The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-10-31
SHARP REACTION IS
CAUSED BY ANOTHER
HEAVY BEAR ATTACK
Attributed to Weakened Tech
meal Condition From Specu-
lative Excuses.

NEW YORK, Oct. 30-Renewal of
, heavy bear attacks, which failed to en-
counter any effective buying resistance,
resulted in another sharp reaction in to-
days stock market, losses in active and
popular issues ranging from to points.
With the business and industrial sit
uation showing continued improvement,
traders could only account for the recent
downward movement by describing it as
of a weakened technical condition which
was brought by speculative nexcesses Of
the recent upward swing. With brok-
ers' loan estimated as high as $780,
o00, 900, it was believed In some quarters
that banks may have forced some of the
liquidation by calling loans.
All records for the largest number of
individual stocks dealt in on the New
were broken today, when the tape re-
corded the sale Of 40 different issues in
the five hour session. The former record
was 458 made last April.
Today's opening was irregular, a few
stocks deriving strength from the initial
point gain in Gulf States Steel, all of
which was later cancelled the stock clos
ing at small fractional loss. Shipping
shares were the first target Of the short
interests, both Marine preferred and
American international Corporation be-
ing depressed to new low records for the
year on speculative fears that the next
semi annual dividend of the former might
be passed.
Tobacco stocks were then attacked on
announcement Of another cut in cigaret
prices, ~Liggett and Myers dropping Is
points; Lcrillard Tobacco 10h: Ameri-
can Tobacco Az; Tobacco Products A
III. The preferred 29s and Reynolds
Tobacco ~.
Oil shares also proved vulnerable to
selling pressure, Mexican Petroleum be-
ing forced down 5A points with losses CT
to nearly points being registered by
the Pan-American issues, Pacific Hous-
ton and Cosden Oils; Phillips Petroleum,
Royal Dutch and General Asphalt stand
ard Oil of N. j., which has registered a
loss Of more than $175,000,ooO- on the
quoted value CT it's outstanding stock
since its high of the year, 25o1A. was one
Of the few exceptions scoring a net gain
of points at 203h.
Encouraged by the success attained in
their raids against the industrial shares,
short sellers turned their attention to
rails with surprising results. ST. Paul
common and preferred were the hardest
hit, declining 3M and 5& points, respec-
lively. Other substantial losses were
recorded by Reading, eff pa, Atchison
~, Union Pacific IN, Northern Pacific
3h, Canadian Pacific 115, Pere Marquette |
"a, Lehigh Valley 2, and New York |
Central IL. Selling Of rails was in
no doubt, by the poor showing |
made in the latest September earnings
Speculative disappointment over the |
course of copper prices, which have fall |
len slightly below II cents a pound, APP
parently was responsible for the heavy !
selling of coppers despite the fact that
they have been tagging far behind the |
rest of the list in recent upward swings. |
Anaconda dropped below So, touched |
off another stop loss order, which was
disposed Of in a bunch, $500 shares at |
4sa, the stock showing net loss CT !
nearly three points on the day. Chile, !
Rennecott and Mother Lode also lost |
ground. Total sales 1,116,00o shares.
Call money opened at 5 per cent but
eased off to AZ where it closed. Time
money was in good demand at AZ, butt
bankers were demanding per. cent for
the longer maturities, a few loans being
arranged at that figure. The CONNER
cial paper market was quiet with no |
change in rates.
Foreign exchange rates were weak at
the opening but improved later on COM
paratively heavy bidding for bills in this
center. Sterling held steady around
4.45h.