The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-09-13
IRREGULAR PRICE
MOVEMENTS TAKE
:. PLACE IN STOCKS
Recent Leaders Succumb to
Profit Taking and Plenty Of
Professional Calling.
FAIR DEMAND FOR
EQUIPMENT SHARES
Tobacco Closes at Net Gain of
Over Five POints--Rail shares
Inclined to Heaviness.

NEW YORK, Sept. IL. Unusually irreg-
ular price movement took place in today's
stock market. Recent leaders yielded to
profit taking and there was abundant
evidence OF professional selling pressure
in other quarters, particularly against
Chicago and Great Northern issues which
broke sharply around noon. Weakness In
these shares accompanied rumors OF pos
sibIs receivership, which were promptly
denied by President Samuel NJ. Felton,
who declared the road was able to meet
It's obligations and was handling the big
gest traffic movement in its history
There was a fairly sustained demand
throughout the session for equipment
,sshares, American Locomotive, BALDWIN,
American Brake Shoe and Railway Steel
Spring each pushed UP to new high rec
. ords, the net gains ranging from large
fractions to nearly 3 points. Strength
OF these stocks was in response to In
creased orders for equipment by the large
railroad systems.
Merger talk was held responsible for
the further activity in producers and re-
fIners,. which crossed fifty and closed at
a net gain of nearly a point. Barhsuaii
A stock shot UP nearly points on re-
ports that IL was likely participant III
the producers new combination. Inc
latest earnings report of Mexican re-
troleum. which showed earnings OF 5000
a share on common stock for the lirs'
seven months of 1922, as compared WIN
sf7 20 for the first six months Of 1921
furnished the cue for squeezing OF the
recent short interests, the STOCK CLOSING
at a net gain of 2 points.
White Motors was pushed UP to ne"
~, ,nPnn fiT11e ed reports
~ It's merger with Mack Trucks whior
recantlv has been quite active. HupI
Motors was also active but relatlVeN
little net change in price
Unusual strength of Tobacco Products
which closed at a net gain of IL poin
accompanied revived reports Of its pos
afbIe merger with Schultz Stores ant
sneeulative expectation of a dividend o!
- the end of the year. The rise or mor'
: than 4 points In Iron Products was pre-
dicted on higher prices for the Pig Irol
Product.
Rail shares were inclined to heavtness
hut net changes we're largely fractional
s+eeI shares eased bit. as did the su
ears and coppers. Total sales were $751;
100 shares.
Call money opened at per cent an
hardened to 4 1-2 in the early afternoo
holding at that figure until the close
p" Time money was quiet with no chang
in rates and there was little demand &c
commercial paper
Dullness in the European markets I'm
parted a heavy tone to foreign exchans
rates in the local center. Comparative
w little business was transacted IN com
hercial bills. German marks was SUI
oe Iuoted below 7 cents a hundred the re
4~ ,orted ultimatum Of Belgium demandln
payment Of 100000 900 gold marks In 81
months having little visible effect In
d further drop in the Greek rate was II
terpreted as indicating the abandonmeI
OF the Greek governments efforts
q, maintain fixed rate Of 3.zS for IN
~. Drachms. Today's rate was 2'7b.