Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-21
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

| New York, Oct. 2O.-Conv1nc1ng
evidence that the recent reaction in
the stock market Gas a purely tech
| meal one and not Influenced to any
great extent by the fall of the Lloyd
George ministry was given in today's
session when most of the list moved
upward In response to good de-
/, mand for certain railroad shares and
the speculative bidding up of spe-
cial stocks, particularly Mexican
Petroleum, Corn Products and Con-
solidated Gas.
l. Mexican Petroleum gave another
sensational performance, closing at
net gain of Is points. Standard
Oil of New Jersey was also quite
active, but its net gain was only /
point. Pacific Oil, which had been
heavily sold earlier in the week on
rumors of a cutting or passing of
the dividend and the need Of new
I financing, started on the up grade
again on official announcement that
no new financing was contemplated
and that no disqu;etude was felt
over the dividend. due 20 be declared
!
Oil of California was attributed to
/ the drilling of new well.
Reading. a $50 par stock, which
was pushed up to So 10, a net gain
of 3 81 points. was the outstanding
! share in the railroad group. Re-
| ports that a new segregation plan
would prove satisfactory to all in
terests and pool operations were held
! responsible for Readings advance.
Gains of 4 point or more also were
registered by Chesapeake & Ohio.
Rock Island, Canadian Pacific and
! Delaware. Lackawanna e Western.
while Lehigh Valley touched Il Ia
and then fell back to 20, up 10.
A semi professional drive against
! Studebaker sent it to 100 is. a new
/ low on the movement, but good buy
ing support set in and the stock
bounded up to 100 81, for net loss
/ Of ! IA. Other motors were weak
in sympathy. Shiprings also were
! depressed. losses of approximately a
/ point taking place in Marine Pre-
/ ferred and American International
/ Corporation. a sharp six-point break
! took place in Kreace and Atlas Pow
der dropped nearly 4 points but re-
covered all but one.
A furry of buying in copper shares
resulted in some moderate gains in
that group. American Smelling. Ans
| aconda and I[enrecott all Improving
n point or moro. Buying of these
I shares was ha-cd on speculative be-
I lief that tho American companies,
after long period of hard times,
/ arc now making money. and that the
price of copper. now around II cents.
would go higher before the end of
the year.
Total sales we're 100000 shares.
Call money remained unchanged
, at t ID per cent throughout the ses-
sion There are plenty of funds
available at ) per cent for three to
six months maturities. with GOday
loans commanding 4 81 Improve
ment in general business is expected
to result in a hardening of rates for
commercial paper. best names now
commanding 4 10 per cent.
Demand sterling recovered from
Yesterdays heaviness, despite
rather sizeabc offering of bills
against cotton shipments. Demand
sterling went as h ~ as Shit il.
but reacted later to S4.4G IA. Bel
gian exchange was slightly better
but most of the other continental
rates showed slight depreciation.
I German marks reflected the in
creased activity of paper money
printing presses by dropping to > l.
cents a hundred, another new low
record.
Conflicting price movements again
took place in today's bond market,
foreign issues generally exhibiting a
reactionary trend. while domestic
lines were inclined to improve.
Liberty lbs which registered
sensational advance yesterday by
touching 1852. a new high record.
and closing at 102. fell back to 10O.S4,
today, a net loss of 1.16 Other L.
S. Government securities We're either
unchanged or registered moderate
gains.
Mixed changes occurred in he
railroad group with the main trend
upward. The advance was led by
Baltimore & Ohio gold Is and Penn
sylvania Consolidated 1 lbs, each
up 1 II points. Gains of l to / IA
Illinois os, Atlantic Coast Line first
As. Colorado Southern refunding
lbs, Kansas City Southern refund
ing is, Baltimore & Ohio refunding
os and Erie convertible is. series 3.
Some of the weak spots were Chi
cago & Erie first is. New Orleans,
/ Texas & Mexico is, Wabash first Us,
st. Paul general, IS. Atchison adjust
ment is. stacped, Frisco adjustment
Us and Norfolk e. Western convert
IDLE 6s, all down a point or more.
Union Bag & Paper Is improved
a point, as did Cerro de Pasco SIS
and United Drug SIS. The three
Brooklyn Rapid Transit issues
strengthened / to IL points, but
New York Railways As certificates
were reactionary, as we're INTERIOR
ough Metropolitan lbs and Pacific
/ Telephone 5s.
Total sales, par value, were 500
I $4,000.
| The only important offering today.
an issue of $J.3O0.0O0 first and re-
funding mortgage per cent gold
bonds of the Missouri Pacific Rail
road Company, sold to the public at
! par was oversubscribed.
| New York Money Market