The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-10-11
HIGH-PRICED OIL
SHARES AND STEEL
AID In STOCKS
By As ,ciated Press

New York. October lO.-Heavy
speculation and violent fluctuations
in high priced oil shares and ex-
tensive trading in steels and equip
ments were developments in today's
active and Irregular stock market
A rush OF buying orders sent
prices up at the start, hut the vio-
lence of the rise and a higher rul
ing 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 Mex
lean and pau-American Petrolenins
checked the decline and started some
prices inward again. but the mark
ing up Of the call money rate up
to per cent and Il rather widely
held belief that the rapid extent of
the advance had left the market IN
a weakened technical position re-
suited IN general unsettlement III
final dealings.
Standard Oil of New Jersey, which
fluctuated within range of nearly
20 points, established a new high
at 250M and then closed at 233 for
Il net loss of 12ia points, the days
sales approximating 100000 shares.
Mexican Petroleum moved within a
net gain of 6a, much of the buying
being based on President e. l..
Dohcnys statement concerning the
financial position of thn company.
The PanAmerican issues we're strong
in sympathy. Texas company estab-
lishcd a new high but eased off on
profit taking at the close. Some of
the domestic oils notably Houston,
Pure Pacific. Producers and Reffners,
I,i..l al l1n1 aKsy
yesterdays final figures.
The United States Steel corpora
ton statement If iinfilled orders on
September 80. While showed an In
crease Of 741,5p2 IONS, was abo1t
what conservative I. terests expected,
but veil below aoul speculative es-
1tni.ss ,peeult.tAe disappointment
Mas reflected IN 4 bsgd,; Of ~ from
the days high, While was 10S% the
highest in more tina two years, IN
dependent Steels were Irregular,
Bethlehem b, NIachawanna, Gulf
States and Replosle losing ground,
while Crucible and Republic regis
tered small gains.
Equipments did we'll ut the start,
Baldwin and American Locomotives
and American Car all establishing
new peak prices in the first hour.
Virtually all the gains were cam
GGileu IN later utdtlnESt oWcNSif
Baldwin dropping LIS below Mon
days final quotations. Motors were
weak. Studebaker dropping more
than points and Chandler l u. Rails
Jagged behind the rest of the list
and generally closed lower, but Della
ware, Lackawanna and western
moved up for a net gain of Ia at
139, after having crossed 141.
Talk of melon cutting was respon-
sibie for the bidding UP OF some OF
the high priced Industrial specialties.
National Biscuit touched 215%. as
compared with 2o1 at the close yes
terday on reports of proposed IS
per cent stock dividend American
Wool improved Ia on reports of
better trade conditions. The sharp
break in Brooklyn Rapid Transit
stock, which closed at net loss of
SA, was founded on the belief that
new financing is needed and that II
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.
Sales 1,506. 600 shares.
Call money opened and renewed at
and then advanced to 6. probably
as a result of the government with
drawing 100000 from it's deposits
in the local center.