The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-12-19
Pz A Il IT THE
1 ZIG
Market NelUs
FAILURE OF LARGE
EXCHANGE CAUSES
STOCK REACTION

NEW YORK, Dec. 1S-Prices opened
strong in today's stock market but
decided reaction set in later upon an
nolncements Of the failure of large
south western stock exchange firm and
a clrt in the Great Northern preferred
dividend. placing IL on a five per cen,
annual basis instead OF Z per cent
a rate which had been paid without
niterruption since 1899. There We're
a few notable exceptions to the down
ward trend but the declines in stand
ard issues ranged from to points.
An unusually large volume Of low
priced oils were thrown into the mar =
ket after the failure, several thousand
shares being for the account OF the
insolvent firm. These included blocks
OF Sinclair, Skelly. Mariand, Philips
Petroleum. Invincible OH and TeNaS
company, nearly 100000 shares OF
these companies changing hands dur
ing the day. Except for drop or
is in Marland and one in Sicily, the
net losses in these issues were all or
a fractional character.
Great Northern preferred fell to
1864, a new low record, on announce
ment of the dividend action, but rail-
lied at the close to TN, where 1t
represented a net loss of rs for the
day. Other rails which were active
at rising prices in the early dealings
declined in sympathy, losses of one
y
Chesapeake and Ohio, Union Pacific,
Canadian Pacific, Atlantic Coast Line,
St Paul common and preferred, Chi
cago and Northwestern, Rock Island,
Lackawanna, New Haven, Norfolk
and Western and Frisco. Louisville
and Nashville broke four points on
small turnover.
Fisher Body touched 215, another
new top, in the early dealings, but
dropped later to 203 for n net loss of
81 points. New high records for the
year were established during the ses-
sion by Westinghouse Air Brake,
Steward Warner Speedometer, Kel-
sey Wheel. Cerro de Pasco Copper,
Union Tank and Stromberg- Carbure-
tor. the last named falling 212 points
below Saturdays close in later deal
ings.
Copper stocks offered stubborn re-
sistanCe TO selling pressure, fresh
buying in this group being influenced
by higher prices quoted by the red
metal and speculative anticipation
that a few more issues would be DuJ
on a dividend basis within the next
few months. General Electric was
one of the outstanding individual
strong spots, closing at net gain
OF more than four points.
L. S. Steel common was again the
most active stock on the big boards
more than 100000 shares changing
hands at prices ranging from 1OS .
to 1861. the closing price of 1865
a net loss of 12s. Gulf
States and Bethlehem B dropped a
point each. Baldwin. which touched
1873 before noon, fell later to 1858,
or % below Saturdays close. Stude-
baker was off 70 on the day. Marine
preferred had another sinking spell
on a revival of unconfirmed reports
that the dividend was in danger, the
net loss being "a points.
Call money opened and renewed at
Az per cent and advanced to 5 before
the close. The time money market
was slightly easier, a few so and 80
day loans being arranged at 4B per
cent with most of the 80 day business
being done on a AZ per cent basis
and the longer maturities at per
cent. Commercial paper trading con-
tinued quiet with no change in rates.
Foreign exchanges were weak on
publication of European dispatches
that little credence was being placed
there on the possibility of an inter
national. loan being raised for Ger
many at this time. Demand sterling
dropped a cent to 1854 and French
francs fell nearly 80 points to 7.33.
The German mark dropped from 1877
to 1.53 cents a hundred.