The Birmingham age-herald., 1922-10-04
SHARP ADVANCE
 IN STOCK MARKET
 ON NEW COVERING
By Associated Press

New York, October 3.-Anot&r sharp advance in prices took pl'Wn in today's stock market.
 While some of the impetus for the advance was due to short covering influenced by favorable developments in the near east and prospects Tor easier money rates, there were indi- cations that much of the buying was based on the speculative belief that the reaction of the last two weeks was in the nature of correction or an overbought condition and had gone nearly far enough Apparently there was comparatively little ouS- side participation by small traders.
 Standard oil stocks were the tn- dividuai features Buying of the group was based on speculative be- lief that with the soldiers bonus bill dead and the possibility of stock dividends being taxed to meet pay ments for the same prompeted rs- adjustment.
 Standard Oil of California. earnings of which are reported to have been unusually good, was pushed up SA points to a new high, and Standard Gil of New Jersey established a new peaS price on a gain of points. Other oils were strong in sympathy. Mexican Petroleum registered a gain Of 4 points, with gains of 1 to 5 1z being made by transcontinental, as- sea ated oils and the Pan American issas 8.
 Rail List
 The development in the rail list was q [ point gain by Delaware, l.aekawanna and Western, which is expected to profit heavily through shipments of hard coal. and is re- g.flf f, hp mn q tro tribution to stockholders. Private lidssidatiou of. large holdings of this stock are reported to have been made recently for the estate of William Rockefeller Other hard coal carry ing railroads advanced. but less sharply, gains of ] to 2M being re- corded by Reading. Legih Valley and Delaware ara Hudson
 Further advances took place in sugar shares in response to addi tienal announcements of price in- ereases, American Beet Sugar ad sancine points. with smaller gains being recorded by American. Cuba Cane and Punta Algeri. Equipments continued to reflect the influx of heavy orders at the principal plants, gains of 1 to 4I5 points being re- corded by Baldwin American and Lima Locomotives, Railway Steel Spring and Pullman
 Pool Operations
 Resumption of pool operations was evident in the activity manifested by several specialties. National Biscuit was pushed up 1014 points on reports thatthe company was contemplating splitting it's present shares into three or four parts and increasing the di- vidend. Loose Wiles Biscuit ad- vanced in sympathy Air Reduction was carried to a new high on an nouncement that the company had let contracts for doubling it's plants in Buffalo and Minneapolis and that the expansion would be paid for out of current funds. Kreasge also en- Joyed a sensational advance Of more than 10 points on rumors of iu- creased dividend disbursements.
 Time money was also inclined to eas SC in response to the clearing up of first of the month transactions The commercial paper market was quiet.
 Foreign exchange rates were slightly better. Sterling was a bit weak at the opening but strengthened to nearly 4,40 later. the advance be- ing checked by heavy offerings of cotton bills. German marks were heavy. selling just over cents a hundred. Canadian dollars still sold at a premium.