, 1922-10-13
STOCK OPENING
IS IRREGULAR
Railroad Group Strong. Oils
Lower in Resumption of
Trading.

NEW YoRK. Oct 13.-sufnciei t
buying power developed in today's
,tock market TO neutraliEe the de
pressing effect Of a violent twenty
point drop in Standard or OF New
Jersey n heayiness in other domei-
tic oils. Active pool operatiohs wer.
conducted IN a number OF special
stocks and these. with the ~buoyancy
OF Mexican and Pan-American Petro-
ieum shares had a stimulating effect
on tho rest OF h list. Sales approx
mated 1850, 900 shares.
Prices started upward again in The
final hour is response TO the broad
enlnE demand for the principal rail
road shares, A~tchison, Northern Pa
dfie. Chesapeake and Ohio. Reading.
New York Central. Lackawanna and
Southern Railway preferred rising /
20 2 points. Material Improvement
also was noted in a number OF special
ties. American Can gaining four
points, United States Rubber az and
Cocoa Cola 2. The closing was strong.
NEW YORK. Oct. 3.-StrenEth OF
standard railroad and Mexican oil
shares and weakness OF the Standard
oil group featured today's irregular
opening OF the stock market. The adj
vance in rails wa5 led by Chicago and
North Western and Missouri Pacific.
zach OF which were up a point with
Mexican Petroleum up four. and the
Pan.American Issues up is to 2. stood
out in the oil grorn. The sharp break
in Standard OIL OF New Jersey, $500
shares OF which were sold at 22s to
$50, as compared with the final rate
Of 1864 in WedneEday reflected spec
uiated disappointment over the fact
that the 400 per cent stock dividend
involved no increase in the present
rate OF uch payment. II yielded later
70 1851. Standard OH OF California
dropped X in the first half hour.
Sugar stocks were stronS in response
10 increased prices, American and
Manati Sugars each gaining a point.
American Radiator broke ~ and
weakness also was noted in Famous
Players. International Paper, National
Lead, Baldwin and Union Pacific. Ma
tional Biscuit, United States Alcohol
n Studebaker were strong.
Despite the acute weakness Of
Standard OIL shares. New Jersey drop
ping TO 219h or nearly IT points be
low Wednesdays close, prices in the
general list continued upward. Elk
cept in the Standard Oil shares there
was a noticeable absence OF selling
pressure which encouraged buying for
the long account Increased activity
of speculative pools. particularly in
shares Of companies holding large sur.
pln.es available for distribution. fur
nished the impetus for the advance
throughout most of the list. Mexican
Petroleum extended its gain to 6%
points and the Pan-American Can.
American Locomotive. United States
Alcohol and American Express. the
gains ranging from 2 to nearly 10
points. Call money opened and re.
newed at 5 per cent
Prices took a downward course
after midday. The further drop in
Standard Oil OF New Jersey to 2l5
encouraging traders to work for a re
action Particular weakness develop
ed in the domestic oil shares and some
OF the food, gas, motor accessory,
equipment n indepenent steels were
also depressed sharply. Tidewater
Oil gave way 5 points. Standard Oil Of
California 3, and Pacific Oil and Gen
eral Asphalt 2 points, American Rad.
ietor dropped SIX while American Ex-
press sold seven points under its high
figure for the morning. United States
Realty was forced down ~ and Unit.
ed States Food Products and Fisher
Body 2 points. National Biscuit re-
coded from 211 to EOS but 1t again
mounted to 21s. A subsequent buying
movement in S~tudebaker, Chandler
Motors. Marine preferred. Continental
Can and international Paper. which
improved l to 2 points, and further
easing of the call money rate exerted
a later steadying effect.