Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-18
FINANCIAL. NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading eteeks

New York, Oct. 1.-THE sensa-
tional advance in Mexican Petroleum
which touched s2Ss a share, or $40
above Mondays low, was the note
worthy feature in todays stock mar
ket. The rest of the list was irreg-
uIar, but mainly upward, with rails
and coppers displaying greater ac-
tivity.
Buying of Mexican Petroleum and
Pan American issues reports of an
| increase in the cash dividend on the
latter and early announcement Of
new basis Of exchange of Mexican
Petroleum shares for Pan American
stock. f. L. Doheny president Of
both companies, declared that no ac-
ton along that line had yet been
taken by the board Of directors al
though the subject had been inform
ally discussed. The rapid rise Of
Mexican Petroleum in the last hour
was undoubtedly a run in of the
shorts which Wall street gossip had
identified as being associated with
the worlds largest oil interests.
Other oil shares, including Stan
dard Oils of New Jersey and Cali
forna, moved within narrow limits.
After the market closed, directors
of the Vacuum Oil Company, one of
the standard oil group. the stock of
which is traded in on the curb, an
nounced that a meeting of stockhold-
ers had been called for December
,, to authorize an increase in the
capital stock from s15,000,000 to
$10,000,000, and a change in par
value of from 500 to SIS share.
If this is approved, they propose to
declare a 500 per cent stock divid-
end.
Chief interest in the rail group
was centered on New York Central,
which crossed 101 at a new high
since 1917, and closed at 100 IA,
net gain of SIS. Buying of this
stock was based on unconfirmed re-
ports that the railroad intended to
do some new financing by putting
out a new issue of seven per cent
stock. Louisville and Nashville also
established a now top but in COM
mon with most of the other rail
shares, it closed below it's best price
OL tllc udN, DuI IIdtllOlldlIS dboNc
Mondays closing level.
The semi annual report of the
American Smelling and Refining
Company, showing substantial i'm
provement in operating income, re-
suited in a slight bidding up of most
copper shares, but American Smelt-
ing stock itself. declined fraction
ally. Utah. Anaconda and kennecott
were the most active.
Official denial of reports that Uni
ted States Steel was contemplating
distribution of a stock dividend con
tinucd to have a depressing effect
on that stock. although its net loss
of the day was small. Most of the
other stcels also We're reactionary.
Some of the individual strong spots
all of which established new high
records, were National Biscuit, Wells
Fargo Express, Postum Cereal and
Atlas Powder. Equipments also did
better, Baldwin and American To-
comotives and General Electric ad-
vancing ! to 3 points
Total sales were 1.024,000 shares.
Call money opened at per cent
N'iN
further large Withdrawals by the
government. Most of the business
in the time money market was in
the longer maturities. The CONNER
cial paper market was firm.
The more urgent buying of ster-
ling exchange was feature of the
foreign exchange market, demand
bills being quoted around S4.H IL.
Further buying OF sterling for
French account was reported in the
London market. A drop in the
price of bar silver resulted in de-
probation in the Chinese rates.
Canadian dollars sold here at pre-
MUM of SIG. a new high record
for recent years.
Further evidence of the liquida-
ton of securities by large institu-
tions to provide funds to meet the
increased demand for commercial
credit was seen in today's bond mar
ket, the main trend in which was
downward. the selling embraced
both high grade and second class
railroad and industrial mortgages
as we'll as the old Liberty bonds.
The extreme declines in the II
series ranged from II to 36 cents on
500, on the Liberty ; los, n cents,
and on the second As, "a cents, but
most of the bonds rallied before the
close, the fourth As actually regis
tering a net gain of 10 cents The
new IL per cent bonds, which
were admitted to trading today,
opened at par. sold as high as 10O.W
and closed at the top figure. There
were indications of switching from
the old to the new issues because of
the more attractive features of the
latter.
Declines of a point or more were
quite numerous in the rail and trac-
ton list. st. Paul general 4 1-2's
dropped points and losses of / IA
to l IL were sustained by Chesa-
peake and Ohio and Ohio general
LIS, Hudson and Manhattan In
come o's and refunding IS, New
York Railways As certificates and
Baltimore & Ohio general As. The
few outstanding exceptions in this
group were Pere Marquette SIS, series
A, Texas & Pacific firsts and New
York Central debenture skies, all up
point or more.
Strength of Chile copper skies and
Cerro de Pasco Fights, each up / IL,
featured the industrial list. Armour
As also were strong, but Invincible
Oil SIS. Bethlehem Steel IS of 1896 |
Cuba Cane SIS. Wilson convertible
Z lbs. and L. S. Rubber SIS were !
beo