The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-10-25
Mark Reaching for the Van
ishing Point, Being Quoted
at 2.25- Reading up to
New High for the Year.

New York. oNt. &t-brPr"'idt"n ~
German AND allied continental '\'a1nSe
"ate> "a IN" lowest pri"" ~ u" $''E
further rcc"S&"us IN bond 2''H"S. i"
irregular lunV-Iu"ut ~ stocks Win =
rcttrr,uuc At the cio$.. bower prices SO
wheat and hi:A prices f"r cotton w"T"
he outstanding developments IN -
day. financial markets.
Published vcunrtS ~ a statement at
trj butcd T. Chancellor With. concern
;nc the possibility Of German bans,-
rup;cy prcc.pi;atcd the drop in foreign
oXchauccS. French francs falling 20
1."6 cents. as against par ~ ~. H.
CLAN francs dropping - hi9 cents and
italian ike - to- cents. German MARKS
approached nearer the vanishing r":";.
he,ng quoted at - cents hundred.
Sterling Yielded with the rest bat 7r:r-
cipaUy In respnns" 20 a heavier offer
ing Of grain and cotton bills.
Activity Lessened
Tho main ctfcc, Of the German nUar-
r!al crisis in the stock market WAS ,
.lcSSeuiUg Of activity. There was con-
iiuuation Of forced liquidation AMI
some short selling hu; STOCKS gsneral'r
showed better resistance 10 pressure
than they did yesterday.
The action ot Mexican Petroleum IA
the face Of a new ofer Of exchange t0c
Pan American was surprising 10 Il NUM-
her az traders The first sale WAS 900
shares at IS. M i've. and the heSt
price Of the year. and the HaN-American
\ and 3 issues improved more than .wo
points each in sympathy. the basis ~
exchanges being generally better than
was expected.
After this initial display Of strength.
however. Mexican Petroleum turned
weak dropp:n gto c29 and closing 1T
229;-. or tractioually below last nights
close. Roth OF the Pan-American issues
however. closed at gains Of l.: point.
odd lot dealers sent ont word that they
would not take any further selling or
derS in Mexican Petroleum unless 4
delivery Of stock could be made--hTt
the short interest IN the stock Is nos
believed TO he very large
Reading Goes OPP
Further ACCUMULATION of Reading
sent the price TO S4i2. up %. and new
TOP for the year. but the other shares
did no, do much. Norfolk & WeSte-':.
which was bought freely in Expectation
- thc extra dividend disbursement
dropped nearly ii2 points. The Sep
ten Der report Of the Union Pacific rail-
road the first Of the big systems 70 be
made public. showed I decrease in gross
earnings of s@22O000 under September
1871 which was partly eNplainablc by
the lower freight rates this year. Sep
TENDER gross, however. was Sl.6OpovD
above tina, ~ August. Union Pacthf
common and preferred were tractionaNy
below yesterdays ANAL figures
Reports OF improved retail business
found expression in the better prices
FOR merchandising shares. however. WAS
under pressure. slipping back five points
rrartioual Advances
Fractional advances on the day ~e- .
registered by such active shares as
Studebaker. United States Steel COM
mon. Baldwin. Consolidated Gas. Con-
,!nental Can. General Asphalt. Sinclair
and Chandler.
Some Of the individual weak spots
were Fierce Arrow preferred. onion
Tank. Jersey Central. Dawson Chem!-
cal, Famous Players. Liggett and Myers
Wor,hl0gton pump and Railway Steel
Spring.
Total sales were $4,000 shares.
Cali money opened az Az per cens
and eased off 20 four. despite govern
nent Withdrawals ot $23.lJo.ooO from
member banks Of the Federal Reserve
Eank In This district. There was plenty
Of denar dior time money for ; and
months Il, -. bu, all offerings w"""
=, pevreat. Commercial paper wa
Arm