The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-24
SHORT SELLING IS
CAUSE OF DECLINE
IN STOCK MARKET
Public Buying Support Is Lack
ing and Bears Press Ad-
vantage During Session.
fBv Associated Press)

NEW YORK. Nov. 23.--Further liqui-
! dation of stocks took place in today'S
stock market, short selling, especially IN
the railroad shares, accelerating the
downward movement. Declines IN ac-
tive issues ranged from 1 to points.
Public buying support was again lack
ing bears pressing their advantage and
being aided by increased margin calls
and some further calling Of loans, the
value of the collateral for which had
been substantially impaired by the re-
cent reaction.
A few half hearted attempts were
made to rally the list, but they were
given up when the outside public re-
fused to come in. Short covering, in
1uenced by the lower call money rate,
largely accounted for the moderate re-
bound in the final dealings.
Speculative disappointment over the
relatively poor October earnings state
ments and a decrease in car loadings.
indicating that the peak of traffic had
been passed over for the year, resulted
in the throwing over of large volume
of railroad shares, which also was re-
ported to have been influenced by fear
that the transportation act would be
amended by congress.
Louisville & Nashville slumped to 124
and then rallied to 125 II for a net loss
of nearly points. Rock Island 7 per
cent preferred broke more than points
and losses of / to 1-2 took place in
Atlantic Coast Line, Chicago & North
western, Lackawanna, Illinois Central
common and preferred. New York Cen
trail, Northern Pacific and Union Pa
cif1c. AtchisOn got below 100 but raj
lied to par at the close. ,
Strength of American Sugar, which
rose 3 1-2 points, was one Of the bright |
SPOT in the industrial list, buying being !
favorablv Influenced by another increase
in the price of refined product, bringing |
it to the high level OF the year.
Other sugars responded only feebiy. |
Studebaker, which got down below ~, |
led the afternoon recovery. closing at |
net gain of 3-4 of a point Baldwin, |
which had sunk to 100 IL, rallied 5-S |
to its close OF last night, while American |
closed at a slight fractional |
gain Burns Brothers A, Corn Products
and Beechnut Packing were strong dur
ing most of the session, closing at sub
stantial gains.
Oil shares were in rather free supply
during the height of the reaction but
net losses generally were not very large.
Producers and Ref1ners and Standard Oil
Of California each yielded more than a
point but the declines in Pacific OIL
Standard of New Jersey, Maryland and
Pierce were held to fractions, while Cen
eral Asphalt and Houston were slightly
better. oIeeiS OneTGA d uLbIS DCNACi &c |
but final prices were mixed, |
United States Steel common, Bethlehem
B, Republic, Replogle, Crucible and
Gulf States either advanced slightly or
we're unchanged.
National Lead failed to respond to
he announcement of a higher dividend,
breaking points, probably in specula-
i've disappointment over the directors
allure to declare an extra dividend in
addition to increasing the regular rate.
Other conspicuous weak spots were
American Smelling, American Tobacco. |
Continental Can General Electric,
Pressed Steel Car and WoOlworth, the
osses ranging from to points. y
Call money opened at per cent,
.ased off to IL during the noon hour
md thence to 4, where it closed. The !
lime money business continued to be
lone on per cent basis for all ma
urities and commercial paper rate was ;
at ga per cent for the best
amed.
Foreign exchange business was Quieter,f
arly strength being followed by period ]
f weakness. Demand sterling again :
ouched $3.50 but later reacted to !
4.49 3-8, while francs got down to TIA. :
exchange continued at a slight !
iScount. Ii