The Pensacola journal., 1922-12-29
STOCK MARKET
REACTS UNDER
HEAVY SELLING
Atlantic Coast Line Improves
but Most Railroad Stocks
Under Marked Pressure.

El NEW YORK, Dec. 2S.-TIeavy sell
aFug by large investors to establish
Il AK losses, combined with free offer
i#nEs OF professional short interests
/ Fho acted on The theory that the mar
ct was due for a reaction, impaired
lt reactionary tone to most prices in
IOday's active stock market.
Nj. Regardless OF complications OF the
ksO day rule as to repurchase. this was
fhe last day on which securities could
se sold on the stock exchange for tax
purposes except for cash.
III Dividend paying railroad shares
Fere under marked pressure, Lacka-
Etanna dropping . points on the an
I'll ounccment that directors had omit
ed the extra dividend ordinarily de-
( Jared at this time. Speculative dis
appointment over the Reading seEre-
/, alton plan, as published today, was
effected in a drop Of l is in that
toct, with Lehigh Valley dropping
T. IL ina sympathy.
+ !. Losses Of n point or more also
rcre recorded by Southern Pacific,
tchinsou, Illinois Central and Chi
ago d Northwestern, Atlantic Coast
ino advanced 1 SIS and St. Paul is
Ics improved about a point each
% publication OF a fine November
lrniugs report.
Baldwin Loses.
3 Baldwin fluctuated within a range
r nearly points, closing a t 137, a
ct loss of . IL points. Other equip
.pents also We're weak, American I.o-
spmotive, Pullman, General Electric,
mexican Car and New York Air
lraka dropping 1-2 TO ) points. OILS
/ $50 yielded to selling pressure, Pan
'meriCau B, Standard Oil of. Califor- |
bia, Pacific oil, General Asphalt and
houston dropping 1 to points, with
Z actiOnal losses in Cosden, California,
ctrOleum and Standard Oil Of New
crscy.
\ break Of approximately a point in !
|. nacondl and weakness sof other cop
ters was accompanied by reports !
/, iat the Anaconda-Chile copper
hergcr was likely to fail OF accom-
llishment beCaues Of inability to !
gree upon terms of payment. !
trength Of North American, which |
osed . points higher. was attributed |
D the possibility Of an early increase !
'i the dividend.
Tobacco Stocks Improve.
a Tobacco products stocks also inn !
roved in speculative expectation OF |
.lvorable dividend developments.
4 Studebaker, which established q !
Few high record for the year earlier !
IN tho week, got down below 139, but !
stllied later to 139 3-S, where it was |
20 l is on the day. Chandler Motor |
tuproycd nearly a point on a heavy |
, lrn -over. Other autOmotive shares !
ere weak, Stromberg Carburetor |
roppinE to G5, for a net loss Of > 5-S.
.nited States Steel closed at 105 G4
BIZ q net loss Of Is.
Call Money Firm.
Shifting Of the funds in preparation
lr the withdrawal OF $4,000, 600 by
ne government this week and heavy |
tithdrawals by institutions to meet
,sar-end dividend and interest pay
cents resulted in a continued firm
less of call money. which opened at
per cent and advanced to l-2 be-
bre the close. The time money and |
3mmerCial paper markets continued
.ulet, with no change in rates.
| DispatchinG OF the British fleet |
ON Malta to Constantinople had
,smporarlly depressing effect on the
5reiEn exchanges, the volume Of bus
ness in which was light. Demand
.erIing got down to S4.64 for loss Of
tore than half cent, and slight re-
,ssions took place in the other Eu-
mean rates with the exception OF
rench francs, which held steady a.
% cents.