The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-12-06
The Journals Market NelUs
STOCK TRADING IS
OF PROFESSIONAL
NATURE YESTERDAY
Closing Quotations Show Irreg-
ular Changes With Losses
Outnumbering Gains.

NEW YORK, Dec. 5.-Trading in to-
lays relatively dull stock market was
arRely a professional affair, closing quo
.ations showing irregular changes with
the losses outnumbering the gains.
Professional sentiment was inclined to
bc bearish AT the start although there
was good buying of Studebaker in eX-
pectation OF the 25 per cent stock divi-
dend and maintenance Of the regular $40
rate, which was announced later in the
day. Studebaker fluctuated within a
range of nearly points closing at 1858
UP one and three quarters.
Heavy selling Of Great Northern pre-
ferred on unconfrmed rumors Of a cut
in the dividend rate spread weakness over
the entire rail group. Great Northern
preferred dropped from 81 at the opening
10 IS, or AZ points below last nights
close. Losses OF to 2i4 points also took
place in New York Central, Canadian Pa
cific, St. Paul preferred Chicago and
Northwestern, Delaware and Hudson, Illt-
nois Central Union Pacific, Reading and
Louisville and Nashville.
Industrials also were inclined to ease
Off but they stiffcned considerably on
announcement OF the Studebaker diVi-
denda and the resumption Of payments by
the Kennecott Copper company, which
declared a quarterly dividend Of - cents
a shore. Ecnnecott closed at 244s, up
] =. Steel9 were sluggish IuILeu oNHNt9
steel common closed fractionally higher,
rs did Republic and Rcplogle, but Beth
lehem = dropped IL; Lackawanna and
Nanadium half. and Midvale and Cruc-
lille x. Except for gain Of IL in
American Locomotive, equipments showed
li;tle change. Baldwin crossing III for
slight fractional gain.
The sharp break OF nearly points in
Peoples Gas was attributed 10 the touch
NJ of large volume OF ''StOO loss
orders around 90. the stock dipping to S6%i
and then rallying 20 89la. where 1t rep
resented "a net loss o. > points Other
conspicuous weak spots were American
Hide and Lea theT Brown Shoe, Lorril-
lard Tobacco, Standard Milling and Wool
worth. all Of to ( points Some of the
strong spots were CIuett Peabody, Kel-
sey Wheel Pitts0urG Coal and Reming-
ton Typewriter first and second pre-
fcrred. all mp to 1872 points. Oil shares
had spells of strength and weakness.
closing prices generally showing net
losses. California Petroleum, Standard
oil OF California and Houston sold off
~ 70 2@ points but Standard Oil of New
Jersey. Royal Dutch and the Pan Ameri-
can issues improved fractionally. Large
stock dividends were announced after the
close Of the market by Vacuum Oil and
Standard Oil of Kansas, both listed on
the curb
Strength Of sterling, which climbed to
1856, another new top, continued to be
the feature Of the foreign exchange mar
ket The impetus for the advance was
given by large buying orders placed here.
the higher rate being interpreted abroad
as partly due TO our dissatisfaction over
the democratic outlook. Other European
rates were Irregular. French, Belgian and
Swiss quotations falling 4 to 10 points
Dutch guilders and Swedish kronen
got into new high ground at 1913 and
IS Of cents, respectively.
Call money opened at per cent and
again advanced to J1s before the close.
Time money and commercial paper rates
were unchanged with business quiet