The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-10-11

New York. OCT. lo.-ITeavy Specula-
tion and Violent fluctuations in hgh
priced oil shares and extensive trading
IN s:"els and equipments wcr" the out
standing developments in today'S active
and irregular stock market session.
\ rush OF buying orders sent prices
Up at the start. hut the viOle0Ce OF the
rise and higher ruling rate for cali
money induced heavy pyot;t taking. CS-
pecially in the tSaudard oils. causing
the market t" drop around The end ~
the first hour. The rapid bidding up "t
Mexican and Pan American pctrolsums
checked the decline and started some
prices upward again. but the marking
up OF the call money raate to s,N per-
cent and 4 rather widely held belief
that the rapid extent OF the advance
had left the market in 4 Weakened tech
rieal position resulted in n general I'M
settlement in final dealings,
Goes to High-Then Drops.
Standard Oil OF New Jersey. which
fuctuated within n range ~ nearly ~
points. established a new high at $50 4
and then closed at 2S3 for net loss OF
12t2 points. the days sales approximate
ing 100000 shares. Mexican Petroleum
moved within I radius Of l2I points
closing At 4 net gain OF o.. much III tue
buying being based on President r.. l."
Doheny'S statement concerning the IL
nancial position Of the company. The
Pan American issues were strong IN
sympathy. Texas company established
a new high. hut eaSed op on pr"ht tax
Ing at the close. Some ot the domestic
oils. notably Houston. Pure. Pacific
Producers and Redners and Phillips Pc
hnl
Steels Irregular.
/ The United States \S,eel Corporation
statement of untitled orders on Septem-
Der so. which showed an Increase or
741,205 tons was about what c"nserva-
tive interests expected. but well below
some speculative estimates. SpecuIa-
tive disappointment was reflected IN a
drop Of "a from the days high. which
was 1851, the highest in more than
two wears. Independent steels were ir-
regular, Bethlehem B, Lackawanna Gun
States and Replogle losing groud. While
crucible and Republic registered small
gains.
Eou,pments did we'll at the start
Baldwin and American Locomotives
and American Car all establishing ne"
peak prices in the first hour. Virtually
all the gains were cancelled IN later
dealings, however. Baldwin dropped
SIS below Mondays final quotations.
Motors were weak. Studehaker drop
ming more than points and Chandler
~. Rails Jagged behind the rest OK
the list and generally closed lower out
Delaware. I.ackawanna Snd N"esSs.n
moved up for net gain or = d. A''
after having crossed al.
Talk of Melon Cutting.
Talk OF melon cutting was response
HE for the bidding up OF some Oh tne
high priced industrial speculati'es' -NN
tIonal Biscuit touched 2lo e-S' as eU'u
nared with col at the close yesterday.
- rs,orts Of proposed rs percent
.tock dividend. American Wooden iIn>
viewed ~ on reports OF better uaoe
Conditions. The sharp break In Brook,
I,,r RAND Transit stock, which closeu
80 a net loss OF So was founded on inc
hs,isS that new financing Is needed ana
that n can come only through ne"
i.sue OF securities, or assessment on
m, present stock. either OF when arc
80 "a have an adverse enect on
quoted values
Total sales were 1,5o6,oo0 shaes.
Cou rnoney opened and renewed AZ
K and then. advanced TO six. prooaot'
az a result Of the government VIZ
aTawal of ,S9.OOo.OOo from It's deposits
., .be local center. The time money anu
commercial paper markets we're ouie ,.,
Foreign exchanges were lrresu.e.'
D.mand sterling was Arm at the open
~ raac,ed on a heavy Offering OF com
nfsrcal bills and closed at St rsns
1racrtonsI gain. The premium on Gan
adam dollars touched l-Sof !! peses"e,
Csrnan marks fell to 8 S-lo cents
hundred, another now low.