The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-10-11
The Journals Market NelUs
OIL FLUCTUATIONS
AND STEEL TRADING
STOCK LOPMENT
Rush of Buying Sends Prices
Up, But Heavy Profit Taking
Follows. -

NEW YORK. Oct. 1o.-Heavy specula-
ton and violent fluctuations in high
priced oil shares and extensive trading
in steels and equipments were the out
standing developments, in today's active
and irregular stock market. -.-~..-.s .
rush of buying orders sent prices
up at the start, but the violence of the
rise and a higher ruling rate for call
money induced heavy profit taking,
especially in the standard oils, causing
the market to drop around the end of the
first hour. The rapid bidding up of Next
can and Pan-American petro1eums check
ed the decline and started some prices
upward again, but the marking I'D of
the call money rate to per cent and a
rather widely held belief that the rapid
extent of the advance has left the mar
ket in a weakened technical position,
resulted in a general unsettlement in
final dealings. Standard of New Jersey,
which fluctuated with range of nearly
20 points, established a new high at
ESQ 1-2 and then losed at 233 for a net
loss Of 1 IL points, the days sales
approximating 10000 shares Mexican
petroleum moved within a radius of IL
IA points, closing at net gain Of 6 ga
much of the buying being based on
President Doheny's statement concerning
the financial position of the company
The Pan-American issues were strong in
sympathy. Texas Company established
a new high but eased off on profit taking
at the close. Some of the domestic oils
notably Houston, Pure Pacific Producers
and Refiners and Phillips Petroleum.
closed below yesterdays final figures.
The United States Steel Corpora ton s
statement of untitled orders on Septem-
Der 30. which showed an increase Of 74l.-
502 tons, was about what conservative
interests expected, but wei below some
speculative estimates.
Speculative disappointment was re-
Elected in a drop of 2 IA from the days
high, which was 108 IA, the highest in
more than two years. Independent steels
were. irregular, Bethlehem b, Lacka-
wanna, Gulf States, and Replogle losing
ground, while Crucible and Republic
registered small gains.
Equipments did well at the start, Bald
win and American Locomotives and
American Car all establishing new peak
prices in the first hour.
Virtually all the gains were cancelled
in later dealings, however. weak, Stude-
baker dropping more than points and
Chandler 1 IA. Rails Jagged behind the
rest of the list and generally closed lower,
but Delaware Lackawanna and Western
moved up for a net gain of / IL at 139
after having crossed al.
din OI melon cutting was responsible
for the bidding up of some of the high
priced Industrial specialties. National
Biscuit touched 215 SIS, as compared with
POI at the close yesterday on reports of
proposed rs per cent dividend.
American Wooden gained IA on re-
ports of better trade conditions. The
sharp break in Brooklyn Rapid Transit
stock, which closed at a net los of IA,
was founded on the belief that new
financing is needed and that it can come
only through new issue of securities
or assessment on the present stock,
either of which. are bound to have an
adverse effect on quoted values.
Total sales 100000 shares.
Call money opened and renewed at 5
and then advanced 20 s probably as a
result of the government withdrawal Of
100000 from its deposits in the local
center. The time money ard comercial
paper markets were quiet.
Foreign exchanges were irregular. De-
mand sterling was firm at the opening,
reacted later on a heavy offering of com
r1ercial bills and closed at a slight frac-
tlonal gain. The premium on Canadian
dollars touched is of l per cent. German
marks fell to SIS cents hundred,
another new low.