Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-08-31
NEW YORK
STOCKS.

New York, Aug. 31.-shifting of
traders operations today from one
group to another in accordance with
the varying news of the day, caused
wide fluctuations either way in a wide
assortment Of shares. Confusion Of
speculative sentiment was indicated
by n contrary course pursued by
stocks Of the SAME class, but the
final dealings witnessed a more gem
eral trend TO higher levels. Sales
approximated $4,000 shares.
Rapid bidding up of Mexican Pc
troleum to a level more than ten
points above its lowest of the day re-
vived the tagging spirits Of the bulls
and there was a rush to buy for ac-
counts which carried some Off the
popular shares to new high levels for
the year. Closing was strong.
Initial dealings were characterized
BY a series of confused fluctuations.
Unexpected receivership proceedings
against the Chicago and Alton took
the edge off the recent bullish enthu-
siasm and there was inclination to
take profits in spots. However, the
advancing movement was not def
nitely checked, some Of the oils, pub
lie utilities and miscellaneous indus
trials rising strongly. California Pc
troleum advanced two points and
Famous Players. Dupont Powder,
United Retail Stores, Twin City Rapid
Transit and Mexican Petroleum 1 to
11-2. The opening transactions in
Chicago and Alton, was 5000 shares
at 3, with later transactions at 2 IA,
indicating an over night loss of 3 SIS
points. Preferred stock started with
5000 shares at 4, a drop of 5 10
points. No transactions occurred in
either the 3 or 3. 1-2 per cent bonds
In the first thirty minutes of business.
Professional pressure was applied
more or less persistently to the Mexi-
can oils, equipments, motors, marine,
preferred, and some Of the high
grade railroad shares. Independent
upward movement continued in many
of the domestic oils, food, textile and
express issues.
The decline in the more popular
speculative stocks was a strain on the
general list, which even the enthusi-
astic buying of some Of the newly
relieve.
The market felt also the lack Of en-
couragement of the news, the con-
fused status of steel mergers. stiff
money rates and the complex foreign
situation restricting confident oper-
atoms on the long side. Quite a num-
Der OF. new high records were again
established, including Canadian Pa
ctf1c. Delaware, Lackawanna & West
ern, American Brake Shoe, Pressed
Steel Car. Natiopal Biscuit. Famous
Players, American Radiator. Ameri-
can Waterworks and Electric. prefer
red. Twin City Rapid Transit and
Pittsburgh Coal. which advanced / to
4 points. J Chicago and Alton 3 per
cent bonds slumped Z IA and the
3 1-2's 5-S points. Call money
opened at 4 1-2 per cent.
Liberal offerings of low priced rail-
roads came on the market after mid
day. Wisconsin Central breaking 8
points, Chicago Great Western, pre-
ferred, 2 ga. Minneapolis and St.
Louis 2. and Western Maryland and
New Haven one point. Rubbers also
lacked support, United States and
Kelly Springfield giving way sharply.
A characteristic rebound in Mexican
Petroleum which carried it more
than three points above the low level
of the forenoon and a gain of two
points in Crucible Steel had a steady
ing effect on the better known shares,
relatively inactive specialties con-
tinued to creep into new high ground.