Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-12
FINANCIAL NEWS W
NEW YORK MARKET
Features OF the Days Dealings in All
the Leading Stocks


ing large SURPRISES on further reports
of melon cutting" again was the fea-
ture of today's active stock market,
tho main price tendency In which was
again upward.
Indications that the trading was
largely CT professional character
were seen IN the violent fluctuations
OF tho more popular shares although
in part TO flood of outside buying
orders. Rails. which have been lag
ging behind IN the last few days, be-
came quite active today and some sub
stautiai gains were recorded by the
high grade shares.
Immediately after the market closed,
'hr standard OIL Co OF New Jersey
announced its intention OF declaring
"a 500 per cent. stock dividend payable
iu shares 81 the present $25 par value.
THE capitalization Of the company to
be- inu rcaHcd from :il0.O00.000 to $685.
,uu oDo. The stock fuctuated today
Within a radius Of - points, closing at
.Anl. net gain Of % on the day, but
igl below yesterdays high. Mexican
Petroleum closed at 1879, net gain of
points. after having established a
Trw high Tor the year at 2053. Both
IFn American issues also created a,
r.. tops un rumors of extra dividend
81 distribution. other oils moved within
'"mpRfatlNely narrow limits.
pter-night announcement Of rs
Yer cent stock dividend in National
biscuit was about as expected. The
-tutN closed at POS. the same as yes-
to-day. after having been run up to
-Ilt Announcement OF a SO per cent.
.IH,k dividend IN American Radiator
apparently WIS Disappointing to spec
ua'Fye interests. that stock showing
naf less of more than three points
shares Of coai-csrrying companies
benefited most from the buying dem
.,tsfration staged In railroad shares,
LHtR ~ / t. Is being recorded by
10. al tpl. Val
h.rok A. Western. Changers also
Htd. good progress, notably Union Pa
.tlHa Canadian Pacific. Atchson,
southern Pacific ana Great Northern
steel prices were forced down dur
Iug TIE afternoon reaction but i'm
proved ftuctiouallv later in response
20 publication OF weekly trade reviews
showing steady increase In produc.
tIuu Equipments also sold at slightly
Elcr levels
national Lead was boosted to high
~ ground on rumurs Of melon cut
inEF while Studebaker was active
in steadily rising prices on speculative
t,.I0f that the forthcoming directors
meeting would result In a special dis
trbutiun tn stockholders. strength of
Industrial Alcohol was based on
tc1 we'd reports that Standard Oil
"rauv WAS negotiating for its en-
ttfr output sugar stocks responded
ihtorhhiy 20 the increased prices for
81 Realty broke about seven
points on announcement that no diyi-
deud would Do paid aud that pre-
trit,d stock issue would be sold to re-
frr drhonture bonds now outstand-
ms hut u rallied later. closing at a
.tf loss 40 q. points. American Car.
uoach Magnetic. May Department
stores and Fl~Aer Body also were con-
eUtruouslv weak. Fifteen shares Of
Atlantic Rcnuing 90. stock were sold
~ slfe. a share. or sos below tho
~. inus closing price.
l.ihl sales were 10000 shares.
Np fteI.r tone was noted in the call
money market. the opening and re-
urwhI rate ~ % per cent. easing to ~
before tNr rloHc. Time money and
..u .rItfai paper rates were somewhat
nrm,r. largely l',ause of seasonal in
triIur requirements.
.ntctpu ,NtruuRc rates were dccid-
'd. t'ttc. demand sterling improving
Il rt at Si'3l. There was. no
n,ihl" drop 10 the offerings OF grain
and cotton bins. Czccho- Slovakian
tntra continued rcnctionary. registering
Fu over ulEht drop Of Il points. Ca
u1a Pr dullnrs were still selling at
pt.utiW uf ut ! per cent. and pro-
rUHt .d Improvement WAS noted in the
IH'.. ~ south American rcmittanccS.
rolnE - hirh grade bonds. includ
Ng number of issues that are a To-
sal Investment tor savings banks. fca-
uitrd today bond dealings. the main
trend M which was downward. opinion
Nan dihld'd as a. whether the selling
'l Eiit-"dg'd securities was due to in
creased 81 tunud for commercial credit
ID 'u obtain funds with which to invest
p me rev EuN ,rnmcnt - per cent. Of
l.t.ug applications tor which have
,.rnpllN SWampcd III" clerical force OF
tie lOCil federal reserve bank.
Atrhlron general 4s. Union Pacific
&. Northern Pacific Is and pcnusylNa-
o.p STAMPED g., consolidated AIS and
s.n'al 'r V'r" aiming tho high grade
.''.rgaI n'nnsa 1" dr"r | 70 4 points.
-.mfI'r d''llu's W'tc registered by
rutrAt Pacific nrstS. Chicago & Alton
aud as, Heading Is. Erie CONSOLE
it''d ~. -. LOUIS southwestern con-
III trust a.. Great Northern Jis and
lNrd Avenue rctundng 4s Losses
'I 10 90 points took place in Den
var a. "" Grauac consolidated As and
rounding a. End chicago Il North
western general - while New Orleans.
Towns 4 M"Nico - dropped } points.
T1"rc were a few outstanding ex-
cepttonS 30 tho downward trend not
7hIN Frisco general mortgage Us.
winch climbed g. points. Norfolk &
western convertible IS. up IA: and To-
lcdn. 81. Louis n Western As. Waba sh
lret ~. lore Marquette SIS. Buffalo.
li"ncet,r a Fttshurg iss and South
'tu iaclnc COM crtihlc IS. all up l.
ln the Industrial list. Cuba Cane SIS
and Union Bag Is climbed a point.
"hIle chile copper IS lost ground. Lo-
tHI tract ious were weak. marlborough
N''rupuliinn 49, dropping points,
ana y f. z certificates Is and stamp
90 Us - each.
Foreign bonds moved in an erratlc
manner Brazil IS dropping 2 points:
80 ~auns IS Z. and japanese first AS
and MRrSeiiles IS | each. while Chi.
nese government SIS Bordeaux IS and
LYONS Is were VI 10 "a.
Total sales, par value. were s1l.-
oon 600
More than two-thirds OF the award
IN $4,000 GOO city of Philadelphia
bonds went 10 n syndicate headed by
the National city Company at l00.147.
Announcement also was made today of
an issse " preferred stock of the L.
:. Really Co. the proceeds to be used
70 retire the dcbenture bonds now out
standing. The bonds are redeemable at