The Birmingham age-herald., 1922-11-03
ACTIVE ISSUES SHOW GAINS IN
 STOCK TRADING
By Associated Press

New York November 2.-Substantial re- covery from the recent reaction extend- ing over g period of nearly three weeks took place in today's stock market, prices being bid up in spirited fashion with the active issues showing gains of to 6 points
 The downward course of prices had been in the nature of correction of an over bought condition resulting from speeula- tive excesses incidental to the declara- tion or stock dividends and rumors of the same. Indications that the reaction had been overdone, just as the previous ad- vance had been. were seen tR the manner in which the stocks rebounded today buy ing embracing a broad list and being par ttcularly active in industrial shares which had borne the brunt of the short selling,
 Short covering furnished the impetus for the early advance, but as the main body of stocks swung upward there were indications of new buying by investment interests. founded on the constantly lnl- proving business situation, This was re flected in record carloadinss increased automobile production In october over the previous month, better retail business as mirrored in the earnings statements or chain stores and further talk of extra dividend disbursements. Good absorption took place throughout the list. despite rather heavy volume. of realizing sales ana extensive liquidation on behalf of bank rupt brokerage house.
 All on Par
 It Is difficult to pick out any one group ss being the most buoyant, but some or the largest gains were recorded In the oil equipment and rail shares
 Buying in the equipment group was stimulated by announcement or additional new and heavy orders for rails, cars ana locomotives Baldwin and American Loco motives American Car, Pullman, General Electric and Railway Steel spring being pushed up to nearly 6 points. Declara- tion of an 1S per cent stock dlVidena by American Steel Foundries found reflection in a E. point net gain in that stock.
 Mexican Petroleum was the outstahdmB issue in the oil division, gaining nearly 6 points. Other advanees in thls group included Standard Oil of New Jersey "a General Asphalt 21s, the preferred x "a cific 25s and standard OH of California 1s.. -
 Belief that the October earnings state lnents will make q much better showing than those for September influenced tne buying of railroad shares, the rally Tn which was led by Reading, which regis tered st 2=pont gain. other sneres Whlcll included Louisville and Nashville. ROCK Island and Chicago and Northwesterh.
 Steel shares were not as buoyaht as some of the other standard groups ouI hnth Tinted States Steel common ana wRethlehem B improved F points; whiie Republic Nanadium and Crucloie aia slightly better. Reports of an increasea do5neafic demand for copper were respon- sible in part, for gains of point or gtlf1n moie fn American Smelling, Utah ana Shlle. National Lead jumped 8 # points on an nouncement of an increase in the price ol that product. ,oo .,,..as
 cali money held firm at per cent TlRe rnonev and commercial paper rates were
 Sterling was steady but continental ,, eN. chanpe rates were weak, German mares dropping ta a new low record unoer ~ a hundred.