The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-14
SHORT INTEREST in
CONTROL OF STOCKS;
PRICES FLUCTUATE
Turkish Aspect and Probabili-
ty of UnfavOrable Tax Legis-
IatiOn Are Causes.

NEW YORK, Nov 13.-Stock. prices
see-sawed up and down in today's mar
ket rejecting in general the covering
end selling operations OF short, interests,
which appeared to be in complete control
Final prices were generally below those
of Saturday, but the strength Of the
resistance encountered at today's lower
levels indicated that the decline has
about run it's course, at least temporary
~.
Bearish sentiment had developed on
the unfavorable outlook in Turkey, the
possibility of unfavorable tax legisla-
ton by the next congress and the appar-
ent inability of bull operators to attract
an outside following.
Some stocks were depressed for spec
ial reasons. Marine preferred which
broke more than four points. was sold
freely on speculative belief that the ad-
ministration would not, be able 10 put
over its ship subsidy program.
Crucible steel dropped nearly points
on publication Of the annual report.
which showed deficit of nearly $780,
600 after payment of dividends for the
year ended August 81, last. Other steels
were weak in sympathy, Fanadtum
yielding 1 1-2, Bethlehem and Midvale
losing about a point each and United
States steel Republic and Replogle re-
ceding fractionally.
General asphalt, common and pre-
ferred established new low records for
the year on net losses of slightly more
than six and four points, respectively.
but they recovered somewhat in later
dealings Houston fell to GS, also new
low, AMI then rallied to SO, net loss
of two points. an-Ameican B. dropped
more than points and the A. was OF
l., while Mexican Petroleum, which has
ceased to be much Of a factor in the
market because of the small amount OF
stock outstanding. also dropped a point.
Changes in rail shares were mixed,
but mostly downward. Jersey Central
dropped three points on announcement
of officials that no immediate dlstfl-
button of the profit Of its coal properties
was contemplated. Losses OF point
or more also took place in Erie znd'
preferred, Pere Marquette, Great North
ern preferred, "Nickle plate, Lacka-
wanna and Delaware and Hudson but
Reading. Chicago and Northwestern
made slight gains, while Western Pa
cific was pushed up over two points.
Canadian Pacific failed to respond to
the declaration Of the regular quarterly
dividend Of 1-2 percent. yielding frac-
tionally below Saturdays close.
Some of the outstanding weak spots
were Brooklyn Edison, Detroit Edison
Federal Mining and Smeltering preferred
Liggett and Myers, Montana Power.
Nash Motor, National Biscuit, Lorillard
Tobacco and Goodrich preferred the
losses ranging from IL to Is points.
woolworth was strong, gaining points.
Total sales 100000 shares.
Call money opened and held at per-
cent throughout the day. Business In
the time money market was confined
mostly to renewals which were arranged
at 5 percent The bulk of commercial
paper is moving at "a percent.
An improved tone was noted in the
foreign exchange market. The Italian
rate moved up from 446 to 40 in re-
Spouse to the, accumulation by govern
agencies on the strength Of the
improved political conditions in that
Importers and banks were
heavy buyers Of sterling, the demand
rate touching SAT- SIS, new high on
the movement.