The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-18
The Journals Market NelUS
SPECTATORS FOR
DECLINE UNABLE
To MAKE HEADWAY
General List Shows Better Re-
sistance to Pressure and Close
Mainly Higher.
(Rr Associated Press)

| NEW YORK, Nov. 17.-SpeculatorE for
the decline resumed their operations at
the beginning of todayS stock market,
but were unable tc make much Roadway
except in a few independent steel, public
utilities, rubber. low priced rails and oil
shares, fluctuations being within mucn
narrower limits. The general list showed
better resistance to pressure, and while
trading was not very extensive closing
prices were mainly higher.
Two factors which have influenced SELL
ing were liquidation through brokerage
houses desiring to make favorable
showing on the stock exchange question
naire asking their position on the mar
ket and SO called taxation selling" which
usually makes it appearance at this time
and continues to the end OF the year. The
manner in which a number of stocks re-
covered indicated that the market was
over sold in spots.
Possibility of adverse tax and railroad
legislation by the next congress, which
were used by bear interests to hammer
down prices, is not believed to have caus-
ed much selling by investment interests.
but has had a restraining effect on the
buying operation of new ccmers into the
market Dividend paying railroad shares
generally showed fractional gains, few
like Atlantic Coast Line, Canadian Pa
cific and Lehigh Valley moving up more
than a point.
Agreement Of house leaders to take up
the shipsubsidy bill next Thursday with
a final vote November 20 stimulated the
buying of shipping shares, Marine pre-
ferred gaining 81 points; American In
ternational Corporation 21s, and United
Fruit 2.
Declaration Of the regular dividend by
Pacific Oil, which was previously reported
to be in danger, failed to bid up the
I1yh aiR
terested in the accompanying nine months
statement which showed a decrease in |
surplus earnings of ever 100000 from
the same period of the year before. Bear |
interests launched a drive against the |
stock in the early part of the session, |
apparently in belief that they could teach |
off large volume of stop loss orders. |
and it fell to 441z. However, the vcIume |
Of offering brought out was disappoint-
ing and the stock bounded back to As for
a loss of % below last nights clase.
Changes in other oils were mixed. Stan
iard CT New Jersey sold off point and
fractional recessions were noted in Cal
fornia Petroleum, Houston Oil, Mexican
Seaboard common and certificates; Pierce
Dill and Phillips Petroleum, while General
Asphalt, Associated Oil and standard O1I:
IF California were higher.
United States Steel common moved up
o 104ss, but some of the independent
steels were weak
Bethlehem sold off nearly four points
IN turnover Of 800 shares and the 'B"
declined quarter while Lackawanna, Mid
,ale and Vanadium sold off small frac-
ions to one point. Gulf States Steel NOV
d UP nearly two points.
Weakness was noted in the Erie issues.
chicago and Alton preferred, Chicago and
Eastern Illinois, Katy common and pre-
erred and Missouri Pacific common and
referred. A break Of nearly two points
n Consolidated Gas had a depressing eff
ect on some Of the other public utility
hares. /
Equipment and textile shares were
trong, Baldwin moving up 2ss. Associat- J
d Dry Goods IL and American Can 1fs.
Total sales $4,000 shares.
Call money opened at Az percent. drop
ed tc before noon and then to 3A, the :
west rate since September IS when it I :
losed at 81. Time money continued on
percent basis and commercial paper
t AZ.
Sharp recoveries took place in foreign
demand sterling getting just :
Glow s44S, and franc checks crossing !
cents for the first time in two weeks. I