The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-10-07
OIL WAS PLAYED
HEAVILY IN NEW
YORK STOCK


New York, October 6.--CCnrusion
price movements, featured by heavy
speculation in oil shares, marked to-
days active stock market in which
the ultimate trend was upward.
Opening weakness undoubtedly was
due to disturbing overnight news
from the Near East, which induced
profft-taking and renewal of short
selling, the general list turning
heavy, The market reversed itself,
however, when bullish demCnstra-
lions were staged in a number of spe-
cialties, but fell back again in re-
Spouse to a bear raid on Mexican Pc
troleum and Seaboard issues.
Declaration of a 200 per, cent stock
dividend by the Standard OIL company
of New York was the signal for an
ether rally, which was accelerated by
the publication of unofficial estimates
indicating an increase OF between
100000 and 1000, 600 tons in the un-
filled tonnage of the United States
Steel corporation when the Septem-
Der figures are made public next
week. The upward swing was re-
strained somewhat by marking up
OF the call money rate.
Oil Stock Jumped
Standard Oil of New York, which
In traded In on the curb, jumped 20
points to sos on announcement of the
stock dividend and then added As
more by touching GA and slipped
back 90 6S4 at the close. Standard
Oil of New Jersey, which is traded in
on the 'sBig Board" scld off 5 points
at the opening, jumped up 10 and
yielded 4 on profit-taking, for net
gain of point. Houston Oil also
profited from the heavy demand for
oil shares following the Standard div
idend action, making net gain of
~ points. Tidewater was pushed up
~ and Texas company l Is, while
Sinclair improved fractionally on a
turnover in excess of 10000 shares.
Mexican Petroleum, speculative
favorite. was the target If a heavy
attack. receding more than 4 points.
and the Mexican Seaboard issues
turned heavy in consequence, but
yielded only fractionally.
Threats of litigation over the new
officers was blamed by reaction in
Pierce Oil, which slipped back more
than points. The common offered
more resistance to pressure. showing
only q small fractional loss,
steel Active
Steel shares became active In the
afternoon, United States Steel com
mon climbing close to 1o6 for a net
gain Of u points; Gulf States adding
? to its final quotation yesterday, and
moderate gains being recorded by
Bethlehem B and Lackawanna. Equip
ments yielded slightly, rs did a num-
her of the standards.
New peak prices we're established
by National Biscuit, Fisher Body. May
Department Stores. Well-Fargo FIX
rress DUPONT Powder. Corn Products
and United Fruit. thu ret gains Gang
ing as htEh ag points.
Sales 1,266.700.
Gail money opened and renewed
at an per cent, advanced to AN and
thence to s. where It closed. Tho
tone of time money rates was slightly
sirsoer with a better demand for
funds at ~ for four and five months
maturity. A fair volume of ew com
mtscial paper Is coming irro the
rusrkcG the prime grade being quated
at AZ to ~.
Foi eign exchange rates were ir-
regular. Demand Sterling and Franc
and Lire checks sold off at the start,
but recovered most of their losses
later. German marks touched Az
cents q hundred. a new low, coinci-
dent with the publication of tho
weekly Reichsbank statement show
ing an increase of more than 25,000,-
600 marks in circulation.