The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-10-10
NEW HIGH RECORDS REACHED
BYMANYNEW YORK STOCKS

New York. Oct, 9.-ReSumpuon OF
the upward movement OF prices n TO-
DAYS stock market was given AIDE"
impetus by another series of demonstra-
lions IN special stocks several Of which
were carried TO new high records.
Standard Oil OF New Jersey was the
individual feature. establishing ne"
peak price a; a4Si-. with an advance
Of y points The days sales exceeded
7s, 900 shares. United States steel COM
mon was another favor:ts touching l"si.
and closing at 1919. a net gain or lNs'
the sales exceeding 1000 shares
Speculative belief that the government
new taxation program will inHoiFe
levy on the undistribu;ed surplus OF IN
dus,rial corporations 10 take Gaze OF
government deficit "a responsible IN the
recent activity IN the shares or COM
panies with gigantic surplus accounts.
II Is pointed ou: that by Distributing
the surplus. the extra tax may poSSipiS
be avoided. or II made retroactive tAae
the individual stockhclder and not the
cornoro,!on will nay the bill in which
case the aggregate tax. assuming IL -
q graduated one, would be considerably
smaller.
steers Big Surplus.
The last annual statement o. the
Standard on company OF New Jersey
showed a surplus of s5s2.o2l.e32. while
the L. s Steel corporations surplus on
December 81. 1927. was S5oS.s2Ss5s. In
each case the bulk Of the surplus was
earned Ia the last five years.
Bidding up OF United States Steel also
was influenced by reports OF large IN
crease IN the monthly statement or I'M
oiled orders. which will be made public
at noon tomorrow.
Texas company and Associated OF
were pushed 20 new peak prices. while
Mexican Petroleum registered a net
xa.n OF more than three points.
Equipments were in good demand
throughout the session. American Car
four points being registered by Ameri-
can and Baldwin Locomotives. Full
man and Railway Steel Springs
Atdvals Goes Up.
Nidvals Steel advanced on renewal! OF
r1lnors Of a merger With the bethle-
hen-Lackawanna combination. and all
three stocks gaining from one to two
points
Rails were relatively dull and the
changes generally were uniu,portane.
Continuation ot favorable trade reports
caused further activity in motor shares
Studeoaker climbing four points: Chand-
lar n PlerCS-Arrow preferred -, d1'i
General Motors fracttonallT-
Some Of the individual strong spots
were Dupont. up So: Atlantic Refining
company up $l55 a share on turnover
Of only 81 shares. the last price being
$500 a share: Union Tank Car. up AZ.
and Consolidated Gas up So. Totals
rales approximated 1.32s.nn0 shares.
Shifting Of Loans.
shifting OF loans because Of govern
nen, requirements was responsible for
the marking up OF the call money rate
TO per cent after opening and renew
ing ar AZ.
REPORTS were current IN the financial
districts that banks which had obtained
tamporary use OF funds sent over here
to meet the interest payment on the
British debt. October Is. were calling
loans TO repay the loans to the British
dscal agents. Foreign exchange rates
ware weak demand sterling dropping
Y OF a cent. and the continental rates
I to 10 points. German marks fell to
- cents . hundred. another new low.