The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-09-14
sEvERAb ACTIVE ISSUES DECLINE
1 TO PoINrS-ArcHrsoN
SHOWS AGAIN
REAR RAIDERS TRANSFER AoTIv
TIES TO ERIE STOCKS WHICH
YIELDS SLIGHTLY
COPPER AND SUGAR SHARES ALSO
UNDER PRESSU1E-HDEYE
DENT SrHELS UNSTEADY

New York. Sept. i3.-Activ short sell
ing Of professional origin combined with
tho extensive profit taking. halted the
upward movement Of prices IN todays
stock market. closing prices OF num-
Der oc tho recently active issues de-
cIining 20 3 points below yesterday $
final figures. The selling was orderly
however. and thare was good aosorp'
tIon OF most offerings.
There were few outstanding eHcep.
tons 10 the reac,tonary tendency OF
most issues Atchison gaining nearly
point on reports OF possible increase
IN the dividend from 10 percent on
extra dividend distribution. Cosden. The
latest oil stock TO be associated with
merger rumors. climbed Ia points.
Shares OF the Hendee Manufacturing
company, which manufactures motor
cycles. enjoyed an advance or nearly
: points in response 10 private reports
OF increased earnings.
Bear raiders who attacked the Chics-
20 & Grsatwestern issues yesterday.
transferred their activities 20 the Erie
stocks today the common and second
preferred. however. yielding only frac-
tionaIly on the day. while the first pre-
ferred was forced down - points
Othcr rails were weak IN sympathy.
particularly the low priced issues such
q : New Haven. New York. Ontario and
Western and ST. Paul.
investment issues like Union Pacific.
Canadian Petite. Norfolk & Western and
New York Central also share din the
recession, some % the losses exceeding
4 point
Mexican Petroleum Active
Mexican Petroleum was quite activd
= AL,
net decline OF ~. after an earl ydisplay
NJ strength. Standard oils of California
and New Jersey. Houston and Producers
and Refrers. Pan American and Gener-
al Asphalt yielded substantially.
Copper and sugar shares also con-
tinued undar pressure throughout most
Of the session Weekly iron and steel
trade review indicating 4 rapid recovery
from the recent depression in the indus
Try because Of coal and rail strikes in
duce' activity buying ot United States
steel .ommon, which duplicated it's high
Of the year. but IL slipped back in final
dealings on releasing sale. independent
steels were irregular. American and
Baldwin Locomotives and Railway Steel
Spring each gained new highs for the
day IN early dealings. but reacted sharp
~ at the close. oIher equipments also
We're "eaN some OF the puplsN utiIIlIeS
which moved into high ground. however,
particularly columbia Gas and Ameri
can Water Works six per cent, were able
20 hold most OF their gains.
Total sales were 1850. 0Nn shares.
Call money opened and renewed az
I per cent. but stiffened 10 -. al the
close Further hardening IL expected
tomorrow as the result OF tonights an
nounceme1t that 'he government would
withdraw considerable money from mem
her banks Of the federal reserve sys-
tenn IN this district There was Il fair
demand for money. Commercial paper
VAS quiet.
Weakness OF foreign exchange rates
IN the London market was followed by
rather sharp decline in the local GEN.
Ter. demand sterling bills falling nearly
ia cents ard with corresponding re-
auctions IN the Continental rates. Tho
market f"r sterling was Influenced by
heavy offering o, cotton bills. apanese
exchange showed tirmcr tone.