Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-03
il FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

New York, Oct. "A sharp advance
in prices took place in today's stock
market on receipt of news that the
british and Turkish commanders in
\ truce conference tomorrow. Profess
sional short interests. who had sold
stocks freely last week on the dis
ouieting foreign dispatches. FASTENED
with those of traders who had kept
out of the market until the war
clouds apparently had passed. resulted
in most active issues registering gains
OF from one 10 nearly four points. The
advances were spread over most of the
list. but the largest gains were re-
corded In the steels. equipments and
the oils. Some excellent gains also
were made by specialties. particularly
OTIS Elevator. which was UP Z; Amer
lean Linseed, up "a; Electric Storage
battery. up 81; and Wells Fargo Ex-
press. up 81.
Bethlehem b. Lackawanna and Mid
vale each were pushed up more than
attributed TO unconfirmed reports that
tho Midvale company might be taken
into the Bethlehem ackawanna COM
binatlon. L. e. Steel common moved
IN u ard Republic II. Reports of
higher prices and increased production
also were reflected in the demand for
steel shares.
strength of equipments was based on
additional large orders, from the big
railway systems. the orders now on the
books OF the Baldwin, American Loco
motive and Pullman companies being
rcported as more than three times as
large AS those Of January ]. These
three stocks registered gains Of IL to
81 IN todaNs trading.
Mexican peir-.tum, which vas under
pressure last week, exhibited marked
70, ersal Of form today. rhowing a net
gam OF 81 points. Reports that the
rDt had tiIi,.1 . pSt
thu state Of Vera cruz imposes state
tax On potrolcIm production was 4 ia
yorahe influence. STANDARD Oil of
California moved up q and Standard
rouncement Of a cNt Of two cents a
gallon for gasp.ne in the Carolinas by
the New .Ier-ey sompany.
railroad stocks appeared TO have
shaken OFF the ulnpening influence of
poor Angus earnings state nonts. Ca
nadian paciiic heading the list with
gan of q PORTS. Several others NOV
cd up = point or more, including Atchi-
son Nor'hern Paci'c,;. New yorl! Cen
ira .1cw orleans. Texas 6: Mexico.
Chesapeake & ohio. st. Paul common
ami preferred. delaware & Hudson. and
Lackavsnna. southern Pacific, Reading
and Union Facihc.>
sugar shares made good response
~ no advance in prices for the refined
product. American climbing 2s, with
smallcr gains being noted in Cuban
American and Cuban Cane.
The Jewish holiday accounted in part
for the lighter volume of business,
total sales aegregating $4,000 shares.
call money opened at 81 per cent.
and advanced 70 :. where it held until
closing The frmness was attributed
10 Withdrawals for first OF the month
requirements. The time money and
commercial paper markets were quiet,
with virtually no change in rates.
Foreign exchange rates strengthen
Cd n ton" In response TO the more IA
vorshle Near Eastern news. demand
cents German exchange was heavy.
marhs being quoted ut u cents hum
dred against six and ~ on saturday
Canadian exchange was quoted at a
premium Of S-Si, the highest in recent
ytai=.
Bond prices made brisk advance in
todaN's market on the strength OF more
favorable developments in The Near
Eas.. most of the demand. however
coming from speculative interests.
Argentine IS led tn" foreign group
18th a tno-point gain. Advances Of
IN" 20 !, however, were made by Bci-
gar -, Paris-Lyon s-Meditorran"an
IS tinted Kingdom AS of 1897. Nor
Wv IS. Queensland Gs Denmark 6s.
'zech0-S iovahlan IS, and Bolivia SIS.
tn" ger cent. issues OF Bordeaux,
LYONS and Marsoilies each had adj
,srccd u in the carly trading. hut
'crftited AL Of their gains before the
'osc Hrazil = certificates fell back
p. points. apparently in response to
h withdrawal Of SNnd cate support.
Speculative industrial liens outshono
-. second grade railroad mortgages
Ter the rrst time in several weeks.
t.rro de iasCo SIS We're the individual
feature with q gain Of y points. and
wtro hard pressed hy kayscr rs. Con-
- dai,on coat Of Maryland 5s, Twin
chile Djl SIS. ard Cuba Cane So. all
,r which moved up Ii to two points.
nthor strong points in this division
were Derry IS, Armour AS, Wilson con
'rriible Sc. Producers Il Ectinors SIS.
With NarrAute. I.aclede Gas 5ss and
liskc Ruhber SIS. American Cotton
"l Sc were heavy, slipping back Il
points.
Tho rise in the railroad group was
ted Iv Chlcago-Great Western Is.
uh.ch improved y points. with slight
,v smaller gains bong noted in 81.
'sul convertible 4is and refunding aas.
'he ,apeakc & Ohio convertible rs. Chi
"sgo 4 Alton IS. Sea board Air Line re-
funding Sc and Kansas city southern
A'chison convertible As of 1860
dropp"d two points.
Liberty issues were slightly higher.
Total sales par value were $685. 000.