The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-10-26
SHORT. INTERESTS
LAUNCH new DRIVE
ON INDUSTRIALS
Number of Active Issues Show
Losses of From l to A Points
AS a Result.

NEW YORK, Oct. %. - Professional
short interests launched another attack
against Industrial stocks in today's mar
ket, causing losses Of to points among
a number Of active issues.
Railroad shares offered more stubborn
resistance, a number Of eastern carriers
mounting to higher ground under the in
fluence Of Il brisk demand for Reading
and Pennsylvania, each at new top prices
for the year.
Weakness of foreign exchange, temper
airy abandonment pool poerations' eX-
haustion OF recent buying power attracted
into tho market by declaration of stock
dividends and rumors of the same and
the touching off of stop-loss orders, all
contributed to the bearish sentiment.
Fears that the extent Of the recent de-
cline might develop an oversold condi-
ton apparently prompted some short
covering just before the close.
The most constructive market factor
of the day was the resumption of the
six percent dividend on the common
stock OF the Pennsylvania railroad, recog-
mixed as barometric of rail and trade
conditions In response to this action,
Pennsylvania touched 49h, the highest
price in four years. Further accumula-
ton Of Reading, based in part on the
reports of an extra distribution from
Central Railroad OF New Jersey sent that
stock up STU, a new top, but later it
dropped to s63s, up u above yesterdays
close, Buying OF New York Central. which
crossed par, accompanied rumors Of an
increase dividend and the purchase by
that road of Western Maryland, the COM
mon and preferred Of which moved up 1
and 25s points respectively.
Mixed changes prevailed among the
other rail shares, Atlantic Coast Line
dropping IA points. Reports that the
American Locomotive Company was plan
ming a partial distribution of its sur
plus Of more than $4,000, 900, was held
partly responsible for the rapid rise of
that stock in the final hour, the closing
price 100. Baldwin. however, was heavy.
closing at net loss of "a points.
Professional pressure against the motor
shares was concentrated on Studebaker,
which sold off pa points on unconfirmed
rumors that no extra dividend was likely
at the next meeting.
Strength of Consolidated Gas, which
touched 144 and closed at 1925. up rs,
revived reports that the company was
contemplating a splitting up of its shares
10 be followed by an increase in divi-
dends.
Steel shares continued their downward
course despite the optimistic tone of the
weekly trade reviews. United States
Steel common dropping a point to 1861;
Republic yielding IN; Vanadium n, and
Crucible l. Mexican Petroleum receded
one point on comparatively light deal
iuCs. ,
Total sales were $4,000 shares.
all money opened at Az percent and
held at that figure until just before the
close when it advanced to Az. There was
an Increase in the demand. for time money
for three and six months at AZ percent, |
hut bankers were still demanding five,
and a moderate amount Of business at
that.
Commercial paper rates held firm.
The feature of the foreign exchange
market was the further depreciation of
French francs to TOO cents each, another
new low record for the year