,
6lA in response to an extra dividend OF !
IS cents. American Bank Note, also at a !
new high, Alkhorn Coal, Consolidated Gas
and South Porto Rican Sugar were other
outstanding strong spots.
Call money held steady at percent
throughout the day. Time money loans
were made at percent for all matur-
tiles, only limited amount being avail
able for lending purposes. Commercial
paper trading was moderately active with
no change in rates. {
Foreign exchanges opened easier and
then rallied, demand sterling getting I'd !
to $4.4912 and French francs to 1923.
Canadian exchange sold at a slight dis
count for the first time since the latter
part Of September.