The Pensacola journal., 1922-11-02
STOCK PRICES ARE
STILL ON DECLINE
IN DAYS TRADING
Indications Are, However, That
Current Reaction Is Ap-
preaching an End.
(By Associated Press)

NEW YORK, Nov: 1-Prices in today s
stock market continued tc- decline but
there were indications that the current
reaction was nearing an end.
Buying on the belief that the liquidation
had run it's course impaired strength to
a number of shares at the opening, but
spectators for the decline launched a
heavy attack against steel and Mexican
oil shares. which again unsettled the list.
The raid against steels was based on
comparatively small earnings of the Unit
ed States Steel Corporation fer Septem-
Der, which totalled only $7,727,721, as
gaainst $11,324,059 the month before. but
bull interests pointed out that the de-
crease could be explained by the fact that
September. was short month, that
freight car shortages and embargoes had
help up shipments at the mills and that
price advances to counterbalance the
wage increase did not become effective
until October.
United States Steel. common crumbled
to 103B, new low on the movement, but
later rallied a point for net loss OF z
under last nights close. Bethlehem 'B"
was down more than points at one time
but recovered all but cne. Crucible. Lack
awanna. Republic and Vanadium also
made good recoveries after early mani
festations of weakness.
Resumption Of dividends by the National
Enameling and Stamping Company had a
beneficial effect on that stock which
scared more than 3la points. Other con-
structive news features were the passing
of the 1000, 900 mark in week car loadings
and the declaration Of 90 percent stock
dividend by the National Sugar Company
and 40 per cent stock dividend with per-
cent extra in cash besides the regular 2
per cent quarterly dividend on the COM
mon stock Of the Standard Sanitary Man
ufacturing Company.
Mexican Petroleum, only $4,000 shares
Of which are now reported to be outstand
ing in the hands of the public, was again
subjected to professional pressure, suf-
fering a net loss of points, while Pan
American B, after having dipped to SO
closed at Sc for a net less of IL. Standard
Oil of New Jersey again displayed mark
ed strength, climbing 5 points. and bet
ter tone also was noted in Standard Oil
of California and Pacific Oil.
. American Can was one of the strong
factors, gaining 5h points as result of
a brisk rally in the final hour. May De-
partment Stores, which gained 81z points
yesterday in expectation of an extra divi-
dend disbursement, added II more today.
More acute weakness of Pierce Arrow
preferred had an unsettling effect on
other motor shares in early dealings, but
good buying power developed in Stude-
baker and Chandler. which carried those
ste cks l and 2 points, respectively, above
last nights final figures. Fisher Body
which recently enjoyed a sensational ad-
vance, slumped nearly four points today.
Heavy professional pressure against
equipment forced the liquidation of some
speculative accounts and carried those
stocks down several points, but they re-
covered most Of their losses before the
close. American and Baldwin Locomotive
showed only small fractional declines on
the day.
Trading in rails was sluggish but
Louisville and Nashville. Lake Erie and
Delaware and Hudson, and
Frisco" preferred, were quite weak.
Total sales were 1,126000 shares
Call money opened at five percent and
then jumped to six where it closed. The
time money and commercial paper mar
lets were quiet with no change in rates. |
Trading in foreign exchange was quiet
because of the All Saints holiday abserved
abroad. Sterling held steady around !
'4.4o1a and the continental rates were |
'irrn.