The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-10-10
ADDED IMPETUS
GIVEN TOUPWARD
PRICE MOVEMENT
By Associated Press

New York. October 9.-Resumption
of the upward movement of prices ii
today's stock market was given
added impetus by another series of
demonstrations in special stocks, sew
eral of which were carried to new
high records.
Standard OH Of New Jersey was the
individual feature establishing a
new peak price At 246 Il with an adj
vance of Il points. The days sales
exceeded 10000 shares. United States
steel common was another faYorite,
touching 1881 and closing At l0f Is, a
net gain Of las, the sales exceeding
100, 600 shares
Speculative belief that the govern
menCs new taxatton program will in
volvo "a jtNA on The undi stributed
surplus OF INDUSTRIAL corporations "a
take care of tho government deficit
Is responsible in part for the recent
activity in the shares OF companies
with gigantic surplus accounts II
is pointed out that by distributing
the surplus, the extra tax may pos
sibly be avoided or, il made rettoac-
tive, that the individual stockholder
and not the corporation will pay the
bill In which the aggregate tax
would be considerably smaller
Annual Statement
The last annual statement or the
Standard OIL company of New Jersey
showed surplus of $592,o2l,6Sz
while the United States Steel corpo-
ration's surplus on December 81, 1921,
was s50S.92B,95S. In each case the
bulk of the surplus was earned in
the last five years.
Bidding up of United States Steel
also was Influenced by reports OF a
large Increase in the monthly state
ment of untitled orders. which viii
be made public at noon tomorrow.
Texas company and Associated OIL
were pushed to new peak prices.
while Mexican Petroleum registered
n net gain of more than points.
Eouipments were in good demand
throughout the session, American Car
tumping 10 points and gains of TO
noints being regi stored by American
and Baldwin Locomotives, Pullman
and Railway steel spring. Midvale
steel advanced on renewal OF rumors
of a merger with the Bethlehem
Jackawanna combination, all three
stocks gaining from l to points.
Rails Were Dull
Rails were relatively dull and the
changes generally We're unimportant.
Continuation of favorable trade re-
ports caused further activity In mo-
tor shares, Studebaker climbing :
points: Chandler rs; Pierce-Arrow
Preferred IA and General Motors
fracti onally.
Some of the Individual strong spots
were Dupont, up VI Atlantic Refln-
ing company, up s155 a share; on
turnover of only 81 shares, the last
price being $500 a share Union
Tank Car, up A. and Consolidated
Gas up az. an. ooo
Total sales approximated i.s26,ooo
shares.
Shifting of loans because or gov
eminent requirements was respon-
sible for the marking up or the cali
money rate to per cent after open
ing and renewing at Az. Reports
were current in the financial district
that banks which had obtained tenn
porary use of funds sent over mere 20
meet the interest payment on the
British debt, October Ii, were calling
loans TO repay the loans to the Brit
ish fiscal agents.
Foreign exchange rates were weak,
demand stirling dropping &c and the
continental rates l togo points. Ger
man marks fell to 8 &c hundred
another new low.