Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-06
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. Oct. 5.-Spcculative belief
mat the bull movement was steadily
| under way again after a temporary set
back due to readjustment of a weak
| ened technical position aided by war
scare In the Near East. found express
SION IN the continued advance of prices
~ todaSs active stock market session
me ne satisfactory progress Of the
Iurkisn peace negotiations, the con-
tlnuahce of relatively easy money
rates. increased car loadings and con-
stantly improving business conditions
contributed to the more cheerful SEN
timent.
:. Declaration of 100 per cent. stock
dividend by Standard Oil of Califor-
ma apparently was responsible for the
neaVy speculation in Oil shares. Stand
Eidual feature opening A higher
dropping back three the shooting UP
10 points to 222 and closing at 22l.
lhdlca atoms that number of trad
ers were shifting from Standard Oil
of California TO New Jersey and the
independent oils We're seen in rather
free offerings of the former. which
closed at net loss of I. Sinclair Oil
was particularly active, approximate
final rate showing a net gain of H.
Pierce Oil preferred advanced i2t
points on comparatively small turn
over other domestic oils also moved
TO higher levels. Mexican Petroleum
see-sawed. closing at a net gain of IL.
publication of report that the Allan
NC refining Co. was withdrawing from
the Mexican light oil fields because of
salt water caused heavy selling of
Mexican Scaboard issues, the common
dropping SO and the certificates %.
Rails as group failed to make any
appreciable response to the publication
of statistics showing that weekly car
loadings were row 90 per cent of the
highest record in history made in Oc-
Iobcr l92o. Nickel Plate moved up
u on sales of less than 1000 shares,
ana chicago d Eastern Illinois regis
tered similar gain. but most of the
other stocks We're irregular
steel stocks were a little more ac
tive, Replogle standing out with gain
of = points. L. $. steel common. Re-
public, Bethlehem and the other indie
pendents were slightly higher. Bald
win. which moved up II. was helped
by the receipt of an order for 80 loco
motives from the Atchison railroad.
Air Reduction made nrw high at GO.
Formation of an export organiZa ton
resulted IN Texas Gulf sulphur being
pushed up to new high for, gain
OF y and Ereeport Texas advancing
fractionally. Announcement of high
CT prices by the American Wooden Co.
caused 1iSc OF more than point in
that company's stock. Studebakcr was
very. active on reports of excellent
earnings in September tho final quota
Il nv sam VI i iuiheli
Roller Bearing, Coca Cola. National
Biscuit and Consolidated Cigar all es-
tabllshed new peak prices during the
session.
Total sales We're 1.31o0h0.
Call money opened and renewed al
4 per cent. and advanced to ~ in the
final hour.
Time money rates continue easy and
there is a more active demand on the
part of out -of-town bankers for com
merciaI paper.
Foreign exchanges We're Irregular.
Early rates were generally higher but
heavy offerings of commercial bills in
the local market caused recession
below Yesterdays final figures in msot
European quotations. German marks
were still selling below FIVE cents
hundred.
Heavy buying of railroad and loca
traction bonds. several of which reg
iStcrcd cuhct a nj ial gains