Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-28

NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Oct. c7-Goods recov-
cry was made by most, stocks in to-
days market, but the averages were
still well under the high levels Of the
week.
Most of today's rise undoubtedly
was due to short covering, influenced
by the more effective resistance,
shown at the lower levels and the
apparent halt in forced liquidation
as revealed in the volume of offer
ings Trading. on the whole. was
lighter than usual. While inside
market conditions again governed the
course of prices. the further rise in
foreign exchange rates and the OPP
timistic views of conditions in the
steel industry expressed at the semi
annual meeting of the American Iron
& Steel Institut, had a cheerful effect
on sentiment.
Mexican Petroleum showed the
best recovery of the active stocks
registering a net gain of SIS points.
American a and B rose and
Is points, respectively and Hous-
ton was up 2. Standard Oil of New
Jersey continued pressure, however,
Weddings IL points on turnover
of less than 10000.
Fisher Body was the outstanding
Industrial feature, jumping 13 IL
points to ISL 1-2, a new high record
for the year,' on reports of heavily
Increased earnings.
Baldwin and Studebaker also stag
ed a fair comeback. rising l IA and !!
2-3-4 points, respectively, heavy
buying of the latter again reviving
reports of an extra dividend at next
weeks meeting. Speculative eXpec-
tatiOn that tho quarterly report of
the L. S. steel Corporation, next
week, will show up more favorably
than those of Independent companies
found expression in point rise IN |
that stock. which again crossd 1O6.
Railroad shares generally were
higher bu. the gains were less than
those in industrials, presumably be-
cause the short interest was not so
extensive. Reading was one Of the
most active, gaining point, while
New York Central. Lehigh Valley.
Atlantic Coast Line and Southern
Pacific registered advances of sub
stantial fractions.
Some OF the individual strong
spots were corn Products, General
American Tank Car, American Lo-
connective. Allis Chalmers, Lima Lo-
connective, Lorillard Tobacco. Nation
al Biscuit, L. S. Industrial Alcohol
and Virginia Carolina chemical, all
up l "a to 4, points. Chicago Preu-
matte Tool. Railway Steel Spring,
Norfolk & Western preferred and U.
S. Rubber first preferred were heavy.
Total sales were $4,000 shares.
Call money opened and renewed
at ) ID per cent but eased off to five
in the early afternoon and held at
that figure until the close. The de-
mand for time money was brisk with
no change in rates. The commercial
paper market was quietly firm.
much improved tone was noted
in the foreign exchange market, To-
cal banks and dealers again DETER
mining the course of prices. De-
mand sterling rose from $4.44 IL to
$446 and French checks. which had
fallen to 6.S4 earlier in the week
again crossed seven cents. Other
continental rates advanced from two
to II points with the exception CT
the Polish rate which dropped to a
new low record at .007 cents a mark,
but rallied somewhat later.
Corporation issues showed better
resistance today to the continued
liquidation of L. S. government
bonds. five of which sold in the
neighborhood of 9S or below. Re-
fro ~
ranged from 90 cents to so cents per
800 bond in the older liens while |
the new 1 LIS dropped 20 cents to
$500. the lowest figure yet reached i
Reasons for the throwing over at