The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1922-10-10
N|.E|...WIHIGHPRICES..
REACHED TODAY
Few Scattered Exceptions in
Upward Trend Recorded
oneMarket Today.

NEW YORK. Oct. 10.-Wild fluc-
tuattons in high priced oil shares
notably Standard Oil OF New Jer-
sey and Mexican Petroleum feat
ured today's active and irregular
stock market session. The benefit
cial effect of the huge over sub:
scription OF the new government
loan and the stable increase in the
untitled orders Of the U. s. Steel
Corporation were counter.balanced
by higher money rates and belief
Of some traders that the recent ra-
'pid advance had left the market
IN a weakened technical position:
Sales Appropriated 1,450,OO5O
shares.
Heavy buying in oils, steels,
and equipments, several of which
were pushed up TO new high rec
ords for the year, featured today's
early dealings in the stock mar
ket. Standard on Of New Jersey
continued its remarkable climb,
crossing $50 on gain OF 5 points
in the first half hour. Texas conf
pany also established a peak price,
while advances Of 2 to 3h points
wero recorded by Parliamentary
A. and B. and Mexican Petro-
leum. New highs also were estab-
lished by Union Tank, Baldwin;
American Locomotive, American
Car. United States Steel, National
Biscuit, and Dupont, the game
ranging from large fractions to
TN points. Republic, Gulf States
and Crucible steels improved l to
points and General Electric was
up 2. There were few scattering
exceptions to the upward trend,
notably Goodrich and Railway
Steel Spring, which was down a
point. Most Of the other losses
were fractional.
The violence Of the rise In high
priced stocks and a higher ruling
rate for call money induced heavy
profit taking. and this together
with the belief in some quarters
that the recent extensive advance
had placed the market in a
weakened technical position.
caused an abrupt decline around
the end Of the first hour. LIquida-
ton of Brooklyn Rapid Transit
stock on rumors reorganization
somewhere similar to that OF the
marlborough resulted In the COM
mon dropping 5A and the certlfl.
Gates 4 and heayiness of some
motors. Merchandising and steel
shares received losses in a number
OF groups, Standard Oil OF New
Jersey broke from 1851 to 294%,
while Standard Oil Of California
slipped 8 points below last nights
final figure. Renewed aeGumtlla-
ton Of Mexican and Pan-AmerI-
can petroleum, which we're up 3M
to nearly 6 points, again turned
the course Of the market upward
before noon. "A few shares Of At
lantic Refining Co.. stock were
sold at $1,575 a share, or SIS
above yesterdays closing price.
Call money opened at S per cent.
The market was subjected to a
series of tests by bearish opera
tors, some domestic oils, steel.
equipments, tobaccos, Corn Pro.
ducts and Studebaker being fore.
ed / to 3 points below yesterdays
closing. Standard OIL of New Jer-
sey slumped to 236 10. compared
with $50 10 earlier and 245 1-2
yesterdays final. y
Powerful forces were meantime
operating in the foreign. oils and
coalers, Mexican Petroleum soar.
ing 10 points, Pan-American 6 IL.
Pan American B stock z, Della
ware and Lackawanna a and Read.
ing, Delaware &. Hudson, Norfolk
& Western and Chesapeake &
Ohio 1 TO 1 IL. National Biscuit
extended IT'S rise to 10 points and
Cuba Cane Sugar preferred, Inter-
national Paper. American Ex-
press. American Radiator, Press
ed Steel Car and Kelsey Wheel
ruled 2 to 4 points higher. A re.
coyery, in Standard OIL OF New
Jersey impaired more stability to
the market later.
Speculative operations on the
long side were Influenced for a
time by the buoyanceY Of Mexican
Petroleum, which crossed 200.
Nanaa1fr6fad huSf10 also an1aaT.