The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-10-06
ACTIVE MARKET.
SEES BULLS AGAIN
MAKING PROGRESS.
BY Associated Press

New York, October 5.-Specula-
tive belief that the bull movement
was steadily under way again after
temporary setback due to read
justment of a weakened technical
position aided by a war scare in the
near east, found expression In the
continued advance of prices in to-
DAYS active stock market. The sat
isfactory progress of the Turkish
peace negotiations, the continuance
of relatively easy money rates, In
creased car loadings and constantly
Improving business conditions con
trihutod to the more cheerful senti-
ment
Declaration of a 100 per cent stock
dividend by Standard Oil of California
apparently was responsible for the
heavy speculation in oil shares
Standard oil of New Jersey was the
feature. opening "A higher, dropping
back 3, then shooting up 1853 points
to 222 and closing at 221.
Indications that number of traders
were shifting from Standard Oil of
California to New Jersey and the In
dependent oils were seen in rather
free offerings of the former, which
closed at a net loss Of 3s4 SIN
clair Oil was particularly active, ap-
proximately SIS, 900 shares changing
hands, the final rate showing net
gain of rs. Pierce oil preferred
advanced 1919 points. Other domes-
tic oils also moved to HIGHER levels.
Mexican Petroleum see-sawed, clos
ing at a gain of Is. Publication OF
a report that the Atlantic Refining
company was withdrawing from the
Mexican light oil fields because OF
salt water, caused heavy selling OF
Mexican Seaboard issues, the common
dropping 32s and the certificates rs.
The rails, as group, failed to
make any appreciate response to the
publication of statistics showing
weekly car loadings were now SO per
cent of the highest record.
steel stock Active
steel stocks were a little more
active, Replogle standing out with
a gain of "a points; United States
Steel common. Republic, Bethlehem
and the other Independents We're
slightly higher Baldwin. which
moved up III. was helped by the re-
ceipt OF an order for SO locomotives
from the Atchison railroad. Air Re-
duction made new high at 60.
Formation of an export organiza-
ton by the three big sulphur conf
panies resulted in Texas Gulf sulphur
being pushed up to a new high for
net gain of 1M and Freeport, Texas,
advancing fractionally Announce
ment of higher prices by the Amer
lean Wooden company caused rise
of more than point in that COM
pany's stock, Studebaker was very
active on reports of excellent earn
ings in September, the final quota
ton showing net gain of 4s.
Thinker Roller Bearing, Coca Cola,
National Biscuit and Consolidated
Cigar all established new peak prices
during the season. Sales were
1,3500o0.
Call money opened and renewed
at per cent and advanced to Al
in the final hour. Time money rates
continue easy and there is more
active demand on the part of out-of-
town banks for commercial paper.
Foreign exchanges were irregular.
Early rates were generally higher
but heavy offerings of commercial
bills in the local market caused
recession below yesterdays final fig
ures in most European quotations.
German marks were still selling be-
low cents a hundred.