The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-10-04
ANOTHER ADVANCE
In STOCK PRICES;
TOO MUCH BUYING
Impetus Due to Short Covering
on Favorable Near East News
and Over-Buying.

: NEW YORK, Oct. 3.-Another sharp
advance in prices took place In today's
stock markets. While some OF the i'm
petus for the advance was due to short
covering influenced by favorable devel-
opments in the Near East and prospects
for easier money rates. there were in
| dications that much OF the buying was
based on the speculative belief that the
| reaction of the last two weeks was in the
nature OF a correction of an OYER bought
condition and had gone nearly far
enough. Apparently there was compare
lively little outside participation by
/ small traders.
Standard oil stocks were the individual
features. Buying of this group was
| based on speculative belief that with the
soldiers bill dead. and the possibility OF
stock dividends being taxed to meet pay
ments for the same eliminated. proposed
. capital readJustment of some Of the COM
panies soon would be affected Standard
| oil Of California. earnings of which are
! reported to have been unusually good
was pushed up IA points TO a new
high record, and Standard of New Jer-
sey established new peak price on a
gain Of points. Other oils were strong
, in sympathy. Mexican Petroleum regis
tered gain of 4 points with gains OF
| to 1-2 points being made by trans-con-
! tinental, Associated oils and the Pam
! American issues.
! The outstanding development in the
| rail list was about a point gain by Del
aware. Lackawanna and Western. which
| is expected to profit heavily through
| shipments Of hard coal and is reported
| TO be considering an extra distribution
| to stockholders. Private liquida ton Of
large holdings of this stock are reported
to have been made recently for the es-
/ tate OF William Rockefeller Other hard
coal carrying railroads advanced. but less
| sharply. gains of l TO IA being record
ed by Reading, Lehigh Valley. and Della
ware and Hudson.
Further advances took place in sugar
| shares in response TO additional an
nouncements of price increases. .Amert-
! can sugar gaining 2 points with smaller
gains being recorded by America. Cuba
cane and Punta Alegri.
! Equipments continued to reflect the In
fluence Of heavy orders at the principal
plants. gains of TO 1-2 points being re-
corded by Baldwin. American and Lima
| locomotives. Railway Steel spring and
Pullman. Resumption Of pool operations
was evident in the activity manifested
by several speciaities. National biscuit
was pushed up l IA points upon reports
that the contemplating splitting up its
present shares. into three or four parts
and increasing dividend. Loose Wiles ad-
vaneed in sympathy Air reduction was
carried TO a new high on announcement
that the camp had let contracts for
doubling its plants in Buffalo and Mime
apolis and that the expansion would be
paid for out OF current funds and with
out the necessity Of additional financing.
Kresge also enjoyed a sensational ad-
vance Of more than ten points OH rumors
of increased dividend disbursement.
Copper shares, especially south American
issues were more active than usual.
Call money opened at 3-4 but eRscd
Oft to 1-2 just before the close. Time
money was also inclined to case in re-
Spouse to the clearing up Of f.rsts OF the
month transactions. The commercial pa
per market was quiet.
Foreign exchange rates were slight
better. Sterling was a bit weak at ths
opening but strengthened TO nearly $40
later. the advance being checked by
heavy offerings OF cotton bills. German
marks were heavy. selling just over five
cents a hundred. Canadian dollars still
sold at a premium.