The Pensacola journal., 1922-12-28
STOCK LIST VERY
IRREGULAR RESULT
OF PROFIT TAKING
SpeculatOrs Endeavor to Con
tinue Marking Up Goods
but Run Into Short Selling,

NEW YORK, Dec, 27.-Speculators
for the advance endeavored to con-
tinue marking up stocks in today's
market but they ran into heavy profit
taking and short selling with the re-
suit that the list presented a de-
cidedIy irregular appearance at the
close.
Baldwin was taken in hand early
in the session and pushed up 43s
points to 1897, the highest price OF
the wear, and American Locomotive
advanced three in sympathy but few
of the other standard industrials were
able to make much headway.
Rise in Cotton
Chief interest in the financial mar
kets was centercd on the further rise
in cotton prices, new high records for
the year being established by all
months, bringing the price Of raw
products to a price $3.50 bale above
quotation prevailing few weeks ago.
Prices reacted later on profit-taking.
There was a continued lack of spec
ulative interest in railroad shares with
decided reactions in the stock Of roads
showing poor November earning
statements. Lackawanna dropped to
125 but rallied later to 127, where
it was off 11s on the day; Norfolk
and Western, which reported a deficit
OF s171 600 in net income in November
as against an increase of s1,415,00 in
the same month last year, dropped to
110la for a net loss of IL points.
Losses OF a point or more also took
place in Great Northern preferred.
Canadian Pacific. and Northern Pa
cific.
The New York Central system show
ed an increase of $7,366,000 in gross
last month over November 1921 but a
decrease of So, ,1G0. 600 in gross and an
increase of $2,27S, 900 in net and the
Union Pacific system an increase Of
81 ,373.O 900 in gross and an increase of
S1.S19.G00 in net. Generally, the No
yember showing is considered sat
isfactory.
Fisher Body Moves Up. ~
Fisher Body in which there was
some speculative selling yesterday
moved up Az points today. Some of
the other outstanding strong spots
were American Bosch Magnetic. Amer
ican Sugar, Eastman Kodak, 1nterna-
tional Nickel. Kressge, Pierce Oil pre-
ferrAd and Piggy Wiggly, the last
named at a new top, the gains rang
ing from 2 TO AS points, and DUPONT
Powder up 9"s.
Sromberg CarbureatOr established
new peak price at II, dropped to 669s
on profit-taking and short selling and
rallied to 677s where it was off SA on
the day.
Stewart Warner Speedometer also
on the day at it's final |
price of 1855. Marked heatiness also
was noted in General Electric, Gener-
al Asphalt preferred, Lorillard To-
bacco, and Chicago Pneumatic Tool
off Sto 4 points. Mexican Petroleum
off .. Marine preferred dropped below
48 for another new low record, but
rallied to 4394 at the close.
Call Money Firm.
Call money was firm, opening at 5
percent and advancing to 512 before
the close. The time money and COM
mercial paper markets were dull with
no change in rates.
Foreign exchanges reacted slightly
IN a large volume of business. Late
business in demand sterling was done
at s4.64Ss or II below last night,
while French francs dropped 1917
points to 7.19 cents. German marks |
'lumped from 1.47 to 125 cents hun
1red in reflection of the reparations !
declaring Germany on tho |
default in her wood deliveries to |
France. The Canadian dollar was at a |
discount of one cent.