Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-10-14
NEW YORK.


New York, Oct. Redistribution OF
stock dividends continued to have a
stimulating influences on stock prices
increase in the averages. Bond prices
suffered as a result of the governments
new ~ per cent offering, most Of the
number OF high grade railroad bonds
were SOD At concessions. apparently
attractive governnent securities.
2s0h as compared with the years low
of 1863. just before the declaration Of
the 400 per cent stock dividend. but
ropes to. 2le In reflection of specula-
VIII moth involve any increased cash
PAYMENTS. The stock recovered some
what later but closed last night we'll
under the years high American Radia-
tors 90 per cent stock dividend also
was disappointing to speculative inter-
Despite the setbacks which these
stocks received shares Of companies
holding large SURPRISES available for
distribution were bid up in rapid fash
Ion and there was heavy speculation by
shares. Mexican Petroleum, long the
1avorite Of spectators, was pushed up
to a new high. with it's allied Pan Amer
lean Issues. In expectation of extra divi-
The domestic situation generally con-
tinues to improve. Car loadings are
now within 3 per cent Of the record
1920. and there Is a steady Increase in
coal production.
Untitled orders of the United States
steel corporation for September exceed
ed those Of the previous month by more
than 700. 600 tons. and production is now
AROUND 10 per cent Of normal.
Most commodity prices are still tend
during the week in the p2iees 1 for sugar.
crude rubber and warehouse steel but
a slight softening was noted In the price
OF copper, which was quoted below IA
cents a pound for delivery during the
last quarter
A slight fIrmness was noted in money
rates At during the week, but it is gener-
p~ecially for cali money are only tenn
porary. Demands for commercial credit
are increasing but they have not yet
become sufficiently large to cause ex-
tensive liquidation Of securities holdings
by. banks or to have any apprecia Bile
effect on rates for the longer maturi-
ties.
EXCEPT for the rate Of German marks
which sank to a new low, foreign ex-
change rates generally showed substan-
now quoted above $4.43 and French
Canadian dollars are still at slight pre-
MUM In this market.
STOCKS.
New York. Oct. IA series Of BULL
ish demonstrations in special stocks,
which carried more than half a dozen
to new high records for the year fea-
tured the opening Of today's stock mar
ket. There was a broadening demand
for Mexican Oils, sulphur stocks and
railroad shares, particularly the prefer
red issues {. Mexican Petroleum and the
Fan American issues established new
peak prices on gains ranging from l to
2h points while Standard OIL of New
Jersey climbed 3. New tops also were
created by Coca Cola. American Can,
Texas Gulf sulphur and Freeport Texas
the advances in the last two being 3k
ana 4 points, respectively. Expectations
of a resumption of dividends was held
responsible for the IN point gain in
missouri Pacific preferred. Other
Southern Railway preferred, and st.
Lou1s-Southwestern preferred, and
Great Northern preferred, United States
steel moved up a point and material i'm
provement also was noted in Corn Prod
ucts. Kelly-Springfield, National Lead.
United States Alcohol, American Ice ana
International Paper.