Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-10

NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. Oct. e.-Resumption Of
the Upward movement of prices in to-
days stock market was given added
impetus by another series OF demon
STATIONS in specia! stocks. several OF
vh,ch were carried to new high rec
standard OIL of New Je rsey was the
Individual feature. This stock, which
rad gained more than 33 points last
week. registered net advance Of II
today, establishing a new peak price
., 24si the days sales exceeding TO-
non shares. L. s Steel common was
another favorite, touching 1854 and
sales exceeding 100, 00o shares.
Speculative belief that the govern
nents mex taxation program will in
Nolve levy on the undisturbed sur
r,us OF industrial corporations to take
sponsible IN part for the recent activity
IN the shares Of companies with gigan-
,Ir surplus accounts 1t is pointed out
that by distributing the surplus the
n made retroactive. that the individ-
nal stockholder and not the corpora
lion will pay the bill. in which case
The aggregate tax. assuming it is a
graduated one. would be considerably
smaller.
The last annual statement OF the
Standard oil Co. Of New Jersey show
81 a surplus OF sJ92. 021 ,s32. while the
y ;. steel corporation's SURPLUS pn. o on De-
,ara case the bulk Of the surplus was
earned in the last five years.
bidding up OF the L. S. steel also
was influenced by reports of large
Increase in the monthly statement Of
undllcd orders. which will be made
public At noon tomorrow. Steel pro-
durtlou is now said TO be above 20
per cent. ~ normal the high figure
Tor the year reached last June.
nf Standard OH ~ Now
Irr4ev caused active bidding up of
Other oil shares. Texas Company and
Associated oil being pushed to new
peak white Mexican Petroleum regis
tered net gain or more tnan three
points
Equipments were In good demand
throughout the session. American Car
jumping 10 points and gains Of two TO
fnur points beng registered by Amer
ican and Baldwin Locomotives. Pull
man and Railway Steel spring. Mid
vale steel advanced on renewal OF ru-
rnors Of a merger with the Bethlehem-
Lacbawanns combination, an three
stocks gaining from one to two points.
Rails were relatively dull and the
changes generally were unimportant.
Continuation nf favorable trade reports
ceu.ed fprther aettv d,;,,, In m fn,,r
points. Chandler IL. Pierce Arrow pre-
TERED II, and General Motors frac-
tiousllN.
some q, tho individual strong spots
we're Dupont. up 81; Atlantic Rein
Of only 81 shares. the last price being
siiG0 share; Union Tank Car up Al,
and Consolidated Gas. up ~.
Total sales approximated 1926 600
shares.
shifting ~ loans because OF govern
rocnt requirements was responsible for
the marking IN of the call money rate
IN per cent. after opening and renew
irg at Al Reports were current in the
rnanciai district that banks which had
Obtained temporary use or funds sent
over hero to meet tho interest payment
~ the British debt October -. We're
calling loans ~ repay the loans I" the
British fiscal agents.
foreign exchange rates were weak.
demand sterling dropping / or a cent
srd the continental rates ] TO ~
poiuts. German marks fell TO 81 cents
a hundred, another new low.
Interest in today's bond market cen
,arpd on the governments $500 600 QUO
row 81 per cent. issue. which sold
tnn,c par on tho New York curb mar
iet. where II was traded in on a wien
.su.d" basis Fairly sales there were
- luol and later the premium ranged
i..iu To !.
To,ai subscriptions for the new is
ste probably viii reach Sl5n".e0h NOV,
-,,nrding To- officials az the local Fed
at1l 1tcser, o bank This estimate was
based ~ part on an inquiry made by
Nh, reserve bank among large New
york. institutions which are expected
4. sill scribe for major part Of the
unorirg
Competition Of the rew bonds with
eNIIlIug government issues was rc'
y .ctcd in the weakness of tho Liberty
a. ..rtou tho declines running from
IN tn - points The Liberty 3ls
sipp.d hack eight points and the ln-
"a -tcd victories four Tho called Vic
tur'.s registered a net gain or -
=" MS.
Local traction issu"s were strong In
', fooc,tou Of the security holders ar-
ccptancc ~ the reorganization plan or
thr peterborough Rapid Transit 90,
gains of two to q points We're regis
tered ~ the Sow York Railways As
AND r. r. rs and certificate IS. New
YORK RAILWAYS certificate Is. l. X. !:
&c Rrouklvn Eapid Trantis As ana
n "a Avenue adjustment IS moved up
: 90 ~. Foreign bonds were Irregular.
rose government 5s and LYONS SIS each
r.o,sd ur 4 point. while losses Of I to
- took place In Belgian 50. United
states steamship Of Copenhagen So,
AMI cuba government AS.
TfA outstanding gains in the domes- !
80 ~ were made hv cur \ ship Is
l1ua - southern Pacific 4s invincihle |
az - and Chicago 4 Northwestern SIS.
Gp y 20 49, while IN" principal weak
spa VAS International and Great |
>.rthctn -. off II.
Total sales. par value. were s14,o59,-
tHe principal Offering today was the
a. ,iu nnn nor cont. issue or the |