Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-07
NEW YORK MARKET
features OF the Days DEALINGS in All
the Leading stocM

New York. Oct. 6.-Confusing price
movements. featured by heavy specu.
lation in Oil shares, marked today's
active stock market session in which
tho ultimate trend was upward. Open
ing weakness undoubtedly was due to
disturbing overnight news from the
Ncar East which induced profit taking
and renewal OF short selling, the gem
oral list turning quite heavy. The
market reversed itself. however. when
o. number OF specialties, but fell back
again IN response TO bear raid on
Ma Jcan Petroleum and Seaboard is
s.'4
declaration Of a 200 per cent. stock
dividend by the Standard Oil Co. Of
SOW YORK was the signal for another
Ia.ly which was accelerated by the
publication Of unofficial estimates in
600 and 100000 tons in the untitled
tonnage of the United States Steel
corporation when the September fig-
ufcs are made public next week. The
Upward swing was restrained some
what by marking up of the call
money rate.
standard oil Of New York, which is
traded in on the curb market, jumped
10 points 10 500 on announcement of
thc stock dividends. added As more
ty touching GA, and slipped back to
- al the close. Standard Oil of New
Jersey. which is traded in on the big
board, sold off five points at the Open
ny Jumped up 10 and yielded four on
rroft taking, for net gain of one
point Houston oil also profited from
inc heavy demand for oil shares fol-
owing The Standard Oil dividend ac-
TON. making net gain OF "a points.
TJdowator was pushed up ~ and Tex
20 company IL. while Sinclair inn
rrovcd fractionally on a turnover in
1Nsss - 10000 shares.
Mexican Petroleum, speculative
hear attack. rcccdlng more than four
POINTS and the Mexican Scaboard is
sgcs turned heavy in consequence. but
rIrlded only fractionally. Threats Of
ugatior over the new officers was
blamed for the loss in Pierce Oil pre-
fcrr0d, which slipped back more than
tnrce points. The common offered
more resistance To pressure, showing
only small fractional loss.
Stccl shares tecame quito active in
climbing close to loo for net gain
81 - points; Gult states adding two
~ us final quotation yesterday and
moderate gains being recorded by
Bethlehem y. ard Lackawanna equip
lnouts Welded slightly. as did a num-
hcr 81 the standard rail shares
Heavy trading in specialtles, cspe-
cally some Of tho high grade invest
mont issues. was another feature. New
peak prices werc established by Ma
tonal Biscuit. Fisher Body. May De-
psrtmont stores. Wells Fargo Express
Dupont Powder. Corn Products and
United Fruit tho net gains ranging as
nigh MS eight points. Total sales were
26G 700 shares.
Cau money opened and renewed at
q. por cent. advanced to 4k and thence
to >. whore II closed. Tho tone Of time
money rates was slightly frmer with
better demand for funds at AZ for
four ana i've months maturity. a fair
Volume of new commercial paper is
coming into IN" market. the prime
gIado being quoted at Al to 4 J.
Foreign exchange rates were irrcg-
ulAr Demand sterling and france and
ur" checks sold off al tho start but re-
covered most Of their losses later.
German marks touched AZ cents a
hundred. ncw low. coincident witt,
tho publication Of tho weekly Rcichs
bank statement showing an increase Of
morn than - o00 o0o,oo0 marks in cir
tulation.
Conspicuous strength Of oil company
liens IN reflection Of higher stock
prices was the salient Characteristic Of
todpYs dealings in bonds on tho New
York Stock Exchange. Sinclair oil us
ana Inylncibio oil IS each climbed two
points On heavy sal3s. and Pierce Oil
S. moved up ~.
Foreign bonds which have hecn par
'tcuarly susceptible To DEVELOPMENTS
queensland &c. Seine - and Anton
JurEcns IS being particularly heavy.
ulhor changes We're largely fractional.
Conflicting movements also took
I|jro IA tho rail list. Atchison con-
'crf'hlc Is OF 1860 and Denver & Rio
Gundc rcfundlng showing marked
f'r,nEth on gains of - and points
r.spcrtivciv. Chicago 4 Alton SIS
9ud Canadian Pacific Is also made good
progress. but a roactionary tendency
uc1, lnpcd in ST. Paul general llS and
convertible AS New Haven convcrti-
bio rs, Denver 4 Rio Grand" consol-
slated As. and Rio Grande 4 Western
collateral As.
Ia addition to the strength of OH
bonds. the features Of The domestic
list were gains Of y point or more I'm
t,rro ~ Fasco s. and General El"CtriS
g. Atlantic FRUIT - sold off 10 and
then rallied - from the low. other
changes were unimportant.
Liberties were much better, the
gains ranging nom To "a points, the
FIRST as registering tho largest adj
Vance Victory issues recedcd slightly.
Total sales, par value. were S.
461 uOO.
The only important offering today
was n sl2. 500. ntu issue Of ! per cent.
to-voar rcfundng and first mortgage
gold bonds Of tho Milwaukee Electric
Railway & Light CO.. which wore sold
~ 91t and interest to yield $50 por
cent. Tho subscription books were
closed before noon.