The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-10-06
MANY FORCES AID
I'm UPWARD MOVE
OF STOCK PRICES
Oils Particularly Active-Rails
Do Not Rise Appreciably-
Steel More Active.

NEW YORK, Oct. 5.-Speculative
belief that the bull movement was
steadily underway again after tenn
porary set back due to readjustment
of a weakened technical position aided
by war scare in the Near East. found
expression in the continued advance
of prices in todays active stock mar
ket session. The satisfactory progress
OF the Turkish peace negotiations, the
continuance Of relatively easy money
rates, increased car loadings and con-
stantly improving business conditions
contributed the more cheerful sentI-
ment.
Declaration OF 100 per cent stock
dividend by Standard OIL OF California
apparently was responsible for the
heavy speculation in oil shares. Stan
dard oil Of New Jersey was the indi-
vtdual feature, opening SIS higher
dropping back, 8, then shooting up 10
3-S points to 322 and closing at 221.
Indications that a 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 "a. Sinclair oil was
900 shares changing hands, the final
rate showing net gain Of l 5-S. Pierce
oil, preferred, advanced IL 1-2 points
on a comparatively small turn over.
other domestic oils also moved to
higher levels. Mexican petroleum see
sawed, closing at gain of 3-8. Pub
lication OF a report that the Atlantic
refining company was withdrawing
{o,t oil
cause OF salt water caused heavy sell
ling of Mexican Seaboard issues, the
common dropping 3 as and the certi-
ficates 2 SIS.
Rails, as a group, failed to make
any appreciate response to the publ
cation of statistics showing that week
~ car loadings were now 96 per cent OF
the highest record in history made in
October 1920. Nickel plate" moved up
IA on sales of less than 1000 shares
and Chicago and Eastern Illinois regis
tered a similar gain, but most OF the
other shares were irregular.
Steel stocks were a little more act
I've, Replogle standing out with gain
of 2 ID points; United States Steel
common, Republic; Bethlehem and the
other independents were slightly high
er. Baldwin, which moved l 1-2, was
hold by the receipt Of an order for %
locomotives from the Atchinson rail-
road. Air reduction made a new high
at SO.
Formation Of an export organization
by the three big sulphur companies re-
suited in Texas Gulf Sulphur being
pushed up to a new high for net gain
of / "a and Freeport Texas advancing
fractionally. Announcement of higher
prices by American Wooden company
caused a rise of more than point In
that company's stock. Studebaker was
very active on reports Of excellent
earnings in September, the final quo
tation showing a net gain OF S-S.
Timken roller bearing, Coca Cola
National Biscuit and Consolidated CT
gar. all established new peak price
during the session.
Total sales were 100000.
Call money opened and renewed at
per cent and advanced to IL In
the final hour Time money rates con-
tinue 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 a recession be-
low yesterdays final figures In most
European quotations.
German marks were still selling be-
low five cents a hundred.